ESMA Level 3 Guidance Consultation Response - INATBA
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ESMA Level 3 Guidance Consultation Response

The Finance WG welcomes ESMA‘s Guidance on Reverse Solicitation and the Classification of Crypto-Assets. ESMA’s work is a step toward the proper implementation of crypto-asset requirements in Europe, and around the globe.

The Finance WG members collected feedback and reviewed the ESMA guidance across multiple calls and in depth discussions before submitting a few key themes for refinement. In brief, the members suggested a more open approach on the Reverse Solicitation rules and additional clarity on a few key terms defined in the guidance. An overly broad categorization of tokens, and, in extent, the broadness of appropriate requirements, risks the attainment of MiCA’s ultimate goals and impact. Specifically, INATBA members urge ESMA to address the lack of specificity in Article 61.

On Token Classifications, INATBA Members believe that a more balanced approach can ensure a dynamic market for Crypto-Assets in Europe. To this extent, developing a principle based approach alongside detailed classification criteria, and issuing an open consultation on the creation of these classification criteria, is a crucial step forward for the industry and Europe.

Furthermore, throughout the response process, members were concerned of classifying crypto assets as securities too broadly. To do so, would produce additional hurdles to Passporting potential presented by MiCA. NFTs, for example, are out of scope for MiCA, and should not be part of any securities requirements, except in cases where appropriate legal examination takes place by NCAs.

Overall, we recognize ESMA‘s efforts to guide crypto assets identification, however we believe the current criteria would benefit from further refinement, and further industry outreach, to address existing complex scenarios.

Ultimately, INATBA reaffirms its commitment to working with regulators to refine guidelines, foster innovation, and protect investors. By addressing these core themes and collaborating closely with industry stakeholders, ESMA can establish a robust regulatory framework that promotes growth and stability in the dynamic crypto ecosystem.

INATBA members will continue to engage with ongoing Level 2 regulations. To join these work streams, join INATBA here.

Special recognition belongs to our member companies who provided feedback for this workstream:

  • AMLBot
  • Anotherblock
  • Caisse des Dépôts
  • Cryptopocket
  • Imani Partners
  • Northstake
  • Notabene
  • Onchain Foundation
  • ProSquare


We invite you to explore the full response by downloading it via the form below:


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Launched in 2019 by the European Commission, INATBA – International Association for Trusted Blockchain Applications is a highly influential Association in advocating for Blockchain and DLT adoption in Europe and globally. INATBA is mainly known for its credibility with regulatory authorities and policymakers and is appraised for its contributions to Markets in Crypto Asset Regulation (MICA), Transfer of Funds Regulation (TFOR), electronic Identification, Authentication and Trust Services (eIDAS), CHAISE Project, EU Pact for Skills, Academic & Governmental Advisory Bodies, and its passionate diverse global community of CEOs, CTOs, Heads of Policy, Public/Institutional Relations, Legal, Marketing & BizDev, Developers, Policymakers. To learn more, visit