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EU releases crypto asset classification tool to help firms comply with MiCA

EU releases crypto asset classification tool to help firms comply with MiCA

CointimeCointime2024/07/19 14:34
By:Cointime

The EU regulatory agency has issued new guidelines allowing relevant market participants to classify cryptocurrencies and digital assets based on the Market in Crypto-Assets (MiCA) regulatory framework. The new guidelines provide a structured approach to classify various types of crypto assets. This includes determining whether a token falls under MiCA based on question-based prompts, such as who the issuer is, whether it is blockchain-based or whether it is a financial instrument. It also helps to determine whether the token under discussion qualifies as a standard crypto asset under MiCA, or whether it can be classified as other types of assets, such as Electronic Money Tokens (EMT) or Asset Reference Tokens (ART). ART issuers must include legal opinions in their whitepapers to clearly explain the classification of these tokens. The opinion should confirm that these tokens are neither EMTs nor any other type of crypto asset outside the scope of MiCA.

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