On 12 July 2024, the European Supervisory Authorities issued a consultation paper on guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets, under Article 97(1) of the Regulation on Markets in crypto-assets (MiCAR).
The draft guidelines set out:
- Templates establishing the content and form of the explanation accompanying the crypto-asset white paper referred to in Article 8(4) of MiCAR.
- Templates establishing the content and form of the legal opinion on the qualification of asset-referenced tokens (ARTs) referred to in point (b)(ii) of Article 17(1) and point (e) of Article 18(2) of MiCAR.
- A standardised test for the classification of crypto-assets, recognising that MiCAR applies to crypto-assets that are not:
- unique and non-fungible with other crypto-assets (Article 2(3) of MiCAR);
- in scope of relevant sectoral measures by virtue of their qualification as financial instruments, deposits, insurance and pensions products and other relevant financial products as referred to in Article 2(4) of MiCAR;
- issued by persons excluded pursuant to Article 2(2) of MiCAR.
When the draft guidelines are finalised competent authorities as defined in point (35)(a) of Article 3(1) of MiCAR should incorporate them into their practices as appropriate (e.g. by amending the legal framework or their supervisory processes), including where guidelines are directed primarily at financial market participants and financial institutions.
The deadline for comments on the consultation paper is 12 October 2024.