On 17 January 2025, the European Securities and Markets Authority (ESMA) issued a statement which provides guidance on how and under which timeline crypto-asset service providers (CASPs) are expected to comply with the requirements of Titles III and IV of the Regulation on markets in crypto-assets (MiCAR). In particular, Member State competent authorities are expected to ensure compliance by CASPs regarding non-compliant asset-referenced tokens (ARTs) or electronic money tokens (EMTs) as soon as possible, and no later than the end of Q1 2025.

The European Commission has also adopted a Q&A clarifying which crypto-asset services provided in the EU may constitute an offering to the public or an admission to trading (respectively under Articles 16(1) and 48(1) of MiCAR) of non-MiCAR compliant ARTs and EMTs. ESMA welcomes this guidance, which provides clarity around the application of Titles III and IV of MiCAR to activities carried out by CASPs providing services in these types of crypto-assets.