EU cryptoasset guidelines under consultation

Consultations on guidelines for promoting or providing cryptoasset services into the European Union, as well as on the classification of digital assets as 'financial instruments', propound significant aspects of the emerging regulatory framework for crypto in the region. Charlotte Hill and Shaanil Senarath-Dassanayake provide an overview of the draft guidelines under each consultation paper.

Charlotte Hillis a partner and head of the Financial Services Regulatory group at Taylor Wessing in London, whereDaniel Hirschfieldis senior counsel - Knowledge and Shaanil Senarath-Dassanayake is an associate. Contact them on c.hill@taylorwessing.com, d.hirschfield@taylorwessing.com and s.senarath-dassanayake@taylorwessing.com.

On 29 January 2024, the European Securities and Markets Authority (ESMA) published consultation papers on draft guidelines under MiCA on reverse solicitation as well as the conditions and criteria for the qualification of cryptoassets as financial instruments (the Reverse Solicitation CP and Financial Instruments CP respectively).