Level 3 Guidance & Q&As

MiCA Level 3 Guidelines & Q&As

Official ESMA and EBA Guidelines, Supervisory Briefings, Opinions, and Questions & Answers supplementing Regulation (EU) 2023/1114.

48 measures & guidance

Guidelines & supervisory guidance

18 items

Measure type	Title & reference	Summary & scope	Target articles
ESMA Guidelines	Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments ↗ ESMA75453128700-1323	Conditions and criteria for the qualification of crypto-assets as financial instruments	Art. 2 Art. 5
ESMA & EBA Joint Guidelines	Guidelines on systems and security access protocols for issuers of crypto-assets ↗ ESMA75-223375936-6132	Systems and security access protocols to appropriate Union standards for issuers of crypto-assets (other than ARTs or EMTs)	Art. 14
EBA & ESMA Joint Guidelines	Guidelines on the assessment of the suitability of members of the management body and qualifying shareholders of issuers of ARTs ↗ EBA/GL/2024/09 / ESMA75-453128700-10	Suitability criteria for management body members and shareholders with qualifying holdings in issuers of asset-referenced tokens	Art. 21 Art. 63
EBA Guidelines	Guidelines on supervisory reporting templates for issuers of ARTs and EMTs ↗ EBA/GL/2024/16	Templates to assist competent authorities in performing supervisory duties regarding own funds and liquidity requirements for issuers of ARTs and EMTs	Art. 22
EBA Guidelines	Guidelines on the minimum content of governance arrangements for issuers of ARTs ↗ EBA/GL/2024/06	Governance arrangements, risk management, and internal controls for issuers of asset-referenced tokens	Art. 34
EBA Guidelines	Guidelines establishing the common reference parameters of the stress test scenarios for liquidity stress tests ↗ EBA/GL/2024/08	Common reference parameters of liquidity stress test scenarios for issuers of ARTs and EMTs	Art. 45
EBA & ESMA Joint Guidelines	Guidelines specifying the format and content of recovery plans for issuers of ARTs and EMTs ↗ EBA/GL/2024/07	Format of the recovery plan and information to be provided by issuers of asset-referenced tokens and e-money tokens	Art. 46
EBA Guidelines	Guidelines specifying the content of redemption plans and review periodicity for issuers of ARTs and EMTs ↗ EBA/GL/2024/13	Content and review periodicity of redemption plans supporting orderly liquidation of asset-referenced tokens and e-money tokens	Art. 47
ESMA Guidelines	Guidelines specifying the situations in which a third-country firm is deemed to solicit clients established or situated in the Union ↗ ESMA35-1872330276-2030	Reverse solicitation exemptions and criteria for third-country firms providing crypto-asset services to EU clients	Art. 61
ESMA Supervisory Briefing	Supervisory Briefing on Authorisation of Crypto-Asset Service Providers (CASPs) ↗ ESMA35-1872330276-2029	Supervisory convergence expectations for national competent authorities assessing CASP authorisation applications under Title V MiCA	Art. 59 Art. 62
ESMA Guidelines	Guidelines on investor protection requirements: suitability assessment and portfolio management periodic statements ↗ ESMA35-1872330276-2031	Suitability requirements and standard format of periodic statements for crypto-asset portfolio management and advice	Art. 81
ESMA Guidelines	Guidelines specifying criteria for the assessment of knowledge and competence of staff providing advice or information on crypto-assets ↗ ESMA35-1872330276-2004	Assessment criteria for professional knowledge and competence of CASP personnel providing advice or information to clients	Art. 81
ESMA & EBA Joint Guidelines	Guidelines for CASPs on policies, procedures, and client rights in the context of transfer services for crypto-assets ↗ ESMA35-1872330276-2032	Policies, procedures, and client protections applicable to crypto-asset service providers offering transfer services	Art. 82
ESMA Guidelines	Guidelines on supervisory practices among competent authorities to prevent and detect market abuse ↗ ESMA35-1872330276-2033	Supervisory practices and detection systems for insider dealing, market manipulation, and unlawful disclosure of inside information	Art. 92
ESMA, EBA & EIOPA Joint Guidelines	Joint ESA Guidelines on the content and form of explanations accompanying whitepapers and the standardised test for crypto-asset classification ↗ JC 2024 28	Standardised test and guidance for classifying tokens as financial instruments, ARTs, EMTs, or other crypto-assets	Art. 97
ESMA Public Statement	ESMA Public Statement on MiCA Transitional Measures and Grandfathering Provisions ↗ ESMA Statement (17 Dec 2024)	Supervisory expectations regarding national transitional periods and grandfathering provisions for entity migration	Art. 143
EBA Public Statement	EBA Statement on the Application of MiCAR to Issuers of Asset-Referenced Tokens and E-Money Tokens ↗ EBA Statement (4 Jul 2024)	Statement reminding financial institutions and issuers of immediate regulatory compliance requirements for ARTs and EMTs	Art. 4 Art. 5 Art. 143
EBA Public Statement	EBA Statement on Timely Preparatory Steps Towards the Application of MiCAR to ARTs and EMTs ↗ EBA Statement (12 Jul 2023)	Encouraging early action by entities intending to issue ARTs or EMTs ahead of the MiCA application date	Art. 4 Art. 5

