The three major European regulators (EBA, EIOPA and ESMA, or ESA) have published a consultation document on the Market Guidelines for Crypto-Asset Regulation (MiCAR). In order to support market participants and regulators in taking a consistent approach to classifying crypto-assets, the Guidelines propose "establishing standardized tests, as well as providing templates for interpretation and legal opinions on the description of regulatory classification of crypto-assets". The draft guidelines are prepared in accordance with Article 97 (1) of the "Markets in Crypto-Assets Regulation (MiCAR)" (EU Regulation 2023/1114). In addition, the regulation also establishes a framework for "crypto-asset service provision". (Crowdfundinsider)