The European Securities and Markets Authority (ESMA) has published a final report detailing supervisory guidelines aimed at preventing and detecting market abuse in crypto-asset markets under the Markets in Crypto-Assets Regulation (MiCA). The report, released on 29 April, outlines expectations for national competent authorities (NCAs) across the EU.
The guidelines target supervisory practices among NCAs, aiming to standardise how market abuse is monitored and addressed in the crypto-asset space. ESMA’s goal is twofold: to ensure that NCAs adopt effective supervisory methods tailored to the crypto environment, and to promote a harmonised approach to enforcement across EU Member States.
Drawing from experience under the existing Market Abuse Regulation (MAR), the guidelines also reflect the distinct characteristics of crypto markets. These include the cross-border nature of crypto trading, the prevalence of social media in market movements, and the technologies unique to the sector. The intention is to equip regulators with tools and expectations better suited to the specific risks posed by crypto assets.
Implementation timeline
The guidelines will be officially applicable three months after their publication in all official EU languages on ESMA’s website. While waiting for translations, ESMA encourages NCAs to begin applying the principles immediately.
Once the guidelines are available in all EU languages, NCAs will have two months to notify ESMA of their stance, whether they comply, intend to comply, or do not intend to comply. This approach reflects ESMA’s usual framework for soft law instruments and is designed to ensure transparency and alignment across jurisdictions.
