Continuing on from its previous publications, which we covered in our latest newsflash relating to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets ("MiCA"), on 30 April 2025, the CSSF informed that it now applied more guidelines of the European Banking Authority ("EBA"), the European Securities and Markets Authority ("ESMA") (together with the EBA, ("ESA")) and the ESA relating to MiCA. As previously, the CSSF has adopted the guidelines in the form of CSSF circulars as follows:
- Circular CSSF 25/885 on the application of the Guidelines of the EBA on templates to assist competent authorities in performing their supervisory duties regarding issuers' compliance under Titles III and IV of MiCA (EBA/GL/2024/16);
- Circular CSSF 25/886 on the application of the Guidelines of ESMA on the conditions and criteria for the qualification of crypto-assets as financial instruments (ESMA75453128700-1323);
- Circular CSSF 25/887 on the application of the Guidelines of ESMA on situations in which a third-country firm is deemed to solicit clients established or situated in the EU and the supervision practices to detect and prevent circumvention of the reverse solicitation exemption under MiCA (ESMA35-1872330276-2030);
- Circular CSSF 25/888 on the application of the Guidelines of ESMA on the procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets under MiCA (ESMA35- 1872330276-2032);
- Circular CSSF 25/889 on the application of the Guidelines of ESMA on the specification of Union standards for the maintenance of systems and security access protocols for offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens and e-money tokens (ESMA75-223375936-6132); and
- Circular CSSF 25/890 on the application of the joint ESA Guidelines on templates for explanations and opinions, and the standardised test for crypto-assets, under Article 97(1) of MiCA (JC 2024 28).
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