Independent Legal Opinion Confirms Salvium is a Privacy Coin that is Compliant for EU MiCA Regulated Exchanges

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Satu Mare, Romania, February 23rd, 2026, ChainwireSalvium 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 SignificanceMiCAR 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 AnalysisSalvium 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 findingsSAL 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...

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