On 10 March 2025, the European Securities and Markets Authority (‘ESMA’) published the official translation of the Guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets. These guidelines have been issued on the basis of the delegation set out in Article 97(1) of the MiCA Regulation[1]. Those guidelines shall establish:
- the template, content and form of the explanation accompanying the crypto-asset white paper referred to in Article 8(4) of the MiCA Regulation;
- the template, content and form of the legal opinion referred to in Article 17(1), point (b) (ii) and Article 18(2), point (e) of the MiCA Regulation;
- standardised test for the classification of crypto-assets for use by competent authorities and other persons to determine the classification of crypto-assets.
The guidelines can be consulted at the following link:
https://www.esma.europa.eu/sites/default/files/2025-03/JC_2024_28_Guidelines_on_explanations_and_opinions__and_the_standardised_test_for_crypto-assets_under_MiCA.pdf
[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).