{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2025-09-26","gaps":[],"covered":["ESMA Q&A 2655 — Q&A — Derivatives settled [Forwarded to EC/Public Consultation/Other] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-3/q-and-a/esma/esma-qa-2655-derivatives-settled-in-stablecoins","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2655-derivatives-settled-in-stablecoins","title":"ESMA Q&A 2655 — Q&A — Derivatives settled [Forwarded to EC/Public Consultation/Other]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-2655-derivatives-settled-in-stablecoins","status":"forwarded to ec/public consultation/other","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 26 September 2025","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2655","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"1dd648958f351fe7","change_date":null,"nearest_versions":["2025-09-26"],"first_text_date":null,"correction_applies":false,"versions":["2025-09-26"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2655-derivatives-settled-in-stablecoins/versions/2025-09-26","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2655-derivatives-settled-in-stablecoins/versions/2025-09-26/rev/1dd648958f351fe7","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2655-derivatives-settled-in-stablecoins/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2655-derivatives-settled-in-stablecoins/relations","source_line":"Question published in the ESMA Q&A tool · no answer · not legislation [Forwarded to EC/Public Consultation/Other]","attribution":{"prepared_by":"not stated in the document","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_question","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"question_submitted_on":"2025-09-26","locators":{"question_submitted_on":"ESMA Q&A Excel export ESMA_QA_2655, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2655","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-2655-derivatives-settled-in-stablecoins.md","body_sha256":"03712c829592752bc3cfaff02008ad1b8003363a4e836fe1c2b8d5cb26fdbeab"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 2655 — Q&A — Derivatives settled [Forwarded to EC/Public Consultation/Other]\"\nshortTitle: \"ESMA Q&A 2655 — Q&A — Derivatives settled [Forwarded to EC/Public Consultation/Other]\"\nanswer_id: ESMA_QA_2655\ntopic: \"Best Execution\"\nstatus: \"Forwarded to EC/Public Consultation/Other\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: consultation\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 26 September 2025\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2655\nlifecycle: \"Forwarded to EC/Public Consultation/Other\"\ntext_version: \"ESMA Q&A register, 26 September 2025\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2655\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"not stated in the document\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA_QA_2655\"\n    locator: \"ESMA Q&A entry ESMA_QA_2655: no answer; no author named\"\ndocument_type: \"qa_question\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  question_submitted_on: \"2025-09-26\"\n  locators:\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2655, column 'Date of submission'\"\nlifecycle_label: \"Forwarded to EC/Public Consultation/Other\"\n---\n\n**Question published in the ESMA Q&A tool · no answer · not legislation [Forwarded to EC/Public Consultation/Other]**\n\n*Forwarded to EC/Public Consultation/Other · ESMA Q&A register, 26 September 2025 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2655)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2655 — Q&A — Derivatives settled \\[Forwarded to EC/Public Consultation/Other\\] |\n| **Prepared by** | Not stated in the document |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2655 |\n| **Document type** | Q&A |\n| **Legal nature** | No answer · not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Question submitted 26 September 2025 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Derivatives settled in stablecoins**\n\n### Question\n\nCan derivatives settled in stablecoins—namely asset-referenced tokens or electronic money tokens as defined in Article 3(6) and (7) of Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) - be classified as financial instruments under Section C of Annex I to Directive 2014/65/EU? More specifically, can such instruments be deemed to meet the criterion of derivatives settled in cash?\n\nIn addition, does EU legislation permit the use of unauthorised stablecoins – namely asset-referenced tokens and electronic money tokens that do not comply with Titles III and IV of MiCA – for the settlement of derivatives?\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2655)\n"}