ESMA issues new regulatory guidance on crypto, crowdfunding, and derivatives

The European Securities and Markets Authority (ESMA) has released five new sets of Questions and Answers (Q&A) to clarify the practical application of key financial regulations within the European Union.

Regarding crypto-assets, the guidance addresses how Crypto-Asset Service Providers (CASPs) under the MiCA regulation may hold client funds in payment accounts provided by non-bank payment service providers. This clarification aims to ensure client fund protection in accordance with MiCA Article 70.

In the crowdfunding sector, ESMA provided guidance on the European Crowdfunding Service Providers Regulation (ECSPR). Specifically, it addresses platforms that utilize an ‘investment club’ model by charging registration, membership, or other access fees, clarifying the transparency and information obligations required for such business models.

The remaining clarifications pertain to the European Market Infrastructure Regulation (EMIR) and the Active Account Requirement (AAR) for central counterparties (CCPs), covering topics such as the 85% exemption, threshold calculations, and representativeness obligations.