NFT MiCA 2025

🎁 The Ultimate Guide: Is Your Token a Utility Token or a Security Token Under MiCA Regulation? It's a gift for you!👇

On December 17, the European Securities and Markets Authority (ESMA) released guidelines to clarify the distinction between digital assets and financial instruments. Here's the essence:

Key Takeaways

1️⃣ Standardized Classification Rules
National authorities are required to use the standard list of financial instruments outlined in the MiFID II Directive to classify crypto-assets. No country-specific adaptations of MiFID II should be used.

2️⃣ Tokens with Investor Returns
Tokens that involve participation in a pool designed to generate returns for investors could be classified as units of a collective investment undertaking (CIU), making them financial instruments.

3️⃣ Governance Tokens
Most governance tokens are not considered securities because they don't provide rights equivalent to those of traditional securities. However, derivatives based on crypto-assets may fall under the financial instrument category.

4️⃣ No "Hybrid Tokens"
Hybrid tokens are not recognized. A token is either:

• A financial instrument,
• Governed by MiCA, or
• Excluded from both.
  If a token displays characteristics of a financial instrument, it is treated as one, regardless of its additional features.

5️⃣ NFTs and MiCA
Most NFTs may fall under MiCA, particularly Title II, unless they meet strict criteria for uniqueness based on their characteristics and utility. For more details on MiCA's impact on NFTs, check out the AMF’s analysis: MiCA: The European Regulation for Crypto-assets.

How Scorechain Can Help

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