ESMA statement on MiCAR transitional measures

The European Securities Markets Authority (ESMA) has issued a statement on the discretionary transitional regime for cryptoasset service providers (CASPs) that offered their services in accordance with applicable law prior to 30 December 2024, contained in the markets in cryptoassets regulation (MiCAR). Member States may decide not to apply the transitional regime or to reduce its duration. Given the national divergence in transitional periods applicable across the EU member states, ESMA expects CASPs not yet authorised under MiCAR to have implemented orderly wind-down plans for the services they provided in member states in which the transitional period is over and orderly wind-down plans in place ready for implementation ahead of the end of the remaining transitional periods in case they should not be authorised by then.

National competent authorities are asked to treat "last minute" applications for authorisation under MiCAR with considerable caution and to be ready to cooperate with one another to enforce against the unauthorised provision of cryptoasset services. Further, ESMA urges investors engaging with cryptoassets to check in the ESMA Interim MiCAR Register that the CASP entity of which they are clients is authorised to ensure that they benefit from the protections afforded by MiCAR.

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