ESA issues Guidelines to standardise Crypto-Asset classification under MiCAR, aiming to enhance consistency, consumer protection, and preventing regulatory arbitrage, effective March 2025

The Guidelines require market participants to submit a legal opinion with the white paper for asset-referenced tokens (ARTs) clarifying that the crypto-asset is not an electronic money token (EMT) or excluded from MiCAR. Similarly, for crypto-assets not classified as ARTs or EMTs, the white paper must include an explanation confirming the asset’s classification under MiCAR.