22. Without prejudice to any other relevant materials, the information referred to in paragraph 13 …

Without prejudice to any other relevant materials, the information referred to in paragraph 13 of these Guidelines should be taken into account for the purposes of assessing whether the crypto-asset is a:

• a. financial instrument, competent authorities and other persons to whom these Guidelines are addressed should apply the Guidelines issued by the European Securities and Markets Authority under Article 2(5) of Regulation (EU) 2023/1114;²⁷
• b. deposit, competent authorities and other persons to whom these Guidelines are addressed should refer to European Banking Authority’s 2014 Opinion and Report and 2020 Opinion on the perimeter of credit institutions, which provide indications on the notion of ‘deposit’²⁸ and to the EBA’s 2024 Report on structured deposits²⁹ ;
• c. insurance product or insurance contract, competent authorities and other persons to whom these Guidelines are addressed should recall that there is no explicit definition of insurance at EU level, either as an activity or a contract.³⁰

²⁷ Link to be added once ESMA GL are final (for the consultation paper, see ESMA75-453128700-52).

²⁸ EBA 2014 Opinion and Report on the perimeter of credit institutions: https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-opinion-perimeter-credit-institutions and EBA 2020 Opinion: https://www.eba.europa.eu/sites/default/files/document_library/Publications/Opinions/2020/931784/EBA%20Opinion%2 0on%20elements%20of%20the%20definition%20of%20credit%20institution.pdf

²⁹ EBA 2024 Report on structured deposits: https://www.eba.europa.eu/sites/default/files/2024-07/b807c1a8-6f1d-4c2b-b2a0-2cdcb7737282/Report%20on%20structured%20deposits.pdf

³⁰ Final Report of the Commission Expert Group on European Insurance Contract Law. European Commission, 2014, p 38 ff.

1. Overview

1.1 References

• Article 2 5.

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA - Published by the European Banking Authority at https://www.eba.europa.eu/