ESMA’s Guidance on MiCA Transitional Measures for CASPs

Many of you have seen that The European Securities and Markets Authority (ESMA) just issued a statement on the transitional measures under the Markets in Crypto-Assets Regulation (MiCA). This regulation introduces a transitional regime for crypto-asset service providers (CASPs) already active before December 30, 2024, allowing them to continue operating until July 1, 2026, or until they receive or are refused authorization. Each EU member state can adjust or opt out of this transitional regime to ensure financial stability and investor protection, resulting in varying requirements across different jurisdictions.

ESMA emphasizes the importance of CASPs taking all necessary steps to avoid disruptions to their services and to ensure compliance with applicable Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) requirements. As expected, CASPs are encouraged to apply for MiCA authorization promptly to benefit from passporting rights within the EU during the transitional period.