Read the CySEC Circular C714
Memo #38-2025
CySEC Circular No: C714
Date: 23/06/2025
Subject: ESAs Guidelines on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97(1) of Regulation (EU) 2023/1114
Purpose: To inform that the CySEC has adopted the ESAs Guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets under Regulation (EU) 2023/1114 (“MiCA Regulation”).
In Summary:
CySEC has issued the Circular C714 on 20/06/2025 to inform the (i) offerors, persons seeking admission to trading, or operators of trading platforms for a crypto-asset other than an asset-referenced token (ART) or an electronic money token (EMT), who are required to notify the crypto-asset white paper to the competent authority, accompanied by an explanation describing why the crypto-asset should not be considered excluded from the scope of that Regulation, or classified as an ART or EMT pursuant to Article 8(4) of that Regulation; (ii) legal persons or other undertakings that are not credit institutions intending to offer to the public or seek admission to trading of an ART who are required to provide to the competent authority a legal opinion on the qualification of the crypto-asset pursuant to Article 18(2)(e), of Regulation (EU) 2023/1114; and (iii) persons intending to carry out, or carrying out, crypto-asset services, that the CySEC has adopted the ESAs Guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets under Regulation (EU) 2023/1114 (“MiCA Regulation”), which were issued on December 10, 2024.
The CySEC further informs that the Guidelines apply from 12/05/2025.
The Guidelines establish a common approach to determine the classification of a crypto-asset on a case-by-case basis taking into account all the attributes of the token in question through the provided flow chart.
The ESAs Guidelines can be found on the following link: https://www.esma.europa.eu/sites/default/files/2025-03/JC_2024_28_Guidelines_on_explanations_and_opinions__and_the_standardised_test_for_crypto-assets_under_MiCA.pdf
Read the CySEC Circular C714
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