A snapshot of the latest regulatory updates across the EU, including MiCA implementation guidance from ESMA and transitional measures at Member State level.
New ESMA Guidelines on CASP Staff Knowledge and Competence
On 11 July 2025, ESMA published guidelines specifying the criteria for assessing the knowledge and competence of staff at CASPs providing information or advice on crypto-assets and services under MiCA.
Key points include:
- minimum knowledge and competence standards, with practical examples (e.g. qualifications and experience)
- emphasis on crypto-specific features and risks, such as volatility and cybersecurity
The guidelines will apply six months after publication.
ESMA publishes statement on CASPs offering unregulated services
On 11 July, ESMA published a statement reminding CASPs offering unregulated services not to create confusion or mislead clients on whether a service being offered benefits from protection under MiCA.
Key recommendations include:
- a list of dos and don'ts to mitigate risk to investors
- recommendations for clear communication on whether the offering entity, and the product or service being offered, is regulated or unregulated, including labelling, website structure and client-facing disclosures
- guidance on managing conflicts of interest and ensuring clients acknowledge unregulated services through checkboxes or pop-ups
ESMA publishes peer review on CASP authorisation in Malta
On 10 July 2025, ESMA published a peer review of Malta's supervisory approach to authorising CASPs under MiCA with recommendations for improvement.
Findings:
- MFSA has a good level of expertise and sufficient supervisory resources
- ESMA identified good practices, but recommended improvements, including more thorough authorisation processes
ESMA encourages all NCAs to pay particular attention to areas such as governance, business plans, conflicts, ICT architecture and DeFi risks.
ESMA publishes MiCA compliance tables and overview of Level 2 & 3 measures
On 1 July 2025, ESMA released compliance tables showing how national authorities are aligning with MiCA guidelines.
Covered areas include:
- MiCA reverse solicitation
- crypto-asset transfers
- suitability and portfolio periodic statement guidelines
Most Member States are complying or intend to comply. Some remain non-compliant pending designation of the relevant competent authority.
ESMA also published on 16 July 2025 an overview of the various measures that have been implemented in relation to MiCA including delegated acts, guidance, RTS and ITS with reference to the implementing authority, a description and a date.
ESMA published new Q&As on staking and pre-funding orders with clients' crypto-assets
On 9 July, ESMA published 2 Q&As clarifying:
- staking: MiCA does not allow the staking of clients' crypto-assets CASPs for their own account, even in cases where the client has explicitly provided consent. It also goes on to discuss the different activity of staking-as-a-service provided to clients
- pre-funding of client orders: using clients' crypto-assets for pre-funding of client orders would qualify as sub-custody of clients' crypto-assets therefore requiring CASPs to comply with Article 70 and 75 MiCA in relation to custody
ESMA Q&A on custody agreements and commingling of assets
On 17 June 2025, ESMA published two Q&As clarifying:
- custody agreements: Standard client agreements are not sufficient for derogations from CASPs' obligation to exercise rights attached to crypto-assets. CASPs must obtain clients' explicit and affirmative consent, e.g. via a pop-up box
- commingling: CASPs should not hold client assets in the same wallets as crypto-assets belonging to CASP group entities. ESMA highlights conflicts of interest and risks to the clients. Where risks cannot be appropriately mitigated, the service should not be offered
MiCA Member State developments: Poland and Italy
Poland:
- the Council of Ministers approved the draft law implementing MiCA implementation in Poland on 24 June 2025
- transition periods of up to 9 months if complete CASP licence application submitted within 3 months of law coming into force
- Law expected to enter into force in Q3 2025 once approved by Parliament and Senate
Italy:
- transition period extended until 30 June 2026 provided CASP licence application submitted by 30 December 2025
- also applies to VASPs in same corporate group as a company that submits CASP license application in Italy or another Member State
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