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ARTICLE · 31 JANUARY 2025

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ESMA Statement On Services Re Non-MiCAR-Compliant ART/EMTs

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On 17 January 2025, the European Securities and Markets Authority (ESMA) published a statement on the provision of certain crypto-asset services relating asset-referenced tokens...

European UnionTechnology
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
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On 17 January 2025, the European Securities and Markets Authority (ESMA) published a statement on the provision of certain crypto-asset services relating asset-referenced tokens (ARTs) and electronic money tokens (EMTs) (also known as stablecoins) that are not compliant with the Markets in Crypto-Assets Regulation (MiCAR).

Background

Since the application of Titles III and IV of MiCAR on 30 June 2024, the activities of issuing, offering to the public and seeking admission to trading of ARTs and EMTs are regulated activities in the EU under MiCAR.

The European Commission recently adopted a Q&A clarifying which crypto-asset services provided in the EU may constitute an offering to the public or an admission to trading of non-MiCAR compliant ARTs/EMTs and clarifying how these obligations apply to crypto-asset service providers (CASPs).

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