Regulatory Alerts2025-03-19
Added · Updated
Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments
National competent authorities and financial market participants must classify crypto-assets as transferable securities if they confer rights equivalent to shares, bonds, or other securities, are part of a class, and are negotiable on the capital market. The guidelines require a substance-over-form assessment, excluding instruments of payment and non-fungible tokens, while mandating that tokenised financial instruments continue to be treated as financial instruments. National competent authorities must notify ESMA of their compliance status within two months of publication, and the guidelines apply 60 calendar days after publication.
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