ESMA Statement On MiCA Transitional Periods

In December 2025, theEuropean Securities and Markets Authority (ESMA)issued an important statement addressing the impending conclusion of the transitional periods under theMarkets in Crypto-Assets Regulation (MiCA).The Statement provides clarity to crypto-asset service providers ('CASPs'), national competent authorities ('NCA'), and market participants as Member State-level transitional regimes come to an end, bringing the sector fully under the harmonized MiCA framework.

Divergent Transitional Periods Across the EU

MiCA introduced temporary rules for crypto-asset service providers (CASPs) that were already offering services under national rules before 30 December 2024. From that date onwards, newly established CASPs must obtain authorisation under MiCA to operate. Existing providers, however, may continue their activities for a limited transitional period. The duration of this period is determined by each EU Member State, resulting in differing timelines across