On the 29th of April 2025, the European Securities and Markets Authority issued Guidelines on supervisory practices to prevent and detect market abuse under Regulation 2023/1114/EU (MiCAR). The Guidelines establish general principles requiring National Competent Authorities (NCAs) to implement a risk-based and proportionate supervisory activity, as well as to build a common supervisory culture specific for crypto-assets through an open dialogue with the industry and other NCAs.
The Guidelines will be translated into all EU official languages and published on ESMA’s website, and will start applying three months after that date. Within two months of the publication date, competent authorities to which the Guidelines apply must notify ESMA whether they (i) comply, (ii) to not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the Guidelines.
