Regulatory Blog

On 28 March 2025, the Cyprus Securities and Exchange Commission (CySEC) announced the adoption of the joint guidelines issued by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) on the suitability assessments of members of the management body of issuers of asset-referenced tokens (ARTs) and crypto-asset service providers (CASPs).

On 15 April 2025, the European Securities and Markets Authority published significant updates to the regulatory landscape with the release of draft Regulatory Technical Standards and a final report on Guidelines addressing Liquidity Management Tools. These measures represent a pivotal step toward strengthening the ability of EU fund managers to skilfully manage fund liquidity, particularly during periods of market stress.

On 21 January 2025, the European Commission sent a letter to the Chair of the Joint Committee of the Supervisory Authorities addressing the draft Regulatory Technical Standards under the Digital Operational Resilience Act.

On 22 January 2025, the European Supervisory Authorities released a Q&A guidance prepared by the European Commission, clarifying the definition of information and communication technology services under the Digital Operational Resilience Act.

On 31 January 2025, the Cyprus Securities and Exchange Commission announced that the European Securities and Markets Authority has introduced the Common Supervisory Approach 2024-25 with respect to the integration of sustainability in firms’ suitability assessment as well as product governance processes and procedures in 2024.

On 31 January 2025, the European Securities and Markets Authority released a supervisory briefing to guide National Competent Authorities with respect to the authorisation of crypto asset service providers under the EU Regulation 2023/1114 on markets in crypto assets.

On 17 January 2025, the European Securities and Markets Authority (ESMA) issued a statement on providing crypto-asset services related to Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs) which are not compliant with EU Regulation 1114/2023 on markets in crypto-assets (MiCA).

The European Securities and Markets Authority has recently issued a statement on transitional measures and a list of grandfathering periods under Regulation 1114/2023 on markets in crypto-assets. These transitional periods are critical for crypto asset service providers already operating before 30 December 2024, offering them a limited timeframe to obtain a licence under MiCA.

On 10 December 2024, the European Supervisory Authorities, consisting of the EBA, EIOPA, and ESMA introduced joint guidelines to standardise the regulatory classification of crypto-assets under the Markets in Crypto-Assets Regulation. These Guidelines aim to harmonise industry practices and supervisory approaches, ensuring a consistent and fair regulatory environment across the EU.

On 18 October 2024, the European Securities and Markets Authority (ESMA) opened a survey to gather insights on potential alternatives to the Legal Entity Identifier (LEI) for financial reporting and record-keeping. This initiative is part of ongoing discussions about introducing alternative identification methods for legal entities, particularly in light of recent opinions from European Supervisory Authorities (ESAs).

On 31 July 2024, the European Securities and Markets Authority published an opinion addressing the risks presented by various brokerage models to be adopted by EU crypto-asset service providers seeking to be licensed under Regulation 1114/2023 on markets in crypto-assets, while relying on other non-EU entities in their group for their operations.

Following the entry into effect of the provisions on Asset-Referenced Tokens and Electronic Money Tokens under Regulation (EU) 2023/1114 on 30 June 2024, July was packed with a number of significant MiCA-related developments.