ESMA consults on reverse solicitation and classification of crypto assets as financial instruments under MiCA

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Summary:

The European Securities and Markets Authority (ESMA) has released two Consultation Papers on guidelines under Markets in Crypto Assets Regulation (MiCA). The first paper focuses on reverse solicitation, seeking input on proposed guidance on the conditions for application and supervision practices to prevent circumvention. The second paper proposes guidelines for the classification of crypto-assets as financial instruments, aiming to bridge MiCA with the Markets in Financial Instruments Directive II (MiFID II). ESMA invites stakeholders to provide comments by 29 April 2024, and will consider feedback in Q2 2024, with a final report expected in Q4 2024.