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Guidance · AMF · 23 Jun 2026

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

crypto
securities

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.

FranceAutorite 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

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Lineage: In force

Regulation (EU) 2023/1114 of th…2023Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (Text with EEA relevance) (2023-05-31)ESMA Guidelines on theconditions and criteria for q…2026-06-23 · this documentESMA Guidelines on the conditions and criteria for qualifying crypto-assets as financial instruments (2026-06-23)
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Source: Autorite des Marches Financiers — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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