The transition period for the Markets in Crypto Assets Regulation (MiCAR) ends on 1 July 2026. The European Securities and Markets Authority (ESMA) has clarified that unauthorised crypto-assets service providers are required to wind down their activities in the EU, and emphasises safeguarding the interests of investors.
Unauthorised providers are expected,
- to stop onboarding new clients and to not enter into any new business relationships,
- to limit their services to the necessary level for ensuring an orderly wind-down,
- to communicate clearly, promptly and repeatedly with clients, and inform them about future steps and the relevant timelines.
Important note for consumers
Clients of unauthorised providers do not profit from the protections afforded by MiCAR, especially with regard to the safeguarding of client funds and crypto-assets. ESMA therefore recommends them to check whether providers are listed as authorised under MiCAR in the ESMA Register. In addition, the Austrian Financial Market Authority (FMA) Company Database can also be consulted, which contains a list of those providers that has notified its services in Austria. If this is not the case, then suitable steps should be taken, such as transferring crypto-assets to an authorised provider or to a self-hosted wallet.
The full ESMA Statement can be found here in English only: ESMA calls on unauthorised crypto-asset service providers to wind down orderly, while also safeguarding clients’ interests, as MiCA transitional period ends (Format: pdf, Size: 135,8 KB, Language: English)