On 29 April 2024, the European Securities and Markets Authority (ESMA) closed the consultations on guidelines under the Markets in Crypto Assets Regulation (MiCA). The consultation was aimed at establishing clear conditions and criteria for the qualification of crypto-assets as financial instruments. The feedback received will be considered in Q2 2024, with a final report expected to be published in Q4 2024. The current consultation seeks input from stakeholders and market participants on the appropriate implementation of MiCA, particularly concerning specific mandates set to be developed by December 2024. Recognising the diverse approaches to the national transposition of MiFID across Member States, concerns arise about the inconsistent application of the 'financial instrument' definition. This issue gains significance with the introduction of MiCA, and ESMA is contemplating the adoption of guidelines to provide guidance on the qualification of crypto-assets as financial instruments. The feedback received will be considered in Q2 2024, with a final report expected to be published in Q4 2024.
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