On Mar. 10, 2025, EU ESMA published the translations of the ESA guidelines on explanations and opinions, and the standardized test for crypto-assets under MiCA.
The guidelines state that they will apply from May 12, 2025.
EBA, EIOPA, ESMA (ESAs, European supervisory authorities) issued guidelines to facilitate consistency in the regulatory classification of crypto-assets under MiCAR.
Overview of Guidelines
Promote convergence in classification for consistent application of MiCAR across EU.
In turn, this is intended to contribute to enhancing consumer/investor protection, securing a level playing field, and mitigating risks of regulatory arbitrage.
Includes a standardized test to foster a unified approach to classification and templates for market participants to use when reporting a crypto-asset's regulatory classification.
Guidelines will be translated into official EU languages and issued on ESAs’ websites.
Regulatory Classification
Asset-referenced tokens (ARTs): the white paper for issuance of ARTs must be accompanied by a legal opinion that explains the classification of crypto-asset.
The fact it is not an e-money token (EMT) nor a crypto-asset excluded from 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, ART or crypto-asset excluded from MiCAR.
Next Step
Guidelines have been developed in accordance with art 97(1) of Reg 2023/1114 which requires ESAs, by Dec. 30, 2024, to jointly issue guidelines in accordance with article 16 of ESA founding regulations (Reg 1093/2010, Reg 1094/2010, Reg 1095/2010).
Effectiveness
The guidelines apply three months after the publication of the translations.
Mar. 10, 2025 Translations Published
On Mar. 10, 2025, EU ESMA published the translations of the ESA guidelines on explanations and opinions, and the standardized test for crypto-assets under MiCA.
The guidelines state that they will apply from May 12, 2025.
