ESMA_QA_2085

Status: ✅ Answer Published

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Regulatory Context

Level 1 Regulation: MiCA

Topic: Crypto-Asset Service Provider (CASP)

Subject Matter: New CASPs established before (and after) 30 December 2024

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Question

Submission Date: 29-01-2024

(June 2022) and 30 December 2024 to continue providing crypto-asset services (under national applicable law) until 1 July 2026 (assuming the MS allows the full duration of the grandfathering period)?

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ESMA Answer

Answer Date: 29-01-2024

Yes. Article 143(3) of MiCA allows entities providing crypto services to benefit from grandfathering if they provided their services in accordance with applicable national law before 30 December 2024. There is no effective ‘date of initiation’ related to entry into force or other temporal constraint (i.e., if the entity providing crypto services began offering services in 2014, it would still be eligible for grandfathering).

For those entities offering crypto services who did not provide such services (or exist as a legal entity) under any applicable laws before 30 December 2024, they will not benefit from grandfathering. To provide services in the transitional period (and after), they must acquire a MiCA authorisation.

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This document was automatically extracted from the ESMA EMIR Q&A database.