The three European Supervisory Authorities (ESAs), namely the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA), are warning consumers about the risks associated with trading in crypto-investments. While the EU’s Markets in Crypto-Assets Regulation (MiCAR) has been in force since December 2024, the level of protection remains limited depending on the product in question.
MiCAR creates binding rules for certain types of crypto-assets and their providers in the EU. However, many crypto-products are not within the scope of this regulation, and therefore no form of harmonised consumer protection exists for them.
The ESAs advise people to inform themselves precisely about the product prior to investing, to check the provider is authorised in the EU, and to ensure the safe custody of crypto-assets.
The ESAs’ joint factsheet explains which crypto-assets MiCAR covers and what to be particularly aware of regarding crypto-investments: Crypto-Assets explained: What MiCA means for you as a consumer (Format: pdf, Size: 640,5 KB, Language: English)
In addition to the factsheet, the ESAs have also updated their warnings in relation to crypto-assets: ESAs Warning on Crypto-assets (Format: pdf, Size: 670,6 KB, Language: English)