Legal Node

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A Historic Milestone for Asset Tokenization in Spain! 🇪🇸 We are proud to have assisted Ursus-3 Capital, Agencia de Valores as independent experts in securing approval as Spain's first Entity Responsible for Registration and Listing (ERIR) by the Spanish regulatory authority, CNMV. This landmark achievement effectively enables the issuance of security tokens in Spain, and unlocks multiple opportunities for Spanish issuers and investors, offering enhanced efficiency, transparency, and accessibility in financial markets. Tokenization is no longer the future; it’s the present. Congratulations to Ursus-3 Capital and its partners Onyze and Token City for this groundbreaking success! 🚀

✅ Tokenization through Utility Tokens: Complying with MiCA in 3 Steps ✅ Although tokenization is typically carried out by way of issuing Security Tokens due to the legal certainty that they offer, issuing Utility Tokens under a dedicated EU regulatory framework will soon be possible thanks to MiCA. 🚀 This infographic prepared by Bersaitz Alegre summarizes the 3 essential steps to issue utility tokens in compliance with MiCA (assuming that no exemptions apply): 1️⃣ Drafting the White Paper 2️⃣ Notifying the White Paper (together with some notification requirements) 3️⃣ Publication of the White Paper Contact Legal Node if you would like to learn more about the process to issue Security Tokens or Utility Tokens! 👋

In this publication from Chambers, we share our views on the Luxembourg trends and developments in the digital assets and tokenization sphere. We continue to see more and more tokenization projects being structured via Luxembourg. Digital assets are the future of finance, and Luxembourg is the digital asset jurisdiction of choice. 🌟 https://lnkd.in/g_ZmTQfk

📢 Calling all digital assets' enthusiasts and market participants! 📢 On 29 January 2024, the European Securities and Markets Authority (ESMA) released not one, but two Consultation Papers seeking feedback on draft guidelines under the Markets in Crypto Assets Regulation (MiCA). These guidelines cover crucial aspects such as the "reverse solicitation exemption" and the classification of crypto-assets as "financial instruments." Here's a very quick breakdown of what the consultation papers entail: 1️⃣ Reverse Solicitation Exemption: This exemption from MiCA authorization kicks in when EU customers independently seek services from a third-country crypto-asset provider. ESMA's guidelines aim to define the fine line between solicitation and exemption, stressing that the latter is incredibly narrow. Think of it more as a prohibition—third-country firms can't actively solicit EU clients unless initiated exclusively by the client. 🔍 ESMA urges a broad interpretation of "solicitation," encompassing various marketing channels like social media, influencer endorsements, and more. Plus, it emphasizes the time-sensitive nature of the exemption, highlighting that it's not a perpetual free pass. 2️⃣ Classification of Crypto-Assets as Financial Instruments: MiCA applies to crypto-assets not covered by existing EU laws. ESMA's proposed guidelines shed light on this by: ✅ Taking a technology-neutral stance. ✅ Defining criteria for classifying crypto-assets as transferable securities, money market instruments, units in collective investment undertakings, derivative contracts, emission allowances, NFTs, and hybrid tokens. ESMA welcomes feedback on these proposals by 29 April 2024, with plans to release a final report in Q4 2024. 💡 Remember - MiCA is set to be fully implemented by the end of 2024 (with potential transitional periods). 🌐 Legal Node will be providing feedback on both proposals, and our team is here to answer any questions or discuss any suggested feedback to the consultations! 🌐 #cryptoregulation #mica #esma #blockchain #digitalassets #tokenization #regulatorycompliance