ESMA and European Commission publication of a statement and a Q&A providing guidance on non-MiCA compliant ARTs and EMTs under MiCAR, 17 January 2025

On the 17^th of January 2025, the European Securities and Markets Authority issued a statement reinforcing the position related to the offer of ARTs and EMTs (also known as stablecoins) in the EU under Regulation 2023/1114/EU (MiCAR). The statement provides guidance on how and under which timeline crypto-assets service providers (CASPs) are expected to comply with the requirements of Titles III and IV of MiCAR. In particular, National Competent Authorities (NCAs) are expected to ensure compliance by CASPs regarding non-compliant ARTs or EMTs as soon as possible, and no later than the end of Q1 2025.

The European Commission delivered a Q&A providing guidance on the obligations contained in titles III and IV of MiCAR and how these obligations should apply to CASPs. The Q&A clarifies that certain crypto-asset services may constitute an offer to the public or an admission to trading in the EU, and should therefore comply with titles III and IV of MiCAR.