Tracker details
This tracker is current as of 2 October 2025 and will be updated from time to time. It was prepared by Johannes de Jong, Piet Lange and Floor van de Swaluw, from Osborne Clarke, The Netherlands.
If you have any questions, kindly get in touch with them or reach out to your local MiCAR expert at Osborne Clarke.
Please note: The tracker is provided for general information purposes only. It has been produced with care, but may contain errors. This tracker is current as of 2 October 2025 and will be updated from time to time. Updates are published at https://www.osborneclarke.com/understanding-micar. This tracker is not intended and should not be used as a substitute for legal advice. Specific legal advice should be taken before acting on any of the topics covered. This tracker covers MiCAR only. Related frameworks, such as the EU Digital Operational Resilience Act (DORA) and the EU Transfer of Funds Regulation (TFR), are outside the scope.
For more information, see our Understanding MiCAR page.
About the measures
Level 2 measures specify certain aspects of MiCAR, expressed as:
- A Commission-delegated Act
- RTS: Regulatory Technical Standards
- ITS: Implementing Technical Standards.
Level 3 measures are provided by the various authorities to ensure consistent interpretation throughout EU member states. They include guidelines and Q&A documents.
Scope: These measures apply to one or more groups, including:
- CASPs: Crypto-Asset Service Providers
- Issuers: In this tracker, the term 'issuers' covers issuers, offerors and persons seeking admission to trading, depending on the MiCAR requirement in question.
- Authorities:
- EBA: European Banking Authority
- EC: European Commission
- ESMA: European Securities and Markets Authority.
Commission delegated acts - Level 2 measures
| Legal reference MiCAR Article(s) | Description | Status | Authority | Applies to |
| 3(1) | Technical elements of the MiCAR definitions and to adjust those definitions to market developments and technological developments. | Not yet available | EC | All |
| 43(1) | Criteria for classifying asset-referenced tokens and e-money tokens as significant. | Published in OJEU. Applies per June 2024 | EC | All |
| 103(2)(a), 104(2)(a), 105(2)(a) | Criteria and factors to be taken into account by the ESMA, the EBA and competent authorities in relation to their intervention powers. | Published in OJEU. Applies per June 2024 | EC | Authorities |
| 134 | Procedural rules for the exercise of the power to impose fines or periodic penalty payments by the EBA on issuers of significant asset-referenced tokens and issuers of significant e-money tokens | Published in OJEU. Applies per June 2024 | EC | Authorities |
| 137 | Fees charged by the EBA to issuers of significant asset-referenced tokens and issuers of significant e-money tokens. | Published in OJEU Applies per June 2024 | EC | Issuers |
Regulatory Technical Standards - Level 2 measures
| Legal reference MiCAR Article(s) | Description | Status | Authority | Applies to |
| 6(1)(j), 19(1)(h), 51(1)(g) and 66(5) | Content, methodologies and presentation of information and indicators relating to environment, sustainability and climate change. | Published in OJEU. Applies per April 2025. | ESMA | CASPs, Issuers |
| 17(1)(a) | Approval procedure for crypto-asset white papers for asset-referenced tokens issued by credit institutions. | Published in OJEU. Applies per March 2025. | EBA | Issuers |
| 18(2) | Information to be contained in an application for authorisation to offer to the public or to admit to trading asset-referenced tokens under Article 18(6). | Published in OJEU. Applies per October 2025. | EBA | Issuers |
| 22 | Methodology to estimate the number and value of transactions associated to uses of asset-referenced tokens as a means of exchange and of e-money tokens denominated in a currency that is not an official currency of a Member State. | Published in OJEU. Applies per March 2025. | EBA | Issuers |
| 31 | Requirements, templates and procedures for handling complaints for issuers of asset-referenced tokens. | Published in OJEU. Applies per March 2025. | EBA | Issuers |
