Circular CSSF 25/890 is a CSSF circular, published 30 April 2025. Subject: Application of the joint ESA Guidelines on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97(1) of Regulation (EU) 2023/1114 (JC 2024 28).
\nRelevant for: Credit institutions, Crypto-Assets Service Providers (CASPs), Issuers of ARTs.
\nMain topic: Markets in Crypto-Assets (MiCA/MiCAR). Keywords: Crypto-assets.
\nCircular CSSF 25/890 Application of the joint ESA Guidelines on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97(1) of Regulation (EU) 2023/1114 (JC 2024 28)
\nCircular CSSF 25/890 Application of the joint ESA Guidelines on templates for explanations and opinions, and the standardised test for cryptoassets, under Article 97(1) of Regulation (EU) 2023/1114 (JC 2024 28) To all: •
\nofferors, persons seeking admission to trading, or operators of trading platforms for a cryptoasset other than an asset-referenced token (“ART”) or an electronic money token (“EMT”);
\ncredit institutions intending to offer to the public or seek admission to trading of an ART;
\nlegal persons or other undertakings that are not credit institutions intending to offer to the public or seek admission to trading of an ART;
\npersons intending to carry out, or carrying out, crypto-asset services within the scope of Regulation (EU) 2023/1114 1 (“MiCAR”).
\nLuxembourg, 30 April 2025 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Guidelines of the European Supervisory Authorities (“ESAs”) on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97(1) of MiCAR (Ref. JC 2024 28) (the “Guidelines”), published on 10 December 2024. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level.
\nthe content and form of the explanation and legal opinion referred to in Article 8(4) and Article 17(1), point (b)(ii), and Article 18(2), point (e), respectively, of MiCAR;
\n• The
\na common approach for the regulatory classification of crypto-assets under MiCAR. Guidelines
\nare
\nattached
\nthis
\ncircular
\nand
\nare
\navailable
\nthe
\nEBA’s
\nwebsite
\nhttps://www.eba.europa.eu/ and on ESMA’s website https://www.esma.europa.eu/.
\n1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937
\nofferors, persons seeking admission to trading, or operators of trading platforms for a cryptoasset other than an ART or an EMT, who are required to notify the crypto-asset white paper to the competent authority, accompanied by an explanation describing why the crypto-asset should not be considered excluded from the scope of MiCAR, or classified as an ART or EMT pursuant to Article 8(4) of MiCAR;
\ncredit institutions intending to offer to the public or seek admission to trading of an ART who are required to provide to the competent authority a legal opinion on the qualification of the crypto-asset pursuant to Article 17(1), point (b)(ii), of MiCAR;
\nlegal persons or other undertakings that are not credit institutions intending to offer to the public or seek admission to trading of an ART who are required to provide to the competent authority a legal opinion on the qualification of the crypto-asset pursuant to Article 18(2), point (e), of MiCAR;
\npersons intending to carry out, or carrying out, crypto-asset services when assessing whether activities within their existing or intended remit involve a crypto-asset within the scope of MiCAR.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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