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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. 

March 2025 European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published Guidelines on the conditions and criteria for the qualification of cryptoassets as financial instruments.

These guidelines are issued under Article 16(1) of the ESMA Regulation and Article 2(5) of MiCA. The purpose of these guidelines is to "specify conditions and criteria for determining whether a cryptoasset should qualify as a financial instrument and therefore ensuring the common, uniform and consistent application of the provisions in Article 2(4)(a) of MiCA. Furthermore, these guidelines provide clarifications on certain features of utility tokens, NFTs and hybrid tokens."

March 2025 European Commission

On 14 March 2025, the following Delegated Regulations supplementing MiCA were published in the Official Journal of the EU and will take effect on 3 April 2025:

March 2025 Malta Financial Services Authority

The Malta Financial Services Authority (MFSA) published a Circular to the industry on the issuance of the Markets in Crypto-Assets (MiCA) Rulebook and amendments to the Financial Institutions Rulebook.

March 2025 Malta Financial Services Authority

The Malta Financial Services Authority (MFSA) published a Dear CEO Letter on mitigating the funding of terrorism and sanctions evasion risks in cryptoasset service providers and financial institutions.  

February 2025 European Banking Authority

The European Banking Authority (EBA) issued an Opinion in response to the European Commission’s proposed changes to its draft Regulatory Technical Standards (RTS) on the information to be provided to competent authorities when authorising the offer to the public of asset-referenced tokens or the admission to trade them under the Markets in Crypto-Assets Regulation (MiCA).

February 2025 European Commission

On 27 February 2025, the European Commission adopted a number of Delegated Regulations to supplement MiCA. 

    The adopted Delegated Regulations are:

    • Commission Delegated Regulation (C(2025) 1206 final): Establishing regulatory technical standards (RTS) for maintaining records of cryptoasset services, activities, orders, and transactions, in accordance with Article 68(10) of MiCA.
    • Commission Delegated Regulation (C(2025) 1216 final): Establishing regulatory technical standards (RTS) that outline the requirements for policies and procedures to address conflicts of interest for cryptoasset service providers, including the specific details and methodology for conflict of interest disclosure, in line with Article 72 of MiCA.
    • Commission Delegated Regulation (C(2025) 1220 final): Details RTS setting out policies and procedures on conflicts of interest for issuers of asset-referenced tokens, pursuant to Article 32(5) of MiCA.

    If there are no objections from the Council of the EU or European Parliament, the Delegated Regulations will be published in the Official Journal of the EU and will come into force 20 days after publication.

    February 2025 European Securities and Markets Authority (ESMA)

    On 26 February 2025, ESMA published the official translations of its guidelines 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. 

    The guidelines apply from 27 April 2025. NCAs must notify ESMA by 26 April 2025 whether they comply, do not comply but intend to comply or do not intend to comply with the guidelines.

    February 2025 European Securities and Markets Authority (ESMA)

    On 26 February 2025, ESMA published the official translations of its guidelines on the procedures and policies in the context of transfer services for cryptoassets. 

    The guidelines apply from 27 April 2025. NCAs must notify ESMA by 26 April 2025 whether they comply, do not comply but intend to comply or do not intend to comply with the guidelines. CASPs are not required to report whether they comply with the guidelines.

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