On the 19th of March 2025, the European Securities and Markets Authority published its Guidelines specifying the conditions and the criteria for the qualification of crypto-assets as financial instruments under Regulation 2023/1114/EU (MiCAR). These Guidelines aim to assist national competent authorities and financial market participants in their assessment, ensure the common, uniform and consistent application of the provisions enshrined in Art. 2(4)(a) of MiCAR, and provide clarifications on certain features of utility tokens, non-fungible tokens (NFTs) and hybrid tokens.
The Guidelines apply 60 calendar days from the date of their publication on ESMA’s website in all the EU official languages.
