On 31 January 2025, the European Securities and Markets Authority (ESMA) issued a supervisory briefing on authorisation of crypto asset service providers (CASPs) under the Markets in Crypto Assets Regulation (MiCAR). The purpose of the supervisory briefing is for Member State competent authorities (NCAs) to achieve a convergent approach in the EU to MiCAR authorisation.
In particular, the supervisory briefing describes the different risk factors that NCAs should consider in their approach to authorisation. It also discusses substance and governance, and outsourcing to provide guidance on how NCAs should evaluate CASP substance and how they can determine whether CASP outsourcing arrangements are MiCAR compliant. Furthermore, it provides guidance on the assessment of business plans of prospective CASPs.