As part of the implementation of the European Markets in Crypto-Assets Regulation (MiCA), the French Financial Markets Authority (AMF) has announced its compliance with six sets of guidelines adopted by European Supervisory Authorities (ESAs). Five were issued by the European Securities and Markets Authority (ESMA), and the sixth was jointly developed with the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA).
These guidelines aim to ensure the consistent and enhanced application of MiCA across the European Union and provide regulatory clarity for crypto-asset service providers and issuers.
1. Qualification of Crypto-Assets as Financial Instruments
ESMA’s guidelines on the conditions and criteria for qualifying crypto-assets as financial instruments,1 applicable as of June 3, 2025, clarify how to determine whether a crypto-asset falls under MiCA or is instead considered a financial instrument under existing EU financial legislation such as MiFID II, AIFMD, UCITS directive, or the MMF Regulation. These guidelines are of particular importance in view of the growing variety of innovative crypto-assets and the blurred regulatory boundaries between asset classes (i.e.: financial instruments or crypto-assets falling under MiCA) for which it is sometimes difficult to make a distinction.
2. Reverse Solicitation
The guidelines on reverse solicitation,2 applicable as of May 12, 2025, delineate the stringent conditions under which third-country firms can lawfully provide crypto-asset services to EU clients based solely on the client's initiative. It is imperative to note that any marketing initiative, encompassing websites, social media, influencers, or affiliates, may be regarded as active solicitation and, consequently, necessitate MiCA authorization. It is important to note that firms cannot rely on an initial reverse inquiry to market additional services. It is incumbent upon national competent authorities to enforce this rigorously in order to prevent regulatory circumvention.
3. Crypto-Asset Transfers
Guidelines on crypto-asset transfers,3 applicable as of May 12, 2025, address the obligations of crypto-asset service providers (CASPs) operating on behalf of their clients. These include requirements around pre-transfer disclosures (such as involved parties, timelines, fees, and blockchain-specific features such as the irreversibility of transfers), processing times, reasons for refusal or delay, and CASP liability.
4. Suitability and Periodic Statement
As of 12 May 2025, guidelines pertaining to the suitability of individuals and the periodicity of statements4 will be applicable to CASPs providing advisory services relating to crypto-assets or the use of crypto-asset services, or crypto-asset portfolio management. It is imperative that these CASPs meticulously gather and assess comprehensive client information, encompassing their experiential background, knowledge, financial disposition, and overarching objectives. Notwithstanding the provenance of the information, even if it is derived from algorithmic evaluations, the CASPs are under an obligation to undertake regular updates and assessments.
Furthermore, crypto-assets portfolio managers are obliged to submit periodic reports that provide detailed information on performance, fees, and transactions.
5. Maintenance of Systems and Security Access Protocols
These maintenance of systems and security access protocols guidelines,5 applicable as of May 27, 2025, apply to token issuers and applicants of crypto-asset trading admissions (excluding stablecoins which includes e-money tokens (EMTs) and asset-referenced tokens (ARTs)). Minimum IT security standards are established to mitigate risks for entities not covered by the EU’s Digital Operational Resilience Act (DORA). Requirements include implementation of strict governance, restricted access to expressly authorized persons, cryptographic keys, and physical security of critical infrastructure.
6. Templates for Explanations and Opinions and Standardized Test
These guidelines on templates for explanations and opinions and standardized test for crypto-assets,6 applicable as of May 10, 2025, provide standard templates for white paper disclosures, legal opinions on ARTs, and a classification test to determine whether a crypto-asset falls under MiCA.
How Can Goodwin Help?
At Goodwin, we are committed to navigating the complexities of EU law and its regulatory landscape. Our team of experts specializes in EU law and is well equipped to engage with regulators in each EU member state to ensure compliance with relevant regulations.
In any case, now is the time to ensure compliance with MiCA, noting that the regulation fully came into force on December 30, 2024.
We provide comprehensive support to help you navigate the intricate regulatory framework established by EU law. Understanding and adhering to these regulations is crucial for your operations. Our legal experts are skilled in drafting clear and effective contracts with clients, ensuring that all terms are transparent and compliant with EU regulations.
We would like to thank Lauréline Decottignies for her assistance with this insight.
[1] Esma guidance on the conditions and criteria for qualifying crypto-assets as financial instruments
[2] Esma guidance on reverse solicitation
[3] Esma guidance on crypto-asset transfers
[4] Esma guidance on suitability and periodic statement
[5] Esma guidance on maintenance of systems and security access protocols
[6] ESAs guidance on templates for explanations and opinions and standardized test for crypto-assets
This informational piece, which may be considered advertising under the ethical rules of certain jurisdictions, is provided on the understanding that it does not constitute the rendering of legal advice or other professional advice by Goodwin or its lawyers. Prior results do not guarantee similar outcomes.
