According to TechFlow, on July 17, according to crowdfundinsider, the three major European regulators (EBA, EIOPA and ESMA) issued a consultation document on the guidelines for the Crypto Asset Market Regulation (MiCAR), which aims to provide standardized tests and templates for the classification of crypto assets to promote a consistent approach among market participants and regulators.

The guidelines include a description of the classification of asset reference tokens (ARTs) and crypto assets that are not ARTs or EMTs, and require a legal opinion to be attached. The public can submit comments through the consultation page until October 12, 2024. The European regulator will hold a virtual public hearing on September 23, 2024 and invites interested parties to register to participate. According to Article 97(1) of MiCAR, the guidelines must be published before December 30, 2024.