ESAs consult on Guidelines under the Markets in Cryptoassets Regulation

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) have today published a consultation document on Guidelines on Markets in Crypto-Assets Regulation (MiCA), establishing templates for explanations and legal opinions on the classification of crypto-assets, together with a standardized test to promote a common approach to classification.

To support market participants and supervisors in adopting a convergent approach to the classification of crypto-assets, the Guidelines propose a standardized test, as well as templates for explanations and legal opinions that provide descriptions of the regulatory classification of crypto-assets in the following cases:

• Asset-Referenced Tokens (ARTs): The white paper for the issuance of ARTs, which contains comprehensive information about the crypto-asset, must be accompanied by a legal opinion explaining the classification of the crypto-asset – in particular, the fact that it is neither an EMT nor a crypto-asset that could be considered excluded from the scope of MiCA
• Crypto-assets that are not ARTs or EMTs under MiCA: The white paper for the crypto-asset must be accompanied by an explanation of the classification of the crypto-asset – in particular, the fact that it is not an EMT, ART or crypto-asset excluded from the scope of MiCA.

Next steps

Comments on the consultation document can be submitted by clicking on the “send your comments” button on the query page. The deadline for submitting comments is October 12, 2024.

The ESAs will carry out a virtual public hearing on the consultation paper on Monday 23 September 2024 from 10:00 to 12:00 CEST and invite interested parties to register using this link per September 19, 2024 at 4:00 PM CEST. Dial-in details will be communicated in due course to those who have registered for the meeting..

All contributions received will be published after the consultation ends, unless otherwise requested.

Bottom

MiCA establishes regimes to regulate the issuance, public offering and admission to trading of electronic money tokens (EMTs), asset-referenced tokens (ARTs) and other crypto-assets. The Regulation also establishes a framework for the provision of crypto-asset services and a joint mandate for the ESAs to develop guidelines for application. These Draft Guidelines are the ESA’s only joint policy mandate under MiCA.

Other information:

Cristina Bonillo

Senior Communications Officer
press@esma.europa.eu

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