Satu Mare, Romania, February 23rd, 2026, Chainwire

Salvium today announced that an independent legal analysis from Gunnercooke GmbH, a German law firm, confirms that the SAL token complies with the EU’s Markets in Crypto-Assets Regulation (MiCAR) and that there is no legal barrier to SAL being listed on MiCAR-authorised exchanges.

The opinion affirms Salvium’s long-standing position that privacy and compliance are not mutually exclusive and represents a significant milestone for the project and for the privacy coin sector more broadly.

Understanding MiCAR and Its Regulatory Significance

MiCAR is the EU’s comprehensive regulatory framework for crypto-assets. It sets out how tokens can be offered, traded, and serviced across all EU member states. For any token that wants to trade on a regulated EU exchange — platforms like Coinbase, Bitpanda, Bitvavo and OKX, operating under MiCAR authorisation — the token needs to fit within MiCAR’s classification system and meet its requirements.

For privacy coins, one provision has loomed large: Article 76(3). This is the rule that says exchanges must not admit crypto-assets with “inbuilt anonymisation functions” to trading — unless the exchange can identify the holders and their transaction history. This provision is the reason several privacy-focused tokens have been delisted from European platforms, and it’s been widely interpreted as a de facto ban on privacy coins.

Salvium has consistently taken the view that this interpretation is overly broad. The regulation doesn’t prohibit privacy features. It asks a specific question: can the exchange identify who holds the token and see the relevant transaction history?

Commissioning the Independent Legal Analysis

Salvium engaged Gunnercooke GmbH to conduct an independent legal analysis of SAL’s compliance with MiCAR. The analysis was based on the Salvium documentation publicly available in Salvium’s GitHub library, including the white paper and litepaper.

The key findings

SAL is classified as an “Other Crypto-Asset” under MiCAR. The opinion confirms that SAL qualifies as a crypto-asset within the meaning of MiCAR. It is not a financial instrument under MiFID II, an e-money token, an asset-referenced token, or a utility token. SAL falls into the same category as Bitcoin and most Layer-1 native tokens.

SAL’s privacy features do not violate MiCAR. Whilst SAL incorporates privacy-by-default transaction features that may be characterised as an inbuilt anonymisation function, these features do not give rise to a prohibition on admission to trading under Article 76(3) MiCAR. The reason is that crypto-asset service providers operating trading platforms are able to identify SAL token holders and their transaction history.

SAL’s functionality enables compliance. The SAL token is structured in a way that enables an exchange to identify the holder of the crypto-assets and review their transaction history. The combination of custodial onboarding, CARROT addressing for deposit attribution, selective disclosure via viewkeys, and SPARC for return handling and spend-authority proofs gives exchanges everything they need to meet their regulatory obligations while listing SAL.

The opinion concludes that the admission of the SAL token to trading on MiCAR-authorised exchanges is legally permissible.

What this means in practice

This opinion provides exchanges with the legal comfort they need to evaluate SAL for listing under MiCAR. It directly addresses the specific concern — Article 76(3) — that has driven privacy coin delistings across Europe, and demonstrates that Salvium’s protocol was designed from inception to navigate this regulatory environment.

The full legal analysis is available to exchanges and regulatory authorities evaluating SAL. For the community, it can be confirmed that the opinion has been independently produced by Gunnercooke GmbH and that its conclusions are as summarised above.

The bigger picture

Privacy remains the most important battlefront in crypto and without it, real world use will be significantly impacted. Whether that’s personal privacy for making or receiving payments or shielding the economic activity of AI Agents, privacy is a critical factor.

https://x.com/salvium_io/status/2025872979494568049?s=20

When Salvium forked Monero and started building Salvium, the thesis was straightforward: the crypto industry is moving toward regulation, and privacy coins risk being left behind. Crypto needs protocols that give users strong privacy by default while providing the tools that regulated entities need to meet their obligations.

CARROT, SPARC, view keys, and exchange mode aren’t compromises. They’re the reason SAL can exist on regulated platforms while other privacy coins face delistings. Privacy that only works outside the regulated financial system doesn’t help 99% of the people that need it.

This legal opinion sets the stage for future of Salvium to deliver a regulatory compliant Layer-1 that has built-in privacy and DeFi capabilities.

About Salvium

Salvium is a privacy-focused, layer-one protocol combining Monero’s privacy features with regulatory compliance and DeFi capabilities. Built on modified CryptoNote technology with fully audited innovations, Salvium enables private transactions, native staking, and future smart contract functionality while meeting global regulatory requirements.

For press inquiries, technical questions, or exchange integration support, users can contact the team through Discord or visit salvium.io

Salvium ($SAL): Privacy Preserved. Compliance Achieved. Mathematics Proven.

Contact

Salvium Devs
[email protected]