Questions & Answers (Q&As)

30 Q&As

Measure type	Q&A reference	Subject & question scope	Target articles
Q&A	ESMA Q&A 2342 ↗	Possibility of natural persons and trusts / trustees to be authorised as CASPs	Art. 2
Q&A	ESMA Q&A 2005 ↗	Crypto-asset services of a DLT MI	Art. 143 Art. 2
Q&A	ESMA Q&A 2404 ↗	Scope of public offering	Art. 1 Art. 12 Art. 143 Art. 16 Art. 3 Art. 4 Art. 48 Art. 5
Q&A	ESMA Q&A 2578 ↗	Commingling clients’ crypto-assets with crypto-assets from other entities of the group when acting as custodian	Art. 1 Art. 17 Art. 3
Q&A	ESMA Q&A 2071 ↗	Crypto-asset transfers as component of another crypto- asset service or as a separate crypto -asset transfer service	Art. 1 Art. 2 Art. 26 Art. 3 Art. 82
Q&A	ESMA Q&A 2293 ↗	Proprietary trading under MICA	Art. 1 Art. 15 Art. 19 Art. 20 Art. 3 Art. 5 Art. 76
Q&A	ESMA Q&A 2463 ↗	Auto trading	Art. 1 Art. 16 Art. 3
Q&A	ESMA Q&A 2143 ↗	Tied agents under MiCA	Art. 59
Q&A	ESMA Q&A 2579 ↗	Shared order book model	Art. 59
Q&A	ESMA Q&A 2125 ↗	CASPs providing services based on an Article 60 notification	Art. 60
Q&A	ESMA Q&A 2089 ↗	Notifications under Article 60 MiCA	Art. 60
Q&A	ESMA Q&A 2088 ↗	Provision of crypto-asset services by credit institutions	Art. 60
Q&A	ESMA Q&A 2397 ↗	Registered AIFM and MICA	Art. 5 Art. 60
Q&A	ESMA Q&A 2069 ↗	Interaction between Article 60 notifications and the CASP transitional phase	Art. 143 Art. 60
Q&A	ESMA Q&A 2344 ↗	Audit / certification of CASP financial statements	Art. 67
Q&A	ESMA Q&A 2343 ↗	Minimum capital requirements for CASPs	Art. 67
Q&A	ESMA Q&A 2349 ↗	Calculation of fixed overheads	Art. 3 Art. 67
Q&A	ESMA Q&A 2608 ↗	Pre-funding clients’ orders with clients’ crypto-assets	Art. 70
Q&A	ESMA Q&A 2607 ↗	Staking on own account	Art. 1 Art. 70
Q&A	ESMA Q&A 2067 ↗	Treatment of staking services in MiCA	Art. 75
Q&A	ESMA Q&A 2290 ↗	Custody agreements in the exercise of rights attached to crypto-assets	Art. 4 Art. 75
Q&A	ESMA Q&A 2181 ↗	Publication of information by CASPs providing the service of exchange of cryptoassets for funds or other crypto-assets	Art. 2 Art. 4 Art. 77
Q&A	ESMA Q&A 2087 ↗	Prohibition of monetary and non -monetary benefits under MiCA.	Art. 80
Q&A	ESMA Q&A 2085 ↗	New CASPs established before (and after)	Art. 143
Q&A	ESMA Q&A 2086 ↗	Passporting rights for entities benefiting from	Art. 143
Q&A	ESMA Q&A 2295 ↗	Status of entities providing crypto-asset services as part of the grandfathering regime	Art. 143
Q&A	ESMA Q&A 2068 ↗	Grandfathering clause and applicable AML laws	Art. 143 Art. 3
Q&A	ESMA Q&A 2220 ↗	Entities not authorised as CASPs by the end of the transition period	Art. 143 Art. 3
Q&A	ESMA Q&A 2221 ↗	Entities who have not applied for, or whose application for authorisation as CASPs has been refused by the end of the transition period	Art. 143 Art. 3
Q&A	ESMA Q&A 2070 ↗	Simplified authorisation procedures	Art. 143 Art. 6