ESAs consult on guidelines under Cryptocurrency Markets Regulation

The three European supervisory authorities (EBA, EIOPA and ESMA – the ESAs) have today published a Consultation document on the guidelines under the Markets in Cryptocurrencies Regulation (MiCA), which establish templates for legal explanations and opinions regarding the classification of cryptocurrencies, together with a standardized test to promote a common approach to classification.

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

• Asset-referenced token (ART): The white paper for the issuance of ART, which contains comprehensive information about the cryptocurrency, must be accompanied by a legal opinion explaining the classification of the cryptocurrency, in particular the fact that it is not an EMT nor a cryptocurrency that could be considered excluded from the scope of the MiCA.
• Cryptocurrencies that are not ART or EMT under MiCA: The white paper for the cryptocurrency must be accompanied by an explanation of the classification of the cryptocurrency, in particular that it is not an EMT, ART or a cryptocurrency excluded from the scope of MiCA.

Next steps

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

The ESAs will hold a Virtual public hearing on the consultation document of Monday 23 September 2024 10:00 to 12:00 CEST and invite interested parties to register using this connection Of September 19, 2024 at 4:00 PM CESTDetails for the call will be communicated in due course to those who have registered for the meeting..

All contributions received will be published at the end of the consultation, unless otherwise requested.

Background

The MiCA establishes regimes to regulate the issuance, public offering and admission to trading of electronic money tokens (EMTs), asset reference 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 application guidelines. This draft Guideline is the only joint policy mandate of the ESAs under the MiCA.

Further information:

Cristina Bonillo

Senior Communications Manager
press@esma.europa.eu

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