European regulators begin consultation on MiCAR guidelines
The three major European regulatory agencies (EBA, EIOPA, and ESMA) issued a consultation paper on the guidelines for the Markets in Crypto-Assets Regulation (MiCAR), with the aim of establishing standardized testing and legal opinion templates for the classification of crypto-assets to promote a unified classification method.
The main content includes:
• Asset Reference Tokens (ARTs): The white paper for issuing ARTs must be accompanied by a legal opinion explaining their classification, particularly with regard to their not being electronic monetary tokens (EMTs) or crypto-assets outside the scope of MiCAR.
• Crypto-assets that are not ARTs or EMTs: The white paper for such crypto-assets must include a classification explanation, stating that they are not EMTs, ARTs, or crypto-assets outside the scope of MiCAR.
The deadline for submitting comments on the consultation paper is October 12, 2024. The European regulatory agencies will hold a virtual public hearing on September 23, 2024, and stakeholders are invited to register before September 19th. All comments received will be made public after the consultation ends, unless confidentiality is specifically requested.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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