Global Trustee and Fiduciary Services Bite-Sized Issue 1 2025

3 QUICK LINKS AIFMD CRYPTOASSETS EMIR FINTECH MIFID II/MIFIR MMF NBFI OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA IRELAND LUXEMBOURG NETHERLANDS NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 1 | 2025 To support market participants and supervisors in adopting a convergent approach to the classification of crypto-assets the templates for explanations and legal opinions provide descriptions of the regulatory classification of crypto-assets in the following cases: • Asset-referenced tokens (ARTs): The white paper for the issuance of ARTs must be accompanied by a legal opinion that explains the classification of the crypto-asset – in particular, the fact it is not an electronic money token (EMT) nor a crypto-asset excluded from the scope of MiCAR. • Crypto-assets that are not ARTs or EMTs under MiCAR: The white paper for the crypto-asset must be accompanied by an explanation of the classification of the crypto-asset – in particular, the fact that it is not an EMT, an ART or crypto-asset excluded from the scope of MiCAR. The ESAs say that the overall aim of these Guidelines is to promote convergence in classification for the consistent application of MiCAR across the EU. In turn, this is intended to contribute to enhancing consumer/investor protection, securing a level playing field, and mitigating risks of regulatory arbitrage. These guidelines will be translated into the official EU languages and published on the ESAs’ websites. The guidelines will apply from three months after the publication of the translations. Link to Guidelines here ASIC Invites Feedback on Proposed Updates to Digital Asset Guidance On 4 December 2024, the Australian Securities & Investments Commission (ASIC) released Consultation paper 381 Updates to INFO 225: Digital Assets: Financial Products and Services (CP 381) outlining proposals to update Information Sheet 225 Crypto Assets (INFO 225) . To provide greater clarity about the current law, ASIC has proposed a range of updates to INFO 225, including adding 13 practical examples of how the current financial product definitions apply to digital assets and related products. ASIC says that, generally, the existing approach to financial services licences will apply to digital assets. For example, whether an applicant is proposing to deal in traditional securities or securities based on a digital asset platform, the same licensing regime applies. CP 381 seeks feedback on: • ASIC’s updated guidance in INFO 225, including the worked examples; • The application of the existing Australian Financial Services (AFS) licence processes, ASIC guidance and standard conditions to digital asset businesses; • Practical licensing issues for wrapped tokens and ‘stablecoins’, issues arising from the potential transition to the Government’s proposed digital asset platform and payment stablecoins regimes, and consideration of potential regulatory relief; and • A potential class ‘no action’ position for digital asset businesses that are in the process of applying for or varying an AFS licence, Australian Markets Licence or Clearing and Settlement Facility licence. The consultation period closes on 28 February 2025. ASIC says it intends to publish a final version of the updated INFO 225 in mid-2025, after considering feedback received through the consultation process. Link to Consultation here