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FESE welcomes the opportunity to contribute its views to the ESMA consultations on reverse solicitation and the classification of crypto-assets under MiCA.
FESE is generally in line with ESMA’s proposal on the reverse solicitation. However, the proposed requirements might be too strict. Certain sub-outsourcing elements from third-country providers should not be seen as a reverse solicitation. Regarding the draft guidelines on the classification of crypto-assets, FESE agrees with the approach that crypto-assets qualifying as financial instruments should not fall under the scope of MiCA and be subject to already existing financial market rules, such as MiFID II/R. Furthermore, FESE welcomes the hierarchical approach for hybrid-type tokens’ classification. When crypto-assets have characteristics of financial instruments, these characteristics should take precedence in the classification.