Regulatory Alerts2025-03-10
Guidelines on templates for explanations and legal opinions and the standardized test for crypto-assets under Article 97(1) of Regulation (EU) 2023/1114
The European Supervisory Authorities issued final guidelines establishing standardized templates for crypto-asset explanations and legal opinions, alongside a unified classification test, to ensure consistent application of the MiCAR Regulation. These guidelines mandate that issuers and financial institutions use specific formats to demonstrate why their assets do not qualify as e-money or asset-referenced tokens, or are not financial instruments, deposits, or insurance products. The document provides a detailed flowchart-based methodology for competent authorities to determine the regulatory status of crypto-assets based on their digital representation of value and transferability via distributed ledger technology.
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