Register
  • LinkedIn
  • Youtube
  • twitter
  • Wechat

MiCA

A provisional agreement was reached between the Council presidency and the European Parliament on the Markets in Crypto-Assets Regulation (MiCA). The proposal includes obligations on cryptoasset issuers as well as service providers. The aim of this new framework is to protect investors and preserve financial stability, while also fostering innovation and the attractiveness of the crypto-asset sector. This regime provides the first regulatory framework at EU level. Under this new framework, service providers have to follow strict requirements to protect consumers and liability is imposed in case they lose investors’ cryptoassets. There is also the classification of tokens that currently do not fall under existing EU financial services legislation. MiCA includes information on environmental and climate footprint as well, with the European Commission required to provide a report on the environmental impact of crypto-assets and the introduction of mandatory minimum sustainability standards for consensus mechanisms after two years.

February 2025 European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published a consultation paper on the Guidelines for the criteria on the assessment of knowledge and competence under MiCA.

Deadline for comments is 22 April 2025.

February 2025 Federal Reserve

Speech by Governor Christopher J. Waller 'Reflections on a Maturing Stablecoin Market', given at the At A Very Stable Conference, San Francisco, California. 

February 2025 Central Bank of Cyprus

The Central Bank of Cyprus issued an announcement urging caution regarding investments in cryptoassets. 

January 2025 European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published a new supervisory briefing on MiCA best practices, which aims align practices across the EU member states.

The briefing, developed in cooperation with National Competent Authorities (NCAs), "promotes convergence and prevents regulatory arbitrage", providing guidance about the expectations on applicant cryptoasset service providers, and on NCAs when they are processing the authorisation requests. 

January 2025 European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published an opinion 'On regulatory technical standards specifying certain requirements in relation to conflicts of interest for cryptoasset service providers under the Markets in Crypto-Assets Regulation (MiCA)'.

January 2025 European Commission

On 18 December, the European Commission adopted two Delegated Regulations supplementing MiCA.

    The adopted Delegation Regulations are:

    • A Delegated Regulation relating to RTS specifying the detailed content of the information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in an issuer of an ART; and
    • A Delegated Regulation relating to RTS specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in a CASP.

    The next step is for the Delegated Regulations to be published in the Official Journal of the EU. They will come into force 20 days after publication.

    On 30 December 2024, MiCA became fully applicable.

    January 2025 European Commission / European Securities and Markets Authority (ESMA)

    The European Securities and Markets Authority (ESMA) and the European Commission published guidance on non-MiCA compliant asset-referenced tokens (ARTs) and electronic money tokens (EMTs).

    The statement provides guidance on how and under which timeline cryptoasset service providers (CASPs) are expected to comply with the requirements of Titles III and IV of MiCA, as clarified in the European Commission Q&A. In particular, National Competent Authorities (NCAs) are expected to ensure compliance by CASPs regarding non-compliant ARTs or EMTs as soon as possible, and no later than the end of Q1 2025. With the statement ESMA aims to facilitate coordinated actions at the national level and avoid potential disruptions. 

    The European Commission has also published a Q&A, providing guidance on the obligations contained in titles III and IV of MiCA and how these obligations should apply to CASPs. 

    The Q&A clarifies that certain cryptoasset services may constitute an offer to the public or an admission to trading in the EU and should therefore comply with titles III and IV of MiCA. 

    January 2025 European Banking Authority / European Securities and Markets Authority (ESMA)

    The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published a Joint Report on recent developments in cryptoassets, analysing decentralised finance (DeFi) and crypto lending, borrowing and staking. 

    The publication is the EBA and ESMA’s contribution to the European Commission’s report to the European Parliament and Council under Article 142 of the Markets in Crypto-Assets Regulation (MiCA).

    • of 17

    Key contacts

    Write notes

    Please do not save any confidential information