Surely it would count as an SSDR?
In Britain at least -
A single seat microlight (SSDR) is now defined as an aircraft which:
a) Is designed to carry one person;
b) Has a maximum take-off mass of no more than:
i. 300 kg for a single seat landplane (or 390 kg for a single seat landplane of which
51% was built by an amateur, or non-profit making association of amateurs, for
their own purposes and without any commercial objective, in respect of which a
Permit to Fly issued by the CAA was in force prior to 1 January 2003); or
ii. 315 kg for a single seat landplane equipped with an airframe mounted total
recovering parachute system; or
iii. 330 kg for a single seat amphibian or floatplane; and
c) Has a stall speed or minimum steady flight speed in the landing configuration not
exceeding 35 knots calibrated airspeed.
The only caveat is that SSDR refers explicitly to landplanes, amphibians and floatplanes, but I think it would be simple to change to a generic term like "flying machine" to cover the contraption in the video above
(which I think is super cool. It's definitely the future.)