The European Securities and Markets Authority (ESMA) has published guidelines setting criteria for the assessment of knowledge and competence under the EU’s Markets in Crypto-Assets Regulation (MiCA).
ESMA said the guidelines apply to competent authorities and crypto-asset service providers (CASPs) in relation to the provision of crypto-asset services under MiCA.
The regulator stated that the guidelines apply from six months after their publication on ESMA’s website in all official EU languages.
Advice and information to clients in scope
ESMA defines the “relevant services” covered by the guidelines as giving advice or providing information to clients on crypto-assets or crypto-asset services.
It defines “staff” as natural persons providing those relevant services to clients on behalf of a CASP.
Legal basis under MiCA
ESMA said the guidelines are issued under Article 81(15)(a) of MiCA and are intended to support the common, uniform and consistent application of MiCA provisions on knowledge and competence.
The regulator cited MiCA Articles 68(5) and 81(7) as the underlying requirements addressed by the guidance.
Governance and competence expectations
ESMA said CASPs should ensure that staff providing advice or information to clients have the necessary knowledge and competence to meet MiCA requirements and apply internal compliance policies.
The regulator added that competence expectations should be higher for staff giving advice than for those only providing information.
ESMA also said the guidelines apply where advice or information is delivered in an automated or semi-automated manner, including to staff responsible for setting the content and parameters provided to clients.
