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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. 

August 2025 European Banking Authority

The European Banking Authority (EBA) published its final draft Regulatory Technical Standards (RTS) which specify the technical elements necessary for institutions to calculate and aggregate cryptoasset exposures in relation to the prudential treatment of such exposures. The RTS address implementation aspects and will ensure harmonisation of the capital requirements on cryptoasset exposures by institutions across the EU.

The draft RTS further develop the "relevant capital treatment for credit risk, counterparty credit risk, market risk, and credit valuation adjustment risk for asset reference tokens (ARTs) that reference one or more traditional asset(s) and ‘other’ cryptoasset exposures - including for example ARTs referencing a cryptoasset – and – unbacked cryptoassets, such as Bitcoin."

The draft RTS also include all the relevant "technical elements on the use of netting, aggregating of long and short positions, criteria to allow hedge recognition for other cryptoassets, and the underlying formulas relevant for calculating the exposure value of cryptoassets for the CCR and market risk treatment."

August 2025 Malta Financial Services Authority

The Malta Financial Service Authority published a circular notifying relevant industry stakeholders that on 11 July 2025 ESMA issued a statement on risks associated with utilizing unregulated cryptoasset products and services of Cryptoassets Service Providers (CASPs) authorised under MiCA.  

July 2025 European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published guidelines specifying the criteria for assessing the knowledge and competence of staff at cryptoasset service providers (CASPs) who provide information or advice on cryptoassets and services under the Markets in Crypto-Assets Regulation (MiCA).

The document:

  • provides guidance on the minimum level of knowledge and competence of staff through examples (including on professional qualification and appropriate experience for the provision of information or advice); and
  • addresses specific features and risks of cryptoassets markets and services (e.g. high volatility of cryptoassets and cyber security risks) through the criteria for the assessment of the relevant staff’s knowledge and competence.

The guidelines will help CASPs to meet their obligations and act in the best interest of their clients. They also support competent authorities in adequately assessing how CASPs meet these obligations. The objective is to enhance investor protection and trust in the cryptoasset markets. 

ESMA conducted a public consultation on these guidelines to gather the views of stakeholders, including the Securities and Markets Stakeholder Group (SMSG). The final report includes feedback to the comments received during the consultation.

July 2025 European Securities and Markets Authority (ESMA)

ESMA published a number of Compliance tables on Markets in Crypto Assets Regulation (MiCA) as detailed below.

Compliance table on MiCA cryptoasset transfer Guidelines, which provides information on the procedures and policies, including the rights of clients, in the context of transfer services for cryptoassets under MiCA on investor protection.

Compliance table on MiCA reverse solicitation Guidelines, which provides details on situations in which a third-country firm is deemed to solicit clients established or situated in the EU and the supervision practices to detect and prevent circumvention of the reverse solicitation exemption  under the MiCA.

Compliance table on MiCA suitability and portfolio periodic statement Guidelines, which provides guidelines on certain aspects of the suitability  requirements and format of the periodic statement for portfolio management activities under MiCA. 

July 2025 Malta Financial Services Authority

The Malta Financial Services Authority (MFSA) welcomed the publication of the European Securities and Markets Authority (ESMA) Peer Review on CryptoAsset Service Provider (CASP) Authorisation and Supervision which confirms that overall, the MFSA is largely meeting expectations with respect to the practical implementation of the Markets in Crypto-Assets Regulation (MiCA). 

July 2025 European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published updated Q&As on MiCA.

The two updates are:

July 2025 European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published Guidelines on supervisory practices for competent authorities to prevent and detect market abuse under the Markets in Crypto Assets Regulation (MiCA).

The guidelines aim to establish "consistent, efficient and effective supervisory practices among competent authorities to prevent and detect insider dealing, unlawful disclosure of inside information and market manipulation. They also aim to ensure the common uniform and consistent application of Title VI of MiCA (Articles 86-92)." 

The guidelines come into effect three months from the date of their publication on ESMA’s website in all official EU languages.

July 2025 Autorité des marchés financiers

The Autorité des Marchés Financiers (AMF) announced its compliance with the guidelines of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), establishing a "harmonized framework for assessing the suitability of members of the management bodies of issuers of asset-referenced tokens (ARTs) and cryptoasset service providers (CASPs), as well as shareholders or members holding qualifying holdings in CASPs."

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