The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the guidelines specifying the criteria for assessing the knowledge and competence of staff at crypto-asset service providers (CASPs) who provide information or advice on crypto-assets and services under the Markets in Crypto-Assets Regulation (MiCA).
Concretely, the document:
- provides guidance on the minimum level of knowledge and competence of staff through examples (including on professional qualification and appropriate experience for the provision of information or advice); and
- addresses specific features and risks of crypto-assets markets and services (e.g. high volatility of crypto-assets and cyber security risks) through the criteria for the assessment of the relevant staff’s knowledge and competence.
The guidelines will help CASPs to meet their obligations and act in the best interest of their clients. They also support competent authorities in adequately assessing how CASPs meet these obligations. The objective is to enhance investor protection and trust in the crypto-asset markets.
ESMA conducted a public consultation on these guidelines to gather the views of stakeholders, including the Securities and Markets Stakeholder Group (SMSG). The final report includes feedback to the comments received during the consultation.
Next steps
The guidelines will be translated into all EU languages and published on ESMA’s website. They will start applying six months after that publication.
Within two months of the date of publication of the guidelines on ESMA’s website in all EU official languages, competent authorities to which these guidelines apply must notify ESMA whether they comply, do not comply, but intend to comply, or do not comply and do not intend to comply with the guidelines.
