Consultation on reverse solicitation and classification of crypto assets as financial instruments under MiCA

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Responding to this consultation

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1 in both documents. Comments are most helpful if they:

  • respond to the question stated;
  • indicate the specific question to which the comment relates;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all comments received by 29 April 2024.

All contributions should be submitted online using the response form below.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found under the heading Legal Notice and Data Protection.

Who should read this paper?

All interested stakeholders are invited to respond to this consultation paper. In particular, ESMA invites crypto-asset service providers (including from third-countries) and financial entities dealing with crypto-assets as well as all stakeholders that have an interest in crypto assets.

Activity Institution Download
Legal and Accountancy SIMBULA LAW FIRM
  • 203991
  • 203992
Fintech Crossmint
  • 205177
Asset Management Swiss Finance Council
  • 205197
Exchanges and Trading Systems dYdX Foundation
  • 205198
Others ISO
  • 205208
Others CNMV Advisory Committee
  • 205209
  • 205211
Others ALFI - Association of the Luxembourg Fund Industry
  • 205216
  • 205217
Banking German Banking Industry Committee
  • 205238
Regulated markets, exchanges & trading systems VBNL
  • 205241
Fintech Particula GmbH
  • 205244
Others
  • 205245
Others SORARE
  • 205246
Others Ubisoft, Sorare, The Sandbox, The Blockchain Game Alliance
  • 205247
Regulated markets Deutsche Börse
  • 205248
Others Association of National Numbering Agencies (ANNA)
  • 205249
Fintech Digital Token Identifier Foundation
  • 205252
  • 205253
Investment Services Paradigm
  • 205255
Exchanges and Trading Systems Federation of European Securities Exchanges
  • 205257
Others Enoda Tech
  • 205258
Fintech Ripple Labs Inc
  • 205259
Others Blockchain for Europe
  • 205263
Asset Management Andreessen Horowitz
  • 205266
Others Alchemy Insights, Inc.
  • 205269
Others OpenSea
  • 205270
Legal and Accountancy DLA PIPER ITALY
  • 205271
Others ANASF
  • 205272
  • 205273
Banking German Banking Industry Committee
  • 205276
Investment Services AMF Italia
  • 205278
Asset Management BlackRock
  • 205281
Others Kraken
  • 205283
  • 205284
Banking KBC Group NV
  • 205286
  • 205287
Banking Association of Foreign Banks in Germany (Verband der Auslandsbanken in Deutschland e.V.)
  • 205290
  • 205291
Fintech Spanish Fintech and Insurtech Association
  • 205293
  • 205294
Investment Services European Fund and Asset Management Association (EFAMA)
  • 205295
Exchanges and Trading Systems Federation of European Securities Exchanges
  • 205297
Banking The Luxembourg Bankers' Association (ABBL)
  • 205303
Banking AFME
  • 205304
  • 205307
Legal and Accountancy Ashurst LLP
  • 205308
Legal and Accountancy Juscutum
  • 205309
Others
  • 205313
Banking ABI - Italian Banking Association
  • 205314
  • 205315
Others European Principal Traders Association (FIA EPTA)
  • 205316
Others Digital Currencies Governance Group (DCGG)
  • 205318
Others Electronic Money Association
Fintech LMAX Broker Europe Limited
  • 205325
Others World Gold Council
  • 205326
  • 205327
Others Ledger
  • 205329
Others Global Digital Finance (GDF)
  • 205332
Others Adan B4E CCI DCGG EUCI
  • 205331
Others INATBA - International Association of Trusted Blockchain Applications
  • 205333
Others Paris Europlace
  • 205340
Fintech Bitpanda GmbH
  • 205335
  • 205337
Issuers Socios.com
  • 205339
Fintech Crypto Council for Innovation
  • 205344
Others Association Adan
  • 205347
Others EUCI
  • 205349
Banking Association of Global Custodians - European Focus Committee
  • 205351
Others INATBA - International Association of Trusted Blockchain Applications
  • 205354
Legal and Accountancy Studio Legale Gangi
  • 205357
  • 205358
Fintech Coinbase
  • 205360
  • 205361
  • 205362
BCAS Malta Ltd
  • 205364
  • 205365
Others Global Digital Finance (GDF)
  • 205366
Investment Services Bundesverband der Wertpapierfirmen (bwf)
  • 205367
  • 205368
Fintech Crypto Valley Association
  • 205369
Others Global Blockchain Business Council
  • 205370
Institute of International Finance
  • 205371
Others GBBC
  • 205372
  • 205373
Fintech Electronic Money Association
  • 205374