Read the CySEC Circular C715
Memo #39-2025
CySEC Circular No: C715
Date: 23/06/2025
Subject: ESMA Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments
Purpose: To inform that the CySEC has adopted the ESMA Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments.
In Summary:
CySEC has issued the Circular C715 on 20/06/2025 to inform the offerors of crypto-assets other than asset-referenced tokens or e-money tokens, the issuers of asset-referenced tokens and the crypto-asset service providers, that the CySEC has adopted the Guidelines issued on 19/03/2025 by the European Securities and Markets Authority (ESMA) on the conditions and criteria for the qualification of crypto-assets as financial instruments.
The Guidelines apply in relation to Article 2(5) of Regulation (EU) 2023/1114 (“MiCA Regulation”) and specify conditions and criteria for determining whether a crypto-asset should qualify as a financial instrument and therefore ensuring the common, uniform and consistent application of the provisions in Article 2(4)(a) of MiCA Regulation.
Furthermore, these guidelines provide clarifications on certain features of utility tokens, NFTs and hybrid tokens and contain examples for illustrative purposes.
The ESMA guidelines can be found on the following link:
Read the CySEC Circular C715
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