On 10 March 2025, the European Securities and Markets Authority (‘ESMA’) published the official translation of the Guidelines on templates for explanations and opinions, and the standardised test for the classification of crypto-assets. These guidelines have been issued on the basis of the delegation set out in Article 97(1) of the MiCA Regulation^[1]. Those guidelines shall establish:

• the template, content and form of the explanation accompanying the crypto-asset white paper referred to in Article 8(4) of the MiCA Regulation;
• the template, content and form of the legal opinion referred to in Article 17(1), point (b) (ii) and Article 18(2), point (e) of the MiCA Regulation;
• standardised test for the classification of crypto-assets for use by competent authorities and other persons to determine the classification of crypto-assets.

The guidelines can be consulted at the following link:

https://www.esma.europa.eu/sites/default/files/2025-03/JC_2024_28_Guidelines_on_explanations_and_opinions__and_the_standardised_test_for_crypto-assets_under_MiCA.pdf

^[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).

On 26 February 2025, the European Securities and Markets Authority (‘ESMA’) published the official translation of the guidelines on the specification of Union standards for the maintenance of systems and security access protocols for offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens. These guidelines have been issued on the basis of the delegation set out in Article 14(1) of the MiCA Regulation^[1]. The guidelines cover the following aspects:

• general principle of proportionality;
• administrative arrangements concerning systems and security access protocols and roles and obligations of offerors or persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens;
• physical security access protocols;
• security access protocols for network and information systems;
• cryptographic key management.

The guidelines can be consulted at the following link:

https://www.esma.europa.eu/sites/default/files/2025-02/ESMA75-223375936-6132_Guidelines_on_maintenance_of_systems_and_security_access_protocols_under_MiCA.pdf

^[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).

On 26 February 2025, the European Securities and Markets Authority (‘ESMA’) published the official translation of the 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 under MiCA Regulation^[1]. These guidelines have been issued on the basis of the delegation set out in Article 61(3) of the MiCA Regulation. They shall include specific requirements for:

• solicitation of clients by third country firms, including: means of solicitation, person soliciting, exclusive initiative of the client and when is a crypto-asset or crypto-asset service of the same type as another one;
• supervision practices to detect and prevent circumvention of the reverse solicitation exemption, concerning in particular: monitoring entities targeting clients established or situated in the Union or active in the Union, exchanges with other authorities and reacting to client complaints or whistle-blowers.

The guidelines can be consulted at the following link:

https://www.esma.europa.eu/sites/default/files/2025-02/ESMA35-1872330276-2030_Guidelines_on_reverse_solicitation_under_MiCA.pdf

^[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).

On 26 February 2025, the European Securities and Markets Authority (‘ESMA’) published the official translation of the Guidelines on procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets under MiCA Regulation^[1] on investor protection. These guidelines have been issued on the basis of the delegation set out in Article 82(2) of the MiCA Regulation.

Those guidelines shall require providers of transfer services for crypto-assets to establish, implement and maintain appropriate procedures and policies, including:

• provide clients with relevant information and conditions related to transfer services for crypto-assets (e.g. information on the characteristics of the transfer, the terms of service, fees, deadlines, irreversibility of the transfer and the manner and right to terminate the contract);
• execution times depending on the crypto-asset transferred and cut-off times for instructions for the transfer of crypto-assets;
• rejection or suspension of an instruction to transfer crypto-assets or return of crypto-asset transferred;
• the liability of the providers of transfer services for crypto-assets in the event of unauthorised or incorrectly executed or initiated transfers of crypto-assets.

The guidelines can be consulted at the following link:

https://www.esma.europa.eu/sites/default/files/2025-02/ESMA35-1872330276-2032_Guidelines_on_transfer_services_for_crypto-assets_under_MiCA.pdf

^[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).