On 20 June 2025, the Cyprus Securities and Exchange Commission (CySEC) issued Circular C713, announcing the adoption of three important sets of ESMA Guidelines under the Markets in Crypto-Assets Regulation (MiCA). These developments are crucial for Crypto-Asset Service Providers (CASPs) authorised under MiCA.
- Guidelines on Transfer Services for Crypto-Assets
CySEC has adopted the ESMA Guidelines on transfer services, which outline procedures, policies, and client rights for CASPs that transfer crypto-assets on behalf of clients. These guidelines, issued under Article 82(2) of the MiCA Regulation, aim to ensure consistent supervision and enhanced investor protection across EU jurisdictions.
- Guidelines on Reverse Solicitation
CySEC also adopted ESMA’s Guidelines on reverse solicitation, clarifying when third-country firms are considered to be actively soliciting clients in the EU. While primarily directed at regulators, CASPs must carefully review paragraphs 16 and 22, and included examples solicitation scenarios, to ensure compliance and avoid potential regulatory breaches.
- Guidelines on Portfolio Management of Crypto-Assets
Lastly, CySEC adopted ESMA’s Guidelines on suitability requirements and the format of periodic statements for CASPs providing investment advice on crypto-assets or portfolio management of crypto-assets. These guidelines, rooted in Article 81(15) of MiCA, aim to unify supervisory practices and promote client transparency in crypto-asset portfolio management.
Effective Date
All three sets of ESMA Guidelines adopted by CySEC apply 60 calendar days from the date of their publication on ESMA’s website in all official EU languages.
This development reflects CySEC’s commitment to ensuring regulatory alignment and supervisory convergence under the evolving EU’s MiCA regulatory framework, supporting a secure and transparent crypto-asset ecosystem.
Access the CYSEC Circular C713