CAPITAL MARKETS | ESMA issues statement on the provision of certain crypto-asset services in relation to non-MiCAR compliant arts and EMTS

On 17 January 2025, the European Securities and Markets Authority (ESMA) published a Statement on the provision of services for crypto-asset in relation to Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs) that do not comply with MiCAR Regulation. The Statement is addressed to Crypto-Asset Service Providers (CASPs) authorised under Article 59 of the MiCAR as well as to Virtual Asset Service Providers (VASPs) operating on the basis of the applicable national regulation. In particular, ESMA pointed out that: (a) CASPs managing a crypto-asset trading platform are expected to cease making available for trading all crypto-assets that qualify as ARTs or EMTs in the event that the relevant issuers are not authorised in accordance with Titles III and IV of the MiCAR, and (b) CASPs providing services equivalent to a public offer or a request for admission to trading (reception and transmission of orders, execution of orders on behalf of clients, exchange of crypto-assets for funds or other crypto-assets) must refrain from providing such services if they allow the purchase of ARTs and EMTs that do not comply with the MiCAR. Furthermore, with respect to their customers’ positions in such non-MiCAR-compliant crypto-assets, CASPs may continue to provide the aforementioned services solely for the purpose of enabling their settlement until the end of  the first quarter of 2025.

Newsletter n. 104 – February 2025