Fighting Market Abuse In Crypto-Assets: ESMA Guidelines Under MiCA

Published on April 29, 2025, the ESMA final report (ESMA75-453128700-1408) outlines the guidelines (Guidelines) for competent national authorities (NCAs) to prevent and detect market abuse in the context of the Markets in Crypto Assets Regulation (2023/1114) ("MiCA"). This document is part of the effort to ensure consistent and effective supervision of crypto-assets markets across the European Union.

Regulatory Context: MiCA and the Fight Against Market Abuse

MiCA requires crypto market participants, particularly PPAETs (Persons Professionally Involved in the Organization or Execution of Transactions), to have effective systems in place to prevent market abuse (Article 92).