This follows the recent publication of a related FAQ by the European Commission.

• Competent authorities across the EU must ensure that crypto-asset service providers (CASPs) in the jurisdictions comply with requirements under Titles III and IV of MiCA, which govern public offering and seeking the admission to trading of ARTs and EMTs by the end of Q1 2025. ESMA’s expectation is that the provision of services in relation to such ARTs and EMTs ceased by the end of January 2025. CASPs may provide “sell-only” services until the Q1 2025 to ensure the orderly wind-down of positions.
• CASPs which operate a trading platform admitting ARTs and EMTs on their own initiative may themselves be considered as persons seeking admission of a crypto-asset to trading. Such operators must therefore delist ARTs and EMTS which do not comply with requirements under MiCA.
• Other brokerage services provided by CASPs such as reception and transmission of orders, execution and exchange services may constitute a public offering of ARTs and EMTs. CASPs must therefore not provide any such services when such services amount to a public offering of an ART or EMT which does not comply with MiCA requirements under MiCA.
• CASPs must launch effective communication campaigns to raise awareness among EU investors as to the impact of MiCA on ARTs and EMTs, as well as procedures and initiatives to facilitate the wind-down of positions in ARTs and EMTs which do not comply with MiCA requirements.
• ESMA makes clear in its statement that it does not have any formal power to suspend the application of EU law in the manner prescribed above, noting that the provisions of MiCA are already applicable.

This guidance aims to ensure compliant markets while protecting investors during the transition of CASPs to MiCA compliance.

ESMA’s public statement can be found here.

If you are unsure whether MiCAR may apply to you, you can use our MiCA Assessment Tool to obtain a free preliminary assessment here.