We use cookies to collect and analyse information on site performance and usage to improve and customise your experience, where applicable. View our Cookies Policy. Click Accept and continue to use our website or Manage to review and update your preferences.


EU bodies invite feedback on crypto rules
(Pic: Shutterstock)

19 Jul 2024 technology Print

EU bodies invite feedback on crypto rules

The three main authorities involved in supervising the EU’s financial system have published draft guidelines on the implementation of new rules on regulating crypto-assets.

The Markets in Crypto-assets Regulation (MiCA) covers crypto-assets that are not regulated by existing financial-services legislation.

It is aimed at addressing concerns about a regulatory gap in EU legislation on the issue.

MiCA establishes systems for regulating the issuance, offering to the public, and admission to trading of electronic money tokens (EMTs), asset-referenced tokens (ARTs), and other crypto-assets.

Standardised test

The draft guidelines were published yesterday (18 July) by the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority.

The bodies say that they are aimed at helping supervisory agencies and participants in the financial markets to adopt a “convergent approach” to the classification of crypto-assets.

The guidelines provide a standardised test, as well as templates for explanations and legal opinions that provide descriptions of the regulatory classification of crypto-assets.

The authorities are inviting comments on the guidelines, which can be submitted by 12 October.

Gazette Desk
Gazette.ie is the daily legal news site of the Law Society of Ireland

Copyright © 2024 Law Society Gazette. The Law Society is not responsible for the content of external sites – see our Privacy Policy.