On 29 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing supervisory guidelines on practices for Member State competent authorities (NCAs) to prevent and detect market abuse under the Regulation in markets in crypto assets (MiCA).

Objective

The guidelines apply to NCAs and are intended to (i) identify supervisory practices which are adequate to prevent and detect market abuse in crypto assets and (ii) ensure a uniform approach in supervision and detection of market abuse across Member States. They take into consideration the experience made under the Market Abuse Regulation as well as the specific features of the crypto assets’ environment, such as the more intensive use of social media, the specific technologies used, and the cross-border nature of crypto trading.

Next steps

The guidelines will be translated into all EU languages and published on ESMA’s website and will start applying three months after that date. However, ESMA recommends that NCAs already start implementing the principles included in the guidelines whilst waiting for the translations.

Within two months of the date of publication of the guidelines on ESMA’s website in all EU official languages, NCAs to which these guidelines apply must notify ESMA whether they (i) comply, (ii) do not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the guidelines.