ESAs publish guidelines on the standardised test for crypto-assets and templates for explanations and opinions under MiCAR

The European Supervisory Authorities (ESAs) have published guidelines on: (i) a common approach for the regulatory classification of crypto-assets under the Markets in Crypto-asset Regulation (MiCAR); and (ii) templates for certain explanations and opinions required under MiCAR under Arts 8(4), 17(b)(ii) and 18(2)(e). The explanations and opinions relate to whether, or why, a crypto-asset or asset-referenced token should not be considered to be, either, an e-money token, a crypto-asset excluded from the scope of MiCAR or (in the case of crypto-assets) an asset-referenced token.

The guidelines apply from 12 May and national regulators, financial market participants and financial institutions must make every effort to comply with them. Within two months of publication of the guidelines on the ESAs' websites in all official languages, national regulators should inform the ESAs whether they comply or intend to comply, or otherwise their reasons for non-compliance.

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