How Does the Definition of “Financial Instrument” Impact the Application of MAR to Various Crypto Assets?

MAR explicitly applies to financial instruments traded on regulated venues. If a crypto asset is legally defined as a financial instrument (e.g. a security token or a derivative like a crypto future), MAR applies directly.

For utility tokens or other crypto assets not classified as financial instruments, MAR does not apply directly, but national regulators often create parallel rules or apply MAR principles to prevent abuse on trading platforms that list them, aiming for regulatory parity.