On 12 July 2024, the three ESAs (EBA, EIOPA and ESMA) published a consultation paper (CP) on Guidelines under Regulation 2023/1114/EU (MiCAR). The Guidelines propose a standardised 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 that explains the classification of the crypto asset – in particular, the fact it is not an EMT nor a crypto-asset that could be considered 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 it is not an EMT, ART or crypto-asset excluded from the scope of MiCAR.
Comments to the CP can be submitted on the consultation page until 12 October 2024. The ESAs will hold a public hearing on the CP on 23 September 2024 from 10:00 to 12:00 CEST. Interested stakeholders are invited to register for the hearing using this link by 19 September 2024 at 16:00 CEST.