| 32(1), (3) | Requirements for conflict-of-interest policies and disclosures for issuers of asset-referenced tokens. | Published in OJEU. Applies per June 2025. | EBA | Issuers |
| 35(3) | Adjustment of own funds requirement and minimum features of stress testing programmes of certain issuers of asset-referenced tokens or e-money tokens. | Published in OJEU. Applies per April 2025. | EBA | Issuers |
| 36 | Liquidity requirements for issuers of certain asset-referenced tokens or e-money tokens. | EBA Final report (EBA/RTS/2024/10) June 2024. | EBA | Issuers |
| 38(1) | Financial instruments that can be considered highly liquid and bearing minimal market risk, credit risk, and concentration risk. | EBA Final report (EBA/RTS/2024/11) June 2024. | EBA | Issuers |
| 41(1) | Detailed information necessary to assess a proposed acquisition of qualifying holdings in issuers of asset reference tokens. | Published in OJEU. Applies per April 2025. | EBA | Issuers |
| 45(1) | Minimum content of the governance arrangements on the remuneration policy. | Published in OJEU. Applies per April 2025. | EBA | Issuers |
| 45(3) | Minimum content of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens. | Adopted by EC. Published 27 June 2025. | EBA | Issuers |
| 45(5) | Procedure and timeframe for issuers of a significant asset-referenced token or e-money tokens to adjust the amount of own funds. | Published in OJEU. Applies per April 2025. | EBA | Issuers |
| 60(7) | Information to be included in a notification by certain financial entities of their intention to provide crypto-asset services. | Published in OJEU. Applies per March 2025. | ESMA | CASPs |
| 62(2), (3) | Information to be included in an application for authorisation as crypto-asset service provider. | Published in OJEU. Applies per April 2025. | ESMA | CASPs |
| 68(7) | Continuity and regularity in the performance of crypto-asset services. | Published in OJEU. Applies per March 2025. | ESMA | CASPs |
| 68(9) | Records to be kept of all crypto-asset services, activities, orders and transactions undertaken. | Published in OJEU. Applies per June 2025. | ESMA | CASPs |
| 71 | Requirements, templates and procedures for handling complaints by crypto-asset service providers. | Published in OJEU. Applies per March 2025. | ESMA | CASPs |
| 72(1), (2) | Requirements for the policies and procedures of crypto-asset service providers to identify, prevent, manage and disclose conflicts of interest as well as on the details and methodology for the content of disclosures of conflicts of interest. | Published in OJEU. Applies per June 2025. | ESMA | CASPs |
| 76(1), (9), (10) | Presenting transparency data for crypto-asset service providers operating a trading platform for crypto-assets. | Published in OJEU. Applies per April 2025. | ESMA | CASPs |
| 76(15) | The content and format of order book records for crypto-asset service providers operating trading platform for crypto-assets. | Published in OJEU. Applies per April 2025. | ESMA | CASPs |
| 83(1), (4) | Information necessary to assess the proposed acquisition of a qualifying holding in a crypto-asset service provider. | Published in OJEU. Applies per April 2025. | ESMA | CASPs |
| 92(1) | Appropriate arrangements, systems and procedures which persons arranging or executing transactions in crypto-assets shall have in place to prevent market abuse. | Published in OJEU. Applies per September 2025. | ESMA | CASPs |
| 95(1) | Information to be exchanged between competent authorities. | Published in OJEU. Applies per April 2025. | ESMA | Authorities |
| 107(1) | Establishing a template document for concluding cooperation arrangements with third-country supervisory authorities. | Published in OJEU. Applies per March 2025. | ESMA | Authorities |
| 109 | Data necessary for the classification of crypto-asset white papers and the practical arrangements to ensure that such data is machine-readable. | Published in OJEU. Applies per April 2025. | ESMA | All |
| 119(2)(d), (e), (f),(l),(6) | Conditions for the establishment and the functioning of supervisory colleges for issuers of significant asset-referenced tokens and significant e-money tokens. | Published in OJEU. Applies per March 2025. | EBA | Authorities |
