Regulatory Alerts2025-04-30
Added · Updated
CSSF Circular 25/886 on ESMA Guidelines for Qualifying Crypto-Assets as Financial Instruments
The CSSF integrates ESMA Guidelines into its administrative practice to specify conditions for determining whether crypto-assets qualify as financial instruments under MiCAR. The circular applies to financial market participants, including issuers, offerors, and crypto-asset service providers, with the guidelines becoming applicable on 18 May 2025. It establishes that crypto-assets conferring rights equivalent to shares, bonds, or other transferable securities under MiFID II must be classified as such, provided they are not instruments of payment, form a class of securities, and are negotiable on the capital market.
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