ESAs publish paper on MiCAR

• Asset-referenced tokens (ARTs), with the white paper for their issuance having to be accompanied by a legal opinion that underlines the classification of the crypto asset, especially regarding the fact that it is not an electronic money token (EMT) or a crypto asset that could be excluded from the scope of MiCAR;

• Crypto assets that are not considered ARTs or EMTs under the regulation, with the white paper needing to be accompanied by an explanation of the classification of the crypto asset, particularly the information that is not an EMT, ART, or crypto-asset excluded from the scope of MiCAR.

As part of the press release, the ESAs mention that the consultation paper can be sent directly from the consultation page, with the deadline for submissions being 12 October 2024. After holding a virtual public hearing on the consultation paper on 23 September 2023, the authorities are set to publish all contributions, unless requested otherwise.

In a bid to establish a framework for crypto asset service provision, MiCAR develops regimes for regulating the issuance, providing to the public, and admission to trading of EMTs, ARTs, and other crypto assets. The draft was created following Article 97(1) of the MiCAR, which requires the authorities to jointly deliver by 30 December 2024 the Guidelines per Article 16 of the ESA Founding Regulations (Regulation EU) No 1093/2010 Regulation 1094/2010, Regulation 1095/2010) to specify the content and form of the explanation accompanying the crypto-asset white paper referred to in Article 8(4), and the legal opinions on the qualification of asset-referenced tokens (ARTs) referred to in Article 17(1), point (b)(ii), and Article 18(2), point (e) of MiCAR.

Moreover, the ESAs are obliged to comprise in the Guidelines a template for the explanation and the opinion and a standardised test for the classification of crypto assets. At the time of the announcement, this was the only joint-ESA policy mandate developed under MiCAR.