MiCA/MiCAR: The Latest Regulatory Developments

The last few months have seen the publication of several important regulations concerning the Market in Crypto Assets:

• February 26, 2025 , Publication by ESMA of the  official translations  of its guidelines on the maintenance of systems and security access protocols under MiCA/MiCAR. (effective as from April 27)  Guidelines on maintenance of systems and security access protocols under MiCA

• February 27, 2025 , the E.C:  adopts 3 Delegated Regulations, to supplement MiCA/MiCAR:

  • Commission Delegated Regulation (C(2025) 1206 final) : RTS for maintaining records of crypto asset services, activities, orders, and transactions (see article 68(10) of MiCA/MiCAR).  Register of Commission Documents - C(2025)1206

  • Commission Delegated Regulation (C(2025) 1216 final) : RTS that outline the requirements for policies and procedures to address conflicts of interest for cryptoasset service providers  (article 72 of MiCA/MiCAR).  Register of Commission Documents - C(2025)1216

  • Commission Delegated Regulation (C(2025) 1220 final) : RTS setting out policies and procedures on conflicts of interest for issuers of asset-referenced tokens (see article 32(5) of MiCA/MiCAR.  Register of Commission Documents - C(2025)1220

  • Pending no objections from the Council of the EU nor from the EP, the Delegated Regulations will come into force 20 days after publication.

• February 27, 2025 , EBA published an  opinion  on the European Commission’s partial rejection of its RTS on authorization for issuers of asset-referenced tokens (ARTs) under Article 18(6) of MiCA/MiCAR.  Communication on the intention to adopt with amendments the Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 - European Commission

• March 10, 2025 , ESMA published  official translations  of the ESAs' guidelines for classifying crypto assets under MiCA/MiCAR (effective as from May 12, 2025). Guidelines on explanations and opinions, and the standardised test for crypto-assets under MiCA

• March 14, 2025 , the following Delegated Regulations supplementing MiCA/MiCAR were published in the OJ of the EU (effective as from April3, 2025)

  • Commission Delegated Regulation (EU) 2025/416 , supplementing  MiCA/MiCAR by setting out RTS on the content and format of order book records for crypto asset service providers (CASPs) managing a trading platform for crypto assets; Commission Delegated Regulation (EU) 2025/416 of 29 November 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the content and format of order book records for crypto-asset service providers operating a trading platform for crypto-assets

  • Commission Delegated Regulation (EU) 2025/417 , supplementing MiCA/MiCAR by outlining RTS on how CASPs operating a trading platform for crypto assets should present transparency data.  Commission Delegated Regulation (EU) 2025/417 of 28 November 2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the manner in which crypto-asset service providers operating a trading platform for crypto-assets are to present transparency data

• March 19, 2025 , ESMA  published on its website  the official translations, including the  English version , of its guidelines on the conditions and criteria for the qualification of crypto assets as financial instruments under Article 2(5) of MiCA/MiCAR. (effective as from May 18, 2025)  Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments

It is worth mentioning that Luxembourg operates under a unified CASP authorization system in line with MiCA/MiCAR, with certain allowances for pre-existing regulated financial entities to offer crypto-asset services through a simplified notification process.

See also Markets in Crypto-Assets (MiCA/MiCAR) – CSSF .

MAQIT assists Crypto Assets Services Providers to obtain their regulatory approval and establish a business in Luxembourg.

MAQIT S.A. is a Luxembourg-based RegTech solution provider and IT management company. It provides IT regulatory and AML/CFT advisory services, helping businesses become compliant, stay compliant, and turn compliance into a competitive advantage.

We stand ready to assist financial entities in preparing for full compliance with DORA.