On the 13th of December 2024, the European Securities and Markets Authority issued a statement warning investors that crypto-assets are on the rise but remain very risky. ESMA points out that, despite aiming to enhance investor protection, Regulation 2023/1114/EU (MiCAR) does not ensure the same level of protection as those for traditional investment products. Moreover, since most of the EU Member States opted to allow existing national crypto-asset service providers to operate without a MiCA license during an 18-month transitional period after MiCAR becomes applicable, clients may not fully benefit from the Regulation’s safeguards until as late as the 1st of July 2026. Finally, ESMA underlines that investors are not safeguarded by MiCAR when crypto-asset services are provided by firms not authorised in the EU.