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ARTICLE · 27 JANUARY 2025

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MiCAR – Final Guidelines On Qualification Of Crypto-assets As Financial Instruments

PwC Legal Germany
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The EU's Market in Crypto-Assets Regulation (MiCAR) became fully operational as of 30 December 2024. As explored in PwC Legal's EU RegCORE' series covering developments across the "EU's Digital Single Market.

European UnionTechnology
Michael Huertas
Michael Huertas
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QuickTake

The EU's Market in Crypto-Assets Regulation (MiCAR) became fully operational as of 30 December 2024. As explored in PwC Legal's EU RegCORE' series covering developments across the "EU's Digital Single Market, financial services and crypto-assets" MiCAR marks a momentous achievement in creating (i) a new chapter of the EU's Single Rulebook for certain types of crypto-assets that are not classified as "financial instruments" and (ii) concurrently extending existing chapters of the Single Rulebook to those crypto-assets that do qualify as "financial instruments".

The EU's legislative policymakers' approach has been to use MiCAR's legislative text to divide the regulation and supervision of crypto-assets between those that are not "financial instruments" and thus subject to MiCAR and those that qualify as "financial instruments" and thus subject to traditional financial services legislation. Such an approach makes sense, at least from a legislative

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