GDF Response to ESA’s Consultation on Templates for Explanations and Opinions, and the Standardised Test for the Classification of Crypto-Assets, under Article 97(1) of Regulation (EU) 2023/1114
GDF has worked with its members in the EU/MiCA Working Group to respond to the ESA’s Consultation on Guidelines under Markets in Crypto-assets Regulation (MiCA), establishing templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification.
Key takeaways from GDF’s response include:
1. Additional Guidance and Clarity on What is Meant by “Technology Similar to DLT”
GDF members request additional guidance and clarity on what is meant by “Technology Similar to DLT”. This could be interpreted in various ways. GDF suggested the ESAs could share evaluation criteria for technologies they consider to be similar or further Q&A Guidance could be provided on this point.
2. Clarity on Mutual Exclusivity Between the Tests for EMT and ART
GDF members would support additional clarity on the diamond yellow box of the Flow Chart which notes, “Is it referencing a value or right or combination thereof, including one or more official currencies.” It was noted that where this diamond states, “one or more” it could overlap or be confused with the previous diamond box which states, “Is it referencing the value of one official currency.” GDF would welcome clarity on this and proposed the ESA’s providing examples to distinguish between the two.
