Read the CySEC Circular C713
Memo #37-2025
CySEC Circular No: C713
Date: 23/06/2025
Subject: ESMA Guidelines on: (i) the procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets under the Markets in Crypto Assets Regulation (MiCA) on investor protection, (ii) reverse solicitation under the Markets in Crypto Assets Regulation (MiCA), (iii) certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under the Markets in Crypto Assets Regulation (MiCA)
Purpose: To inform the Crypto-asset service providers (CASPs) that the CySEC has adopted Guidelines issued by the ESMA.
In Summary:
CySEC has issued the Circular C713 on 20/06/2025 to inform the Crypto-asset service providers (CASPs) that the CySEC has adopted the (i) Guidelines on transfer services, (ii) Guidelines on reverse solicitation and (iii) Guidelines on portfolio management activities, issued by the European Securities and Markets Authority (“ESMA”).
Specifically, the CySEC informs the CASPs that act as providers of transfer services for crypto-assets on behalf of clients within the meaning of Article 3(1)(26) of Regulation (EU) 2023/11141 (“MiCA Regulation”); that it has adopted the Guidelines of the ESMA, on the procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets on investor protection, which were issued on 26/02/2025 (“Guidelines on transfer services”).
Also, the CySEC informs the CASPs that it has adopted the ESMA Guidelines on reverse solicitation under the Markets in Crypto Assets Regulation (MiCA), which were issued on 17/12/2024 (“Guidelines on reverse solicitation”)
Furthermore, the CySEC informs the CASPs that provide advice on crypto-assets or portfolio management of crypto-assets within the meaning of Articles 3(1)(24) and 3(1)(25) of MiCA Regulation, that it has adopted the ESMA Guidelines on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities, which were issued on 26/03/2025 (“Guidelines on portfolio management activities”).
The Guidelines can be found on the following Links:
(i) Guidelines on transfer services: https://www.esma.europa.eu/sites/default/files/2025-02/ESMA35-1872330276-2032_Guidelines_on_transfer_services_for_crypto-assets_under_MiCA.pdf
(ii) Guidelines on reverse solicitation: https://www.esma.europa.eu/sites/default/files/2024-12/ESMA35-1872330276-1899_-_Final_report_on_GLs_on_reverse_solicitation_under_MiCA.pdf
(iii) Guidelines on portfolio management activities: https://www.esma.europa.eu/sites/default/files/2025-03/ESMA35-1872330276-2031_Guidelines_on_suitability_and_periodic_statement_MiCA.pdf
Read the CySEC Circular C713
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