The European Securities and Markets Authority (ESMA) has released its final guidelines regarding the Markets in Crypto-Assets (MiCA) regulation, which is set to take full effect on December 30, 2024. The guidelines aim to clarify the delineation between crypto-assets that qualify as financial instruments, such as securities, and those that fall under MiCA. This move is part of a broader effort to establish a unified regulatory framework for crypto-asset markets across the European Union. However, some member states, including Belgium, Italy, and Poland, are reportedly struggling to align their definitions and regulations, raising concerns about consistency in implementation. The guidelines also include reporting requirements for issuers of Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs) that seek to offer their products to the public or gain admission to trading within the EU. As the December 30 deadline approaches, stakeholders are urged to prepare for compliance to avoid potential penalties.