On 10 March 2025, the European Securities and Markets Authority published the official translations of the European Supervisory Authorities (ESA) guidelines on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97 (1) of the Regulation on markets in crypto assets (MiCA).

The guidelines apply from 12 May 2025.

Member State competent authorities must notify an ESA as to whether they comply or intend to comply with the guidelines, or otherwise with reasons for non-compliance. They must do this within two months of the translations being published.

Financial market participants and financial institutions are not required to report whether they comply with the joint guidelines.