Implementing Technical Standards - Level 2 measures
| Legal reference MiCAR Article(s) | Description | Status | Authority | Applies to |
| 6(10), 19(9) and 51(9) | Forms, formats and templates for the crypto-asset white papers. | Published in OJEU. Applies per December 2025. | EC | Issuers |
| 18 | Establishing standard forms, templates and procedures for the information to be included in the application for authorisation to offer asset-referenced tokens to the public and to seek admission to trading. | Published in OJEU. Applies per October 2025. | EBA | Issuers |
| 22(1), (3) | Standard forms, formats and templates for the purposes of reporting related to certain asset-referenced tokens or e-money tokens. | Published in OJEU. Applies per January 2025. | EC | CASPs, Issuers |
| 60 | Standard forms, templates and procedures for the information to be included in the notification of certain entities of their intention to provide crypto-asset services. | Published in OJEU. Applies per March 2025. | ESMA | CASPs |
| 62 | Standard forms, templates and procedures for the information to be included in the application for the authorisation of crypto-asset service providers. | Published in OJEU. Applies per April 2025. | ESMA | CASPs |
| 88 | Appropriate public disclosure of inside information and for delaying the public disclosure of inside information. | Published in OJEU. Applies per December 2024. | EC | Issuers |
| 95 | Standard forms, templates, and procedures for competent authorities to cooperate and exchange information. | Published in OJEU. Applies per December 2024. | EC | Issuers |
| 96 | Establishing standard forms and templates for the cooperation and exchange of information between the EBA and ESMA. | Published in OJEU. Applies per October 2024. | EC | Authorities |
Guidelines - Level 3 measures
| Legal reference MiCAR Article(s) | Description | Status | Authority | CASPs |
| 2(4)(a) | Conditions and criteria for the qualification of crypto-assets as financial instruments. | ESMA Guidelines (ESMA75453128700-1323) March 2025 | ESMA | All |
| 14(1)(d) | Standards for systems and security-access protocols of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens. | ESMA Guidelines (ESMA75-223375936-6132) February 2025 | ESMA | Issuers |
| 21, 63 | Suitability assessment of the members of the management body of issuers of asset-referenced tokens and of crypto-asset service providers. | EBA and ESMA Guidelines (EBA/GL/2024/09, ESMA75-453128700-10) December 2024 | ESMA and EBA | CASPs, Issuers |
| 21, 63 | Suitability assessment of qualifying holdings in issuers of asset-referenced tokens and in crypto-asset service providers. | EBA and ESMA Guidelines (EBA/GL/2024/09, ESMA75-453128700-10) December 2024, p.21 | ESMA and EBA | CASPs, Issuers |
| 34(8), (9), (10), (12) | Minimum content of the governance arrangements for issuers of asset-referenced tokens. | EBA Final report (EBA/GL/2024/06) June 2024 | EBA | Issuers |
| 45(4) | Common reference parameters of the stress test scenarios for the liquidity stress tests for issuers of certain asset-referenced tokens and e-money tokens. | EBA Final report (EBA/GL/2024/08) June 2024 | EBA | Issuers |
| 46, 55 | Recovery plans under the Markets in Crypto-Assets Regulation. | EBA Final report (EBA/GL/2024/07) June 2024 | EBA | Issuers |
| 47, 55 | Redemption plans under the Markets in Crypto-Assets Regulation. | EBA Final report (EBA/GL/2024/13) October 2024 | EBA | Issuers |
| 61 | 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. | ESMA Guidelines (ESMA35-1872330276-2030) February 2025 | ESMA | CASPs |
| 61 | Supervision practices to detect and prevent circumvention of MiCAR. | Not yet available | ESMA | CASPs |
| 81(8), (14) | Aspects of the suitability requirements and format of the periodic statement for portfolio management activities under MiCAR. | ESMA Guidelines (ESMA35 -1872330276-2031) March 2025 | ESMA | CASPs |
