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ESAs issue Guidelines for crypto-assets classification under MiCAR

The European Supervisory Authorities (EBA, EIOPA, and ESMA) published joint Guidelines to ensure consistent regulatory classification of crypto-assets under MiCAR, effective from March 2025.

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The European Supervisory Authorities (EBA, EIOPA, and ESMA) published joint Guidelines on 10 December 2024. These Guidelines require a standardized test and templates for market participants to communicate the regulatory classification of crypto-assets.

The Guidelines rely on Article 97(1) of the Regulation on Markets in Crypto-assets (MiCAR) (Regulation (EU) 2023/1114). They specify the content and form of explanations accompanying crypto-asset white papers and legal opinions on asset-referenced tokens.

The Guidelines apply to all regulated entities involved in the issuance and classification of crypto-assets under MiCAR. This includes firms issuing asset-referenced tokens and other crypto-assets.

The Guidelines will take effect three months after the publication of their translations into official EU languages, expected by March 2025. MiCAR's regime for asset-referenced tokens and electronic money tokens will apply from the end of June 2024, with other provisions effective by the end of 2024.

Source: ESMA, official publication, retrieved 2026-10-13

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