Authorisation of cryptoasset firms under MiCA clarified

The European Union's comprehensive framework for the regulation of cryptoassets has been supplemented with a briefing on threshold requirements for market participants. Martin Dowdall and Shaanil Senarath-Dassanayake unpack the contents and set out what this means for cryptoasset service providers seeking authorisation under MiCA.

Martin Dowdall (m.dowdall@taylorwessing.com) is a partner at law firm Taylor Wessing with particular expertise in the use of new technologies in financial services, including in relation to payments, cryptoassets and the use of AI. Shaanil Senarath-Dassanayake (s.senarath-dassanayake@taylorwessing.com) is an associate with the firm.

On 31 January 2025, the European Securities and Markets Authority (ESMA) published a supervisory briefing on the authorisation of cryptoasset service providers under the EU Markets in Crypto-Assets Regulation (Briefing). [1] ESMA aims to use the Briefing to promote supervisory convergence across the European Union and clarify regulatory expectations for National Competent Authorities (NCAs) and market participants.