The article introduces new guidelines by European regulators to classify cryptocurrencies and digital assets under the Markets in Crypto-Assets （MiCA） Regulation.
Points
- New guidelines released by European regulators for crypto asset classification.
- Structured approach to classify various types of crypto assets.
- Issuers must include legal opinions in their white papers.
- Public consultation open until mid-October.
- Next set of MiCA regulations expected by December 2024.
European regulators have released new guidelines to help market participants classify cryptocurrencies and digital assets under the Markets in Crypto-Assets （MiCA） Regulation. The guidelines, issued by the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, aim to standardize and clarify digital asset classification across the EU.
The guidelines provide a structured approach to determine whether a token falls under MiCA through question-based prompts. Issuers must include a legal opinion in their white papers, confirming the classification of their tokens. This legal opinion must state whether the tokens are standard crypto assets, electronic money tokens （EMTs）, or asset-referenced tokens （ARTs）.
The public consultation on these guidelines is open until mid-October, with a virtual hearing scheduled for September 23. The first set of MiCA regulations came into effect on June 30, targeting stablecoins and their issuers. The next set of regulations is expected by December 2024.
解説
- The new classification tools provide much-needed clarity for market participants, ensuring compliance with MiCA regulations.
- By requiring legal opinions in white papers, the guidelines aim to prevent misclassification and enhance investor protection.
- The structured approach simplifies the process for issuers, promoting transparency and consistency across the EU.
- These efforts reflect the EU’s commitment to creating a robust regulatory framework for the evolving crypto market.