On Jul. 9, 2025, ESMA published guidelines on supervisory practices for competent authorities to prevent/detect Market in Crypto Assets Regulation (MICA) market abuse, marking the publication of the new guidelines in all EU official languages, on website.
These new guidelines apply to competent authorities, as defined in Article 3(1)(35) of MiCA, and they apply in relation to Article 92(3) of MICA, to provide more consistency.
Guidelines are based on Article 92(3) of MICA and Article 16 of the ESMA Regulation, with objective is to ensure greater consistency between the competent authorities’ supervisory practices to prevent and to detect market abuse involving crypto assets.
Specifically, the new guidelines aim to establish more consistent, efficient, effective supervisory practices among the competent authorities to prevent and detect insider dealing, the unlawful disclosure of inside information and any market manipulation.
Also ensuring common uniform and consistent application of Title VI MICA (Art 86-92).
In accordance with Article 16(3) of ESMA Regulation, competent authorities must make every effort to comply with the guidelines, and they should comply by incorporating them into their own national legal and/or supervisory frameworks, as is appropriate.
In two months of publication of guidelines on ESMA’s website, in EU official languages, competent authorities to which they apply must notify ESMA whether they comply, do not comply yet but intend to comply, or do not comply and do not intend to comply.
In case of non-compliance, competent authorities must also notify ESMA within two months of date of publication, of their reasons for not complying with the guidelines.
A template for notifications is available on ESMA’s website, which can be sent to ESMA.
These new guidelines will apply from three months from the date of their publication on ESMA’s website in all official EU languages, making them applicable Oct. 9, 2025.
On Apr. 29, EU ESMA issued report on guide re MICA market abuse.
ESMA issued final report on guidelines to prevent market abuse under MICA Reg.
Main Points
General principles for effective supervision and specific practices for detecting and preventing market abuse in crypto assets considering their unique features.
Such as the crypto assets' cross-border nature and the intensive use of social media.
The guidelines set out general principles requiring supervisory activity to be risk-based and proportionate, and set the objective for national competent authorities (NCAs).
Which is for them to build a common supervisory culture specific for crypto assets through an open dialogue with the industry and interactions with other NCAs.
Effectiveness
The Guidelines will be translated into all EU languages and then, published on ESMA’s website; they will start applying three months after that date of online publication.
However, ESMA recommends that NCAs already start implementing the principles included in the guidelines whilst waiting for the translations.
Jul. 9, 2025 Guidelines Published
On Jul. 9, 2025, ESMA published guidelines on supervisory practices for competent authorities to prevent/detect Market in Crypto Assets Regulation (MICA) market abuse, marking the publication of the new guidelines in all EU official languages, on website.
These new guidelines apply to competent authorities, as defined in Article 3(1)(35) of MiCA, and they apply in relation to Article 92(3) of MICA, to provide more consistency.
Guidelines are based on Article 92(3) of MICA and Article 16 of the ESMA Regulation, with objective is to ensure greater consistency between the competent authorities’ supervisory practices to prevent and to detect market abuse involving crypto assets.
Specifically, the new guidelines aim to establish more consistent, efficient, effective supervisory practices among the competent authorities to prevent and detect insider dealing, the unlawful disclosure of inside information and any market manipulation.
Also ensuring common uniform and consistent application of Title VI MICA (Art 86-92).
In accordance with Article 16(3) of ESMA Regulation, competent authorities must make every effort to comply with the guidelines, and they should comply by incorporating them into their own national legal and/or supervisory frameworks, as is appropriate.
In two months of publication of guidelines on ESMA’s website, in EU official languages, competent authorities to which they apply must notify ESMA whether they comply, do not comply yet but intend to comply, or do not comply and do not intend to comply.
In case of non-compliance, competent authorities must also notify ESMA within two months of date of publication, of their reasons for not complying with the guidelines.
A template for notifications is available on ESMA’s website, which can be sent to ESMA.
These new guidelines will apply from three months from the date of their publication on ESMA’s website in all official EU languages, making them applicable Oct. 9, 2025.
