The new ESMA consultations on reverse solicitation in the context of MiCA and the qualification of instruments as financial instruments vs. crypto assets are interesting reads, even if only because they basically give a read-up on the status of reverse enquiry and definition(s) of mifid financial instruments in general (in particular on the concept of ’transferable securities’).

As indicated by people wiser than I am on LinkedIn, the core can be found in paragraph 8 of the consultation on qualification of instruments, i.e.

“As such, ESMA considers it important to take a technology-neutral approach, to ensure that equivalent activities and assets are subject to the same or very similar standards regardless of their form”

Consultations close 29 april 2024, final reports are expected by end of year 2024.

For Belgian folks: interesting to compare with FSMA communication 2022_25 on classification of crypto-assets as secuirties, investment instruments or financial instruments.