Supervision release 12 May 2025 – 27/2025

The European Supervisory Authorities have issued a number of guidelines regarding crypto-assets

The European Securities and Markets Authority (ESMA) has issued the following Guidelines:

1. ESMA75-223375936-6132 Guidelines on the specification of Union standards for the maintenance of systems and security access protocols for offerers and persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens. The Guidelines apply from 28 April 2025.

2. ESMA35-1872330276-2030 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 the Markets in Crypto Assets Regulation (MiCA). The Guidelines apply from 28 April 2025.

3. ESMA35-1872330276-2032 Guidelines on the procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets under the Markets in Crypto Assets Regulation (MiCA) on investor protection. The Guidelines apply from 28 April 2025.

4. ESMA75453128700-1323 Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments. The Guidelines will apply from 19 May 2025

5. ESMA35-1872330275-2031 Guidelines on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under MiCA. The Guidelines will apply from 27 May 2025.

The European Supervisory Authorities have jointly issued the following Guidelines:

6. JC 2024 28 Guidelines on explanations and opinions, and the standardised test for crypto-assets under Article 97(1) of MiCA. The Guidelines will apply from 12 May 2025

The European Banking Authority (EBA) has issued the following Guidelines:

7. EBA/GL/2024/16 Guidelines on templates to assist competent authorities in performing their supervisory duties regarding issuers’ compliance under Titles III and IV of Regulation (EU) 2023/1114. The Guidelines will apply from 26 May 2025

The Financial Supervisory Authority has confirmed that it will comply with the Guidelines.

In accordance with Article 16(3) of the ESMA Regulation, the EBA Regulation and the EIOPA Regulation¹, financial market participants shall make every effort to comply with Guidelines issued by ESMA, EBA and EIOPA.

Subject matter

The first of the Guidelines contains guidance on compliance with Article 14(1)(d) of MiCA. Offering crypto-assets other than asset-referenced tokens (ARTs) or e-money tokens (EMTs) to the public or seeking admission to trading does not require an authorisation issued by the Financial Supervisory Authority. However, Article 14 of MiCA provides for certain organisational requirements in such cases. The Guidelines address security requirements in particular. Offerors of crypto-assets other than asset-referenced tokens and e-money tokens and persons seeking admission to trading are other financial market participants under section 5 of the Act on the Financial Supervisory Authority.

Providing crypto-asset services in the European Union (EU) and the European Economic Area (EEA) is prohibited without authorisation. However, persons located or residing in EU or EEA countries may on their own initiative obtain crypto-asset services from outside the EU and the EEA, i.e. from third countries, if they so wish. The purpose of the second of the Guidelines is to clarify situations in which a service provider operating from a third country might violate the prohibition on providing crypto-asset services in EU or EEA countries. In violating the prohibition, the service provider would be committing the offence of unauthorised provision of crypto-asset services in EU and EEA countries.

The third of the Guidelines provides more detailed guidance on transfer services for crypto-assets. Crypto-asset transfer services are provided for in Article 82 of MiCA. The Guidelines apply to crypto-asset service providers authorised under MiCA whose authorisation includes the right to provide a service referred to in Article 3(1)(26) of MiCA, i.e. providing transfer services for crypto-assets on behalf of clients.

The fourth of the Guidelines sets out criteria for determining whether a crypto-asset should be considered a financial instrument. In addition, the Guidelines clarify certain features of utility tokens, NFTs and hybrid tokens.

The fifth of the Guidelines provides more detailed guidance on how a crypto-asset service provider should proceed when assessing the suitability of a particular crypto-asset for a client. In addition, the Guidelines provide more detailed guidance regarding the periodic statement for portfolio management to be provided to the client.

The sixth of the Guidelines includes a flow chart to help determine whether a crypto-asset is subject to the MiCA Regulation, and model templates for providing an explanation of the legal nature of a crypto-asset.

The seventh of the Guidelines contains reporting instructions for issuers of e-money and asset reference notes, among others.

Date of application

The date of application of each of the Guidelines is stated above, at the beginning of the release.

For further information, please contact

Tytti Tanninen, Senior Supervisor, telephone +358 9 183 5533 or tytti.tanninen(at)fiva.fi
Janne Bohndieck, Supervisor, telephone +358 9 183 5459 or janne.bohndieck(at)fiva.fi

The European Supervisory Authorities have issued a number of guidelines regarding crypto-assets

Subject matter

Date of application

For further information, please contact

Appendices

See also