EU Releases Crypto-Asset Classification Tools to Help Firms Comply with MiCA

The European Union introduces new guidelines and tools to help market participants classify cryptocurrencies and digital assets under the Markets in Crypto-Assets （MiCA） Regulation.

Points

• EU releases guidelines to classify cryptocurrencies under MiCA.
• Tools include question-based prompts to determine asset types.
• Issuers must provide legal opinions in white papers.
• Guidelines aim to ensure compliance and standardization.

Regulators in the European Union have unveiled new guidelines designed to help market participants classify cryptocurrencies and digital assets under the Markets in Crypto-Assets （MiCA） Regulation. On July 12, three European Supervisory Authorities—the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority—released a consultation paper aimed at standardizing and clarifying the classification of digital assets across the region.

The guidelines provide a structured approach to determining whether a token falls under MiCA by using question-based prompts. These prompts help identify the issuer, assess whether the token is based on blockchain technology, and determine if it qualifies as a financial instrument. This process ensures that tokens are appropriately classified as standard crypto assets, electronic money tokens （EMTs）, or asset-referenced tokens （ARTs）.

For ART issuers, the guidelines mandate the inclusion of a legal opinion in their white papers. This opinion must confirm that the tokens are neither EMTs nor any other type of crypto asset excluded from MiCA’s scope. Similarly, issuers of tokens that do not fall under ART or EMT categories must provide an explanation outlining their classification in the white paper.

The EU’s move to introduce these tools aims to enhance compliance and standardization within the cryptocurrency industry. By offering clear guidelines, the EU seeks to streamline the regulatory process and ensure that all market participants adhere to the same standards.

解説

• MiCA Regulation: The Markets in Crypto-Assets （MiCA） Regulation is a comprehensive framework designed to regulate the issuance and trading of cryptocurrencies and digital assets within the EU. It aims to protect investors and ensure financial stability while fostering innovation in the crypto space.
• Classification Tools: The introduction of structured, question-based prompts helps simplify the complex process of classifying digital assets. This approach provides clarity for issuers and regulators, reducing ambiguity and ensuring consistent application of MiCA standards.
• Legal Opinions: Requiring legal opinions in white papers ensures that issuers conduct thorough legal analysis and comply with regulatory requirements. This measure enhances transparency and accountability within the crypto market.
• Standardization and Compliance: The EU’s guidelines promote standardization across the cryptocurrency industry, making it easier for market participants to comply with regulations. This consistency helps build trust and confidence among investors and stakeholders.