| 82 | Crypto-asset services providers providing transfer services regarding procedures and policies for transfer services for crypto-assets, including the rights of clients. | ESMA Guidelines (ESMA35-1872330276-2032) February 2025 | ESMA | CASPs |
| 92(1) | Supervisory practices to prevent and detect market abuse. (These guidelines will only be created not already covered by the RTS under article 92(2) MiCAR). | ESMA Guidelines (ESMA75-453128700-1039) July 2025 | ESMA | Authorities |
| - | Templates to assist competent authorities in performing their supervisory duties regarding issuers' compliance under Titles III and IV of MiCAR. | EBA Final Report (EBA/GL/2024/16) December 2024 | EBA | Authorities |
| 8(4), 17(1)(b)(ii), 18(2)(e) | Content and form of the explanations accompanying the crypto-asset white paper and the legal opinions on the qualification of a crypto-asset. | EBA Final Report (ESA/GL/2024/28) December 2024 | EBA | Issuers |
| 81(7) | Criteria on the assessment of knowledge and competence under MiCAR. | ESMA Final Report (ESMA35-1872330276-2380) July 2025 | ESMA | CASPs |
Q&A - Level 3 measures
Relevant to all parties
| Legal reference MiCAR Article(s) | Topic | Question (summary) | Status | Topic and / or reference |
| 2, 143 | Digital ledger technology market infrastructures | Is a DLT MI operator allowed to provide MiCAR crypto-asset services without an additional MiCAR licence? | Answer published on 7 November 2023 | ESMA QA 2005 |
| - | Compliance with MiCAR | Opinion to support the convergent application of MiCAR. | Opinion published on 31 July 2024 | ESMA |
| 142 | Recent developments in crypto-assets | ESMA and EBA publish a joint report on recent developments in crypto-assets. | Report published on 16 January 2025 | ESMA EBA |
| - | Recent developments in DeFi | ESMA and EBA publish a joint factsheet on recent developments in crypto-assets: Decentralised Finance (DeFi). | Factsheet published on 24 January 2025 | ESMA EBA |
| - | Recent developments in crypto lending and staking | ESMA and EBA publish a joint factsheet on recent developments in crypto-assets: crypto lending and staking. | Factsheet published on 24 January 2025 | ESMA EBA |
| - | Level 2 and 3 measures | Overview of Level 2 and Level 3 measures under Markets in Crypto-Assets (MiCA). | Overview published 16 July 2025 | ESMA |
Q&A - Level 3 measures
Relevant to CASPs (in addition to all above)
| Legal reference MiCAR Article(s) | Topic | Question (summary) | Status | Topic and / or reference |
| 75 | Staking services | Does MiCAR prohibit staking-related services? Are staking activities exempt from the application of MiCAR? | Answer published on 20 June 2024 | ESMA QA 2067 |
| 60 | Notifications under Article 60 MiCAR | To which NCA should the notification foreseen under Article 60 of MiCAR be submitted? | Answer published on 29 January 2024 | ESMA QA 2089 |
| 60 | Provision of crypto-asset services by credit institutions | What crypto-asset services can a credit institution provide under the notification procedure set out in Article 60 of MiCAR? | Answer published on 29 January 2024 | ESMA QA 2088 |
| 60 | CASPs providing services based on an Article 60 notification | Should the financial entities covered by Article 60(2) to (6) of MiCA be entitled to apply for an authorisation to provide the crypto-asset services that are not regarded as equivalent for that type of financial entity in accordance with Article 60(2) to (6)? | Answer published on 12 September 2024 | ESMA QA 2125 |
| 77(2),(4) | Publication of information by CASPs providing exchange services | Where should a CASP exchanging crypto-assets for funds or other crypto-assets publish the “firm price or method of determining the price of the crypto-assets" as required by Article 77(2) of MiCA? Where should they publish the “information about the transactions concluded by them, such as transaction volumes and prices”, as required by Article 77(4) of MiCA? | Answer published on 17 May 2024 | ESMA QA 2181 |
| 3(1)(26), 82(2) | Crypto-asset transfers | Can the transfer service be a component of another service or should it always be treated as a separate service? In case of the first, does article 82 MiCAR apply? | Answer published on 20 June 2024 | ESMA QA 2071 |
