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---
title: "ESMA Q&A 2655 — Q&A — Derivatives settled [Forwarded to EC/Public Consultation/Other]"
shortTitle: "ESMA Q&A 2655 — Q&A — Derivatives settled [Forwarded to EC/Public Consultation/Other]"
answer_id: ESMA_QA_2655
topic: "Best Execution"
status: "Forwarded to EC/Public Consultation/Other"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: consultation
regulation: "MiFID II"
mifid_level3: true
mica_level2: false
legal_basis: "MiFID II"
date: 26 September 2025
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2655
lifecycle: "Forwarded to EC/Public Consultation/Other"
text_version: "ESMA Q&A register, 26 September 2025"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2655"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "not stated in the document"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA_QA_2655"
    locator: "ESMA Q&A entry ESMA_QA_2655: no answer; no author named"
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'"
lifecycle_label: "Forwarded to EC/Public Consultation/Other"
---

**Question published in the ESMA Q&A tool · no answer · not legislation [Forwarded to EC/Public Consultation/Other]**

*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)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2655 — Q&A — Derivatives settled \[Forwarded to EC/Public Consultation/Other\] |
| **Prepared by** | Not stated in the document |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2655 |
| **Document type** | Q&A |
| **Legal nature** | No answer · not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Question submitted 26 September 2025 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Derivatives settled in stablecoins**

### Question

Can 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?

In 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?

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2655)