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For the complete documentation index, see llms.txt. This page is also available as Markdown.

Overview

Index of ESMA, EBA and Commission MiCA, MiFID II, MiFIR and DSA Q&A, including published, pending, and rejected questions.

Consolidated questions and answers on the interpretation and application of the Markets in Crypto-Assets Regulation (MiCAR), MiFID II (Directive 2014/65/EU), MiFIR (Regulation (EU) No 600/2014), and selected Commission DSA guidance, prepared by the European Commission, EBA and ESMA. This section merges the ESMA Joint Q&A and the EBA Single Rulebook Q&A into a single index — overlapping questions are deduplicated. The MiFID II / MiFIR compilations below are ingested per ESMA document (not per sub-question); post-2023 updates flow through the interactive Q&A tool and are logged as a deferred per-entry lane.

Sources: ESMA Q&A tool · EBA Single Rulebook Q&A · Commission DSA Q&A

DSA Commission Q&A (Level 3)

MiFID II / MiFIR compiled Q&A (Level 3)

Published Answers

Sorted oldest to newest by answer-published date.

ID
Question
Article
Source
Date

ESMA_QA_2067

Does MiCA cover staking-as-a-service?

75

ESMA

20 Jun 2024

ESMA_QA_2068

Can AML-registered CASPs use the grandfathering clause?

143(3)

ESMA

20 Jun 2024

ESMA_QA_2069

Can Article 60 entities rely on the transitional provision?

60, 143(3)

ESMA

20 Jun 2024

ESMA_QA_2070

Can AML-registered CASPs use simplified authorisation?

143(6)

ESMA

20 Jun 2024

ESMA_QA_2071

Is a crypto-asset transfer standalone or ancillary?

3(1)(26), 59, 82

ESMA

20 Jun 2024

ESMA_QA_2088

Do CASPs need to notify competent authorities about tied agents?

60

ESMA

Sep 2024

ESMA_QA_2342

Can natural persons or trusts be authorised as CASPs?

59, 63

ESMA

Dec 2024

ESMA_QA_2404

Can CASPs continue providing services for non-MiCA-compliant ARTs and EMTs?

16(1), 48(1)

ESMA

Jan 2025

EBA_QA_2024_7185

What services constitute an offer to the public, admission to trading or placing of an ART or EMT?

3(1)(12), 16(1), 48(1)

EBA

17 Jan 2025

ESMA_QA_2397

Do registered AIFMs need MiCA authorisation to provide crypto-asset services?

60

ESMA

Apr 2025

ESMA_QA_2463

Does automated trading fall within the scope of MiCA crypto-asset services?

3(1)

ESMA

Apr 2025

ESMA_QA_2293

Does MiCA apply to proprietary trading by CASPs?

59

ESMA

Jun 2025

ESMA_QA_2578

Can CASPs commingle clients' crypto-assets?

70

ESMA

Jun 2025

ESMA_QA_2579

Is a shared order book model permitted under MiCA?

76

ESMA

Jun 2025

EBA_QA_2024_7167

How do non-CI ART issuers passport their activities to other Member States?

18, 21, 25, 109

EBA

5 Sep 2025

ESMA_QA_2653

How to distinguish between exchange services and execution of orders under MiCA?

3(1)

ESMA

Oct 2025

ESMA_QA_2654

Do Title II tokens admitted to trading before 30 Dec 2024 need a MiCA white paper?

143(2), 7, 9

ESMA

Oct 2025

ESMA_QA_2746

Can a non-regulated holding company act as commercial counterparty to a licensed CASP subsidiary?

59

ESMA

5 Jan 2026

EBA_QA_2024_7084

Should exchanging EMTs for other crypto-assets be classified as crypto-for-crypto or funds-for-crypto?

3

EBA

8 May 2026

EBA_QA_2024_7166

Must issuers exempt from authorisation under Article 16(2) still publish a white paper?

16(2), 28

EBA

8 May 2026

EBA_QA_2024_7168

Must CIs and EMIs issuing ARTs/EMTs cross-border comply with existing passporting frameworks?

48(3), 146

EBA

8 May 2026

ESMA_QA_2845

Must modified white papers comply with machine-readable format requirements?

Reg. 2024/2984

ESMA

12 May 2026

EBA_QA_2024_7078

Must EMT issuers apply AMLD5 customer due diligence to all EMT holders on an ongoing basis?

48(2)

EBA

22 May 2026

EBA_QA_2024_7172

Do Lightning Network transactions fall within the scope of TFR and Travel Rule Guidelines?

TFR Art. 2(1), 3

EBA

22 May 2026

Total published: 24 answers (17 ESMA-led · 7 EBA-led).

Pending Questions

Under Review / Forwarded

ID
Question
Article
Source
Submitted

2024_7066

Are ART reserve liabilities secured, and therefore excluded from bail-in in resolution?

36(2)

EBA

26 Apr 2024

2024_7068

Can technically identical EMTs be issued in parallel by EU and non-EU entities?

48, 49, 54, 56

EBA

29 Apr 2024

2024_7069

What is the scope of Recital 54 and Article 54 of MiCAR regarding 'significant' ARTs and EMTs?

54, Recital 54

EBA

29 Apr 2024

2025_7457

Does PSD2 apply to the issuance and redemption of EMTs under MiCAR?

49

EBA

15 May 2025

ESMA_QA_2769

Which entities qualify as PPAETs for market abuse reporting under MiCA?

92

ESMA

12 Feb 2026

Rejected

ID
Question
Article
Source
Rejected

2024_7067

How can the MiCAR authority access prudential information for assessing ART/EMT recovery plans?

46, 47, 55

EBA

15 Nov 2024

2024_7210

What own funds must ART issuers exempt from authorisation under Article 16(2) hold?

35(1)

EBA

21 Nov 2024

2024_7114

Are tokens backed by gold classified as asset-referenced tokens?

3(1)(6)

EBA

21 Mar 2025

2024_7027

Can a CASP receive, transmit or execute orders for non-EUR EMTs from non-MiCA-compliant issuers?

48(1)

EBA

24 Jul 2025

2025_7591

Must banks maintain a segregated account to safeguard proceeds from EMT issuance?

54, 58

EBA

11 Nov 2025

2026_7834

How are own funds determined for an entity with simultaneous CASP, EMI and investment firm authorisations?

67

EBA

29 May 2026

Total pending: 11 (5 Under Review / Forwarded · 6 Rejected).

Answers clarify provisions already contained in the applicable legislation. They do not extend the rights and obligations deriving from such legislation nor introduce additional requirements. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law.

Related

PreviousQ&ANextCommission CRA Q&A — implementation

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