| 80(2) | Prohibition of monetary and non-monetary benefits | Does the prohibition to receive monetary and non-monetary benefits of article 80(2) apply to receiving and transmitting orders as well as the execution of orders? | Answer published on 29 January 2024 | ESMA QA 2087 |
| 143 | Passporting rights under grandfathering | Are entities benefiting from grandfathering eligible to passport their crypto services to other Member States? | Answer published on 29 January 2024 | ESMA QA 2086 |
| 143 | New CASPs and grandfathering | Does Article 143 allow for new CASPs established between MiCAR’s entry into force (June 2023) and 30 December 2024 to continue providing crypto-asset services during the grandfathering period? | Answer published on 29 January 2024 | ESMA QA 2085 |
| 143(6) | Simplified authorisation procedures | Can entities registered under the EU AML/CFT framework benefit from the simplified authorisation procedures set out under Article 143(6) of MiCAR? | Answer published on 20 June 2024 | ESMA QA 2070 |
| 143(3) | Grandfathering clause and applicable AML laws | Can entities registered under the EU AML/CFT framework benefit from the grandfathering clause set out under Article 143(3) of MiCAR? | Answer published on 20 June 2024 | ESMA QA 2068 |
| 60, 143 | Interaction between Article 60 notifications and grandfathering | Does grandfathering apply to Article 60-related entities? Does the application of the transitional measures affect the right of entities to start providing crypto-asset services via the notification procedure of Article 60 of MiCAR? | Answer published on 20 June 2024 | ESMA QA 2069 |
| 59 | Tied agents under MiCAR | May crypto-asset service providers (CASPs) designate persons or entities to provide crypto-asset services on their behalf as agents (similarly to the tied agent regime under MiFID II), where such person or entity is not an authorised CASP? | Answer published on 12 September 2024 | ESMA QA 2143 |
| 143(3) | Entities not authorised as CASPs by the end of the transition period | What happens to an entity providing crypto-asset services in accordance with applicable law before 30 December 2024 that has not applied for authorisation as a CASP, or whose application for authorisation as a CASP has been refused by the end of the transition period? | Answer published on 4 July 2024 | ESMA QA 2221 |
| 143(3) | Entities not authorised as CASPs by the end of the transition perio | Where an entity providing crypto-asset services in accordance with applicable law before 30 December 2024 has applied for but has not been granted or refused authorisation by the end of the transition period, can this entity continue providing services until it is granted or refused authorisation? | Answer published on 4 July 2024 | ESMA QA 2220 |
| 3(1)(15)(19)(20), 76(5) | Proprietary trading under MICA | Do firms dealing on own account with regards to crypto-assets require a CASP license? | Answer published on 6 June 2025 | ESMA QA 2293 |
| 143 | Status of entities providing crypto-asset services as part of the grandfathering regime | Are Crypto-asset service providers that provided their services in accordance with applicable law before 30 December 2024 and which are authorised to continue to do so under the law of a Member State in accordance with Article 143 of MiCA, considered to be crypto-asset service providers under the terms of MICA during the transitional period until they are authorised? | Answer published on 2 October 2024 | ESMA QA 2295 |
| 2 | Possibility of natural persons and trusts / trustees to be authorised as CASPs | Can natural persons (self-employed individuals) and trusts/trustees be considered as „other undertakings“ for the purpose of authorisation as a CASP? | Answer published on 12 December 2024 | ESMA QA 2342 |
| 67 | Minimum capital requirements for CASPs | What are the minimum capital requirements applicable to CASPs providing (i) only crypto-asset services listed under either Class 2 or Class 3, or (ii) providing crypto-asset services listed under Class 1 and Class 3 of Annex 4 of MiCA? | Answer published on 12 December 2024 | ESMA QA 2343 |
ctd...
