ESMA Guidelines on the conditions and criteria for qualifying crypto-assets as financial instruments

The European Securities and Markets Authority (ESMA) issued these guidelines to establish the specific conditions and criteria for determining when crypto-assets qualify as financial instruments under EU law. The document serves as a regulatory reference for market participants and national competent authorities to ensure consistent application of the Markets in Crypto-Assets (MiCA) Regulation. It clarifies the legal boundaries between crypto-assets regulated under MiCA and those classified as financial instruments subject to existing securities legislation.

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Autorite des Marches Financiers

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VII - Public offers and admission to trading of crypto-assets VII. 2 - Digital asset service providers

Doctrine Crypto-assets

ESMA Guidelines on the conditions and criteria for qualifying crypto-assets as financial instruments

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Applicable from 3 June 2025 Position DOC-2025-04

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Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets

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MiCA

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Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02