On July 17, the three major European regulatory bodies (EBA, EIOPA, and ESMA) released a consultation paper on the guidance for the Crypto Asset Markets Regulation (MiCAR), with the aim of establishing standardized tests and legal advice templates for the classification of crypto assets in order to promote a uniform classification approach. The main content includes: Asset Reference Tokens (ARTs): The white paper issuing ARTs must be accompanied by a legal opinion explaining their classification, in particular stating that they are not electronic money tokens (EMTs) or crypto assets outside the scope of MiCAR. • Crypto-assets that are not ARTs or EMTs: The white paper for such crypto-assets must be accompanied by a classification explanation stating that they are not EMTs, ARTs, or crypto-assets that are not outside the scope of MiCAR. The deadline for submission of comments for the consultation paper is October 12, 2024. European regulators will hold a virtual public hearing on September 23, 2024. Stakeholders are invited to register to participate by September 19. All comments received will be published after the consultation, unless confidentiality is specifically requested.