Regulatory Alerts2024-12-17
Final Report on Guidelines for Qualifying Crypto-Assets as Financial Instruments
The European Securities and Markets Authority issued final guidelines to harmonize the classification of crypto-assets as financial instruments under MiFID II. These guidelines establish conditions and criteria to ensure consistent application by National Competent Authorities and prevent regulatory arbitrage across the EU. The document mandates a substance-over-form approach, requiring case-by-case assessments to determine if specific crypto-assets meet the definition of transferable securities.
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