| Legal reference MiCAR Article(s) | Topic | Question (summary) | Status | Topic and / or reference |
| 67 | Audit / certification of CASP financial statements | Are CASPs required to get their financial statements audited on an annual basis in order to calculate their own fund requirements? | Answer published on 12 December 2024 | ESMA QA 2344 |
| 67(3) | Calculation of fixed overheads | When defining "total expenses" in Paragraph 3, does it in fact mean the total costs (fixed and variable overheads) after distribution of profits in the income statement for the preceding year, or is it meant to be the total fixed overheads after distribution of profits? | Answer not yet published | ESMA QA 2349 |
| 3(1)(16) | Autotrading | Do "copy trading services" related to crypto-assets fall within the scope of portfolio management or any other crypto-asset services as listed in Article 3(1)(16) of MiCA? | Answer published on 7 April 2025 | ESMA QA 2463 |
| - | Interests earned form client funds deposited at credit institutions | Does MiCA permit crypto-asset service providers (CASPs) to earn interest on client funds deposited in a savings account at a credit institution? | Answer not yet published | ESMA QA 2486 |
| 75 | Payouts in fiat currency by CASPs in the context of exchange services | Should the business model whereby a crypto-asset service provider (CASP) provides exchange services but only ever allows clients to collect their balance in fiat currency be allowed? | Answer not yet published | ESMA QA 2550 |
| 3(1)(22) | Overlap between offers of crypto-assets and placing | Can persons who are authorized in writing by the issuer to offer crypto-assets to the public conduct this activity on a commercial basis, continuously, repeatedly, and possibly for different issuers (whether concurrently or consecutively) without having a MiCA CASP license for the crypto-asset service 'placing of crypto-assets'? | Answer not yet published | ESMA QA 2551 |
| 5(2) | Application of Title II requirements to CASPs operating a trading platform for crypto-assets | Does the expression “in the cases required by this Regulation” mean that Article 5(2) exempts operators of trading platforms from the requirements of Article 5 for crypto-assets without an identifiable issuer? | Answer not yet published | ESMA QA 2552 |
| 3(1)(17) | Commingling clients’ crypto-assets with crypto-assets from other entities of the group when acting as custodian | Some crypto-asset service providers (CASPs) providing custody and administration of crypto-assets on behalf of clients (as defined in Article 3(1)(17) of MiCA) have sister companies that may provide certain services to the CASP’s clients, for instance, liquidity or offer lending services. These sister companies may be using the CASP as their custodian and the CASP will hold their crypto-assets within the same wallet(s) to custody other clients' crypto-assets. Under MiCA, is a CASP providing custody and administration of crypto-assets on behalf of clients allowed to hold clients’ crypto-assets within the same wallets as crypto-assets belonging to entities of the same group? | Answer published on 17 June 2025 | ESMA QA 2578 |
| 59 | Shared order book model | Under the Markets in Crypto-Assets Regulation (MiCA), is it permissible for an EU trading platform for crypto-assets that is operated by a crypto-asset service provider (CASP) authorised under MiCA to pool its order book with that of one or more non-EU trading platforms operated by an entity or entities that are not authorised as CASPs under MiCA? | Answer published on 20 June 2025 | ESMA QA 2579 |
| 70(1) | Staking on own account | Does the Markets in Crypto-Assets Regulation (MiCA) permit the staking of clients’ crypto-assets by crypto-asset service providers (CASPs) for their own account? | Answer published on 9 July 2025 | ESMA QA 2607 |
| 70 | Pre-funding clients' orders with clients' crypto-assets | Does the Markets in Crypto-Assets Regulation (MiCA) allows crypto-asset service providers (CASPs) to use clients’ crypto-assets for pre-funding client orders? | Answer published on 9 July 2025 | ESMA QA 2608 |
