The Financial Services and Markets Authority (FSMA), the Belgian regulator, is calling for feedback on a communication classifying crypto assets as securities, investment instruments or financial instruments. Aimed at assisting issuers, offerors and service providers, the communication is intended as guidance on the current position until European regulatory harmonisation is achieved. The FSMA`s communication mainly addresses FAQs and is accompanied by a stepwise chart to help readers determine the classification of an asset. Under the FSMA classification, crypto assets incorporated into an instrument (as is typically the case for assets that are exchangeable or fungible) may be classified as securities under the EU Prospectus Regulation or as investment instruments under the EU Prospectus Law. In these cases, MiFID (Markets in Financial Instruments Directive) rules of conduct apply.