The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published joint Guidelines intended to facilitate consistency in the regulatory classification of crypto-assets under MiCAR. The Guidelines include a standardised test to promote a common approach to classification as well as templates market participants should use when communicating to supervisors the regulatory classification of a crypto-asset.
To support market participants and supervisors in adopting a convergent approach to the classification of crypto-assets the templates for explanations and legal opinions 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 must be accompanied by a legal opinion that explains the classification of the crypto-asset – in particular, the fact it is not an electronic money token (EMT) nor a crypto-asset excluded from the scope of MiCAR.
Crypto-assets that are not ARTs or EMTs under MiCAR: 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, an ART or crypto-asset excluded from the scope of MiCAR.
The overall aim of these Guidelines is to promote convergence in classification for the consistent application of MiCAR across the EU. In turn, this is intended to contribute to enhancing consumer/investor protection, securing a level playing field, and mitigating risks of regulatory arbitrage. These guidelines will be translated into the official EU languages and published on the ESAs’ websites. The guidelines will apply from three months after the publication of the translations.
