ESMA published guidelines on October 12, 2024, to facilitate consistency in the regulatory classification of crypto-assets under MiCAR. The guidelines require entities involved in stablecoin services to align their operations with these supervisory expectations.
The guidelines are based 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 crypto-asset service providers (CASPs) and token issuers involved in the provision of services related to stablecoins. These entities must review their operations against the new expectations to ensure compliance.
Entities must comply with the guidelines by October 8, 2026, as they will apply three months after the publication of the translations into official EU languages.
The guidelines aim to enhance consumer protection, secure a level playing field, and mitigate regulatory arbitrage risks in the classification of crypto-assets across the EU.