| 75(4) | Custody agreements in the exercise of rights attached to crypto-assets | Would the ‘terms of service’ or any type of non-negotiated standard user agreement between a client and a crypto-asset service provider (CASP) providing custody services constitute a ‘valid agreement’ that ‘expressly provides otherwise’ per the clause in the second subparagraph of Article 75(4) of MiCA? If so, can this agreement stipulate that a CASP providing custody services may be unable to facilitate the exercise of client rights with respect to a crypto-asset in the event of any modifications to those rights? | Answer published on 17 June 2025 | ESMA QA 2290 |
| - | Interplay between MiCAR and PSD2 | EC asks EBA to form an opinion with regard to the enforcement of the requirements on authorisation in PSD2 as regards services with EMTs provided by CASPs that may be inadvertently covered by PSD2. | Letter published on 10 December 2024 | EC |
| 143 | MiCA Transitional Measures | ESMA Statement on MiCA Transitional Measures. | Statement published 17 December 2024 | ESMA |
| 16(1) | Non-MiCA compliant ARTs and EMTs | ESMA publishes statement on the provision of certain crypto-assets services in relation to non-MiCA compliant ARTs and EMTs. | Statement published on 17 January 2025 | ESMA |
| 70(4) | Interplay between MiCAR and PSD2 | EBA publishes No Action letter on the interplay between Payment Services Directive (PSD2) and Markets in Crypto-Assets Regulation (MiCA) in relation to CASPs that transact EMTs. | Letter published on 10 June 2025 | EBA |
| - | Offering unregulated services | Guidance for Crypto-Asset Service Providers Offering Unregulated Services. | Letter published 11 July 2025 | ESMA |
Relevant to Issuers
| Legal reference MiCAR Article(s) | Topic | Question (summary) | Status | Topic and / or reference |
| - | Preparation of MiCAR | The EBA encourages timely preparatory steps towards the application of MiCAR to asset-referenced and e-money tokens. | Statement published on 12 July 2023 | EBA |
| 143(4)(5) | Compliance with MiCAR | The EBA expects issuers and offerors of asset-referenced and e-money tokens to comply promptly with MiCAR and reminds consumers of risks. | Statement published on 5 July 2024 | EBA |
| 32(5) | Conflicts of interest for issuers of ARTs | EBA published opinion on the EC's amendments relating to the final draft RTS on conflicts of interests for issuers of ARTs supplementing MiCAR. | Opinion published on 24 January 2025 | EBA |
Relevant to Offerers
| Legal reference MiCAR Article(s) | Topic | Question (summary) | Status | Topic and / or reference |
| 3(1)(12), 16(1), 48(1), 143(4)(5) | Scope of public offering | Regarding ARTs or EMTs under MiCAR, what services provided in or into the EU constitute an offering to the public, a seeking admission to trading or a placing of an ART or EMT? | Answer published on 17 January 2025 | ESMA QA 2404 |
| 18(6) | Application for authorisation | EBA published opinion on the EC's amendments relating to the final draft RTS on the information to be included in the application for authorisation to offer to the public and to seek admission to trading of ARTs under MiCAR. | Opinion published on 25 February 2025 | EBA |
Relevant to AIFMs
| Legal reference MiCAR Article(s) | Topic | Question (summary) | Status | Topic and / or reference |
| 60(5) | Registered AIFM and MICA | Does article 60 paragraph 5 MICA apply to registered (sometimes referred to as sub-threshold) Alternative Investment Fund Managers referred to in Article 3(2) AIFMD (Directive 2011/61/EU)? | Answer published on 7 April 2025 | ESMA QA 2397 |
Relevant to NCAs
| Legal reference MiCAR Article(s) | Topic | Question (summary) | Status | Topic and / or reference |
| - | Authorisation of CASPs under MiCA | ESMA issues a Supervisory Briefing on the Authorisation of CASPs under MiCA. | Briefing published on 31 January 2025 | ESMA |
