ESMA opinion on crypto-asset services involving non-MiCAR-compliant ARTs and EMTs

The European Securities and Markets Authority (ESMA) has published an opinion setting out its supervisory expectations for crypto-asset services involving asset-referenced tokens (ARTs) and e-money tokens (EMTs) that do not comply with the Markets in Crypto-Assets Regulation (MiCAR).

ESMA states that MiCAR-authorised crypto-asset service providers (CASPs) should not provide services in relation to non-compliant ARTs or EMTs. This applies to services including the operation of trading platforms, exchange services, execution of orders, placing of crypto-assets, reception and transmission of orders, investment advice, transfers, custody and administration, and portfolio management, whether provided on a standalone basis or in combination. ESMA further considers that reliance on warnings, disclosures or client acknowledgements would not sufficiently address the concerns identified in the opinion.

The opinion also calls on national competent authorities to ensure that CASPs do not maintain, introduce or facilitate access to such tokens, and that appropriate technical, contractual and organisational controls are in place to prevent clients from acquiring new or increasing existing exposures. Where pre-existing exposures remain, ESMA expects them to be remediated as soon as possible, and no later than three months after the publication of the opinion (i.e. by 8 January 2027). Any continued provision of services is advised to be strictly limited to activities necessary for the liquidation, conversion, withdrawal, transfer or safekeeping of such assets, and should remain time-limited, risk-based, and closely supervised.

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