The EU releases a crypto asset classification tool to help businesses comply with MiCA

ChainCatcher news, EU regulators have released new guidelines allowing relevant market participants to classify cryptocurrencies and digital assets according to the Markets in Crypto-Assets Regulation (MiCA). The newly published guidelines provide a structured approach to classifying various types of crypto assets. This includes determining whether a token falls under MiCA through issue-based prompts, such as who the issuer is, whether it is based on blockchain, or whether it is a financial instrument. It also helps to determine whether the token in question meets the criteria for standard crypto asset qualification under MiCA, or whether it can be classified as other types of assets, such as electronic money tokens (EMT) or asset-referenced tokens (ART).

Issuers must attach a legal opinion to the white paper that clearly explains the classification of these tokens. The opinion should confirm that these tokens are neither electronic money tokens (EMT) nor any other type of crypto asset that falls outside the scope of MiCA.