ITA Consob issued notice of Apr. 30 re adoption of ESMA guidelines on procedures and policies, including client rights, in context of crypto-asset transfer services, per MiCA.
Plus another re guidelines on situations where a third-country firm is deemed to seek clients established/resident in EU and supervisory practices to identify and prevent circumvention of criteria for sole initiative exemption under MiCA.
Follows ESMA Mar. 2025 published guide translations in all EU languages see #237568.
The first set of guidelines provides guidance to interested operators (CASPs) on policies and procedures in the context of crypto-asset transfer services.
While the second, provides operators with guidance both with respect to solicitation of customers and supervisory practices aimed to identify and prevent evasion of criteria relating to the exemption on sole initiative of the customer.
In compliance with art 16 paragraph 3 ESMA Regulation, ITA Consob communicated it complies with both guidelines, integrating them into own supervisory practices.
CASPs subject to ITA Consob supervision are required to comply with and apply them.
Effectiveness
Guidelines will apply as of May 25, 2025 and Apr. 26, 2025, respectively.
Regulators
ITA Consob
Entity Types
B/D; Depo; Exch; IA; Inv Co
Reference
Nt 4/30/2025; Gd, ESMA35-1872330276-2031, ESMA35-1872330276-2030; MiCA Reg 2023/1114
