The European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority have published a joint consultation document setting out future standards and classification of digital assets.
The classifier includes methodologies for determining whether a digital asset falls within the scope of the MiCA rules, using hints based on questions such as who the issuer of the token is and whether it is based on a blockchain or is a type of financial derivative.
According to regulators, a unified cryptoasset classifier should help industry participants determine whether a token in question qualifies as a standard cryptoasset under the MiCA rules, or whether it can be classified as another type of asset, such as an electronic money token (EMT) or an asset-linked token (ART).
Earlier, Patrick Hansen, director of EU strategy and policy at US-based Circle, and Dante Disparte, chief strategy officer, said the coming year would be “transformative” with the MiCA rules coming into force.
Source: Bits
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