The European Securities and Markets Authority (ESMA) published Guidelines on the conditions and criteria for the qualification of cryptoassets as financial instruments.
These guidelines are issued under Article 16(1) of the ESMA Regulation and Article 2(5) of MiCA. The purpose of these guidelines is to "specify conditions and criteria for determining whether a cryptoasset should qualify as a financial instrument and therefore ensuring the common, uniform and consistent application of the provisions in Article 2(4)(a) of MiCA. Furthermore, these guidelines provide clarifications on certain features of utility tokens, NFTs and hybrid tokens."