ESMA statement on the transitional provisions under MiCAR and warning of risks

21.01.25 • Supervision and Regulation

In view of the full applicability of MiCAR within the EU as of December 30, 2024, ESMA has published a statement on the transitional provisions for crypto-asset service providers (CASPs). According to Art. 143 para. 3 MiCAR, CASPs that have provided their services under applicable national law before 30 December 2024 may continue to do so until 1 July 2026 or until the date on which they receive authorization or are refused authorization, whichever comes first. The second subparagraph of the provision allows Member States not to make use of this transitional period or to shorten it. This has led to different transition periods applying in different countries, which must be taken into account by CASPs.

Esma therefore recommends that CASPs familiarize themselves with the applicable transition periods and take the necessary measures.

At the same time, ESMA has once again drawn attention to the risks associated with investments in crypto assets. These remain relevant even after MiCAR becomes applicable.

On January 17, 2025, ESMA also published a statement on dealing with ART and EMT that are not MiCAR compliant. Among other things, it points out that CASPs offering services in relation to such crypto assets could be in breach of Titles III and IV of MiCAR and should therefore cease doing so by the end of January 2025 or the end of Q1 2025 (sell only).

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ESMA statement on the transitional provisions under MiCAR and warning of risks

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