MiCA: Token Qualification

Detailed explanation of the NAEST token qualification under Regulation (EU) 2023/1114 (MiCAR).

1. Information on the explanation

• Issue date: No later than April 1, 2025

• Name of the issuer(s) of this explanation: NAEST SAS

• Contact point:

  • President: Salim KHANNOUSSI

  • Registered office: 78 avenue des Champs-Élysées 75008 Paris

  • R.C.S: 981 388 655 R.C.S. Paris

  • Registration date: March 21, 2024

  • Share capital: 60,000 euros

  • Email address: [e-mail]

• Confirmation that this explanation is issued under Article 8(4) of MiCAR: Yes

2. Information on the offer and the NAEST token

• Name of the token promoter or issuer: NAEST SAS

• Applicable legal regime: European Union law and relevant national law

• Token description:

  • Name: NAEST

  • Symbol: NAEST

  • Decimals: 9 Standard: SPL (similar to ERC-20) / Utility token

  • Blockchain: SOLANA Smart contract: NAE5Rik3FrGoXoqoqW8boyCLrgEDnEKHNfPAVNNdQJr

  • NAEST tokens issuance: No later than June 1, 2025

  • Supply type: Fixed

  • Maximum supply quantity: 10,000,000,000 NST

  • Monetary policy: The maximum quantity of NAEST tokens is fixed and cannot be modified, neither by NAEST company nor by anyone else.

  • Nature: Utility token designed to be a central element of the NAEST ecosystem

3. Justification for non-qualification as a financial instrument

• Legal framework: In accordance with Article 2(4)(a) of MiCAR and MiFID II Directive (Directive 2014/65/EU), a financial instrument includes transferable securities, money market instruments, and derivative contracts.

• Analysis:

  • The NAEST token does not grant any rights to future financial flows (dividends, coupons, capital repayment).

  • It does not represent a share of social capital or debt.

  • It is not interchangeable on a regulated market as a financial security.

4. Justification for non-qualification as a deposit

• Legal framework: According to Directive 2014/49/EU, a deposit implies an obligation for the institution to repay funds to the investor.

• Analysis:

  • The NAEST token does not represent a commitment to return funds.

  • It is not covered by any deposit guarantee scheme.

  • It is not issued by a credit institution.

5. Justification for non-qualification as funds

• Legal framework: In accordance with Article 2(4)(c) of MiCAR and Directive 2015/2366/EU (PSD2), funds are defined as electronic currencies usable for payments.

• Analysis:

  • The NAEST token is not denominated in an official currency.

  • It does not claim to maintain a stable value by reference to a currency.

  • It cannot be universally used to settle transactions as a regulated means of payment.

6. Utility and vision of the NAEST token

• Cost optimization: reduction of transaction fees.

• Personalized reward programs: tailored incentives for users.

• Access to exclusive benefits: unique opportunities for holders.

• Active participation in governance: involvement in platform decision-making.

• Participatory governance of the NAEST foundation: possibility to involve holders in decentralized governance.

• Community engagement: promoting a sustainable and ethical economic model.

• Progressive unlocking of benefits: based on the number of tokens held.

• Transaction facilitator: integration within the platform to reduce costs and streamline operations.

• Long-term vision: a deflationary model ensuring scarcity and progressive valorization of NAEST.

• Priority access to future NAEST initiatives: early involvement in new projects and innovations.

• Extended utility: internal means of payment within the NAEST ecosystem while maintaining a key role in governance and access to exclusive benefits.

7. Conclusion

Based on this analysis, it is demonstrated that the NAEST token does not meet the criteria of a financial instrument, deposit, or funds according to MiCAR and applicable European directives. Consequently, it does not fall within the scope of regulations in force for these asset categories and should be considered as a crypto-asset within the meaning of Title II of MiCAR.