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ARTICLE · 08 DECEMBER 2025

ESMA Q&A Regarding MiCA And CASP

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The European Securities and Markets Authority ("ESMA") has cleared the air about distinguishing between different execution services provided by Crypto-Asset Service Providers ("CASPs") through answering a submission from November 2024.

MaltaTechnology
Jianni Grima
Jianni Grima
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The European Securities and Markets Authority ("ESMA") has cleared the air about distinguishing between different execution services provided by Crypto-Asset Service Providers ("CASPs") through answering a submission from November 2024.

In essence, the question referred to the distinguishing of three MiCA Crypto-asset services provided by CASPs being:

  1. Execution Orders

  1. Reception and Transmission of Orders (RTOs)

  1. Exchange Services

ESMA's response clarifies that National Competent Authorities (NCAs) are to monitor CASPs and the services they provide to ensure that the description CASPs present of their services are true in practice. Hence, NCAs are encouraged to closely look at the way CASPs handle customer orders assessing whether the CASP:

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