ESMA has created MiCA-related Q&As

During the ‘implementation phase’ of the Markets in Crypto Assets Regulation (MiCA) (from entry into force until the date of full application in December 2024), the European Securities and Markets Authority (ESMA), together with the EU Competent Authorities and other European Supervisory Authorities, is developing the technical standards and guidelines that specify how the new MiCA rules will apply to the crypto-asset market participants.

While the above important documents are still being developed, the ESMA has managed to prepare the Q&As specific for the crypto-asset sector. At the time of writing, the ESMA has provided responses on the following topics:

• New CASPs established before (and after) 30 December 2024;
• Passporting rights for entities benefiting from grandfathering;
• Prohibition of monetary and non-monetary benefits;
• Provision of crypto-asset services by credit institutions;
• Notifications under Article 60.

Such Q&As should contribute to a consistent application of the relevant provisions of MiCA. It should be noted that any stakeholder can ask questions to the ESMA relating to the practical application or implementation of the EU law within ESMA’s remit, including MiCA.

Last updated: 04/02/2024