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. 

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 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."

June 2025 European Securities and Markets Authority (ESMA)

The European Securities and Markets Authority (ESMA) published a new Q&A 2579 on the non-compliance of the shared order book model with the Markets in Crypto-Assets Regulation (MiCA).

June 2025 Malta Financial Services Authority

The Malta Financial Services Authority held a recent workshop for cryptoasset service providers (CASPs) on MiCA Requirements on Market Conduct and the MFSA Expectations.

The event brought together several market participants, including licensed and prospective entities, legal and compliance professionals, and regulatory experts. 

Key highlights from the workshop included:

  • Conflict of Interest Management: CASPs were reminded that identifying and disclosing conflicts of interest alone is not sufficient. They must implement measures to prevent and manage these conflicts in practice, beyond mere disclosure.
  • Client Best Interest and Best Execution: CASPs are expected to act in their clients’ best interests during trade execution. This includes a comprehensive assessment of factors such as price, cost, speed, execution likelihood, and settlement reliability. The MFSA emphasised that best execution is not solely about obtaining the best price, but also about optimising overall client outcomes through a holistic approach.
  • Marketing and Communication Standards: All marketing material should be fair, clear, and not misleading. In addition, transparency around promotions and incentives is essential, including clearly outlined conditions. Incentives must be proportionate, relevant to the service or product, and not of substantial value.
  • Compliance Function: The MFSA stressed the importance of a permanent, effective, and independent compliance function within CASPs, as a critical pillar of sound governance and regulatory adherence.
  • Website Disclosures and Best Practice: As a best practice, regulatory and risk disclosures should be prominently included in the footnotes across all pages of CASPs’ websites. During the event, reference was also made to the recent thematic review of CASP websites which the MFSA has undertaken, and which findings were issued in a Dear CEO Letter to the sector.

Other topics were also addressed during the workshop, namely, Reverse Solicitation, Advisory and Portfolio Management, Transfer Services and Complaints Handling.

June 2025 Autorité des marchés financiers

Following the entry into force of the MiCA ordinance and the implementing decree amending French law, the Autorité des marchés financiers (AMF) is amending its doctrine on the regime for digital asset service providers (DASPs) to take into account the entry into force of MiCA concerning cryptoasset service providers (CASPs).

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