The European Supervisory Authorities (EBA, EIOPA, and ESMA) published joint Guidelines on December 10, 2024, to facilitate consistency in the regulatory classification of crypto-assets under the Markets in Crypto-assets Regulation (MiCAR). These Guidelines require market participants to use standardized tests and templates when communicating the regulatory classification of crypto-assets.
The Guidelines are developed in accordance with Article 97(1) of Regulation (EU) 2023/1114 (MiCAR), which mandates the ESAs to issue guidelines by December 30, 2024. The guidelines specify the content and form of explanations accompanying crypto-asset white papers and legal opinions on asset-referenced tokens (ARTs).
The Guidelines apply to token issuers and crypto-asset service providers (CASPs) involved in the issuance or trading of crypto-assets. They must reassess their product classifications to align with the new standards.
The Guidelines will take effect three months after the publication of their translations into official EU languages, expected by March 2025. The MiCAR regime for ARTs and electronic money tokens (EMTs) will apply from the end of June 2024, while other provisions will come into effect at the end of 2024.
The Guidelines aim to enhance consumer protection, secure a level playing field, and mitigate risks of regulatory arbitrage in the classification of crypto-assets across the EU.