On 10 December 2024, the European Supervisory Authorities (ESAs) issued a final report containing guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets, under Article 97(1) of the Regulation in markets in crypto-assets (MiCAR).
The guidelines have been developed in accordance with Article 97(1) of MiCAR which requires the ESAs, by 30 December 2024, to jointly issue guidelines in accordance with Article 16 of the ESA Founding Regulations to specify the content and form of the explanation accompanying the crypto-asset white paper referred to in Article 8(4), and the legal opinions on the qualification of asset-referenced tokens (ARTs) referred to in Article 17(1), point (b)(ii), and Article 18(2), point (e) of MiCAR.
The guidelines set out:
- A template establishing the content and form of the explanation accompanying the crypto-asset white paper referred to in Article 8(4) of MiCAR.
- A template establishing the content and form of the legal opinion on the qualification of 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.
Next steps
The guidelines will apply from two months after the publication of their translation in all official languages of the EU.