> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/eu-level/q-and-a/q-and-a.md). # Overview Consolidated questions and answers on the interpretation and application of the Markets in Crypto-Assets Regulation ([MiCAR](https://github.com/jakesenfti/micawtf/tree/main/mica/README.md)), 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](https://www.esma.europa.eu/publications-data/questions-answers) · [EBA Single Rulebook Q\&A](https://www.eba.europa.eu/single-rule-book-qa) · [Commission DSA Q\&A](https://digital-strategy.ec.europa.eu/en/faqs/digital-services-act-questions-and-answers) ### DSA Commission Q\&A (Level 3) * [Commission DSA Q\&A — scope, users and enforcement](https://github.com/jakesenfti/micawtf/tree/main/eu-level/q-and-a/commission-dsa-qa-general.md) * [Commission DSA Q\&A — risk assessment, audit and audit implementation reports](https://github.com/jakesenfti/micawtf/tree/main/eu-level/q-and-a/commission-dsa-qa-risk-audit-reports.md) ### MiFID II / MiFIR compiled Q\&A (Level 3) * [ESMA35-43-349 — Investor protection & intermediaries](/eu-level/q-and-a/esma-qa-35-43-349-investor-protection.md) * [ESMA70-872942901-35 — Transparency](/eu-level/q-and-a/esma-qa-70-872942901-35-transparency.md) * [ESMA70-872942901-36 — Commodity derivatives](/eu-level/q-and-a/esma-qa-70-872942901-36-commodity-derivatives.md) * [ESMA70-1861941480-56 — MiFIR data reporting](/eu-level/q-and-a/esma-qa-70-1861941480-56-mifir-data-reporting.md) * [ESMA70-872942901-38 — Market structures](/eu-level/q-and-a/esma-qa-70-872942901-38-market-structures.md) * [ESMA35-36-794 — Retail CFDs & speculative products](/eu-level/q-and-a/esma-qa-35-36-794-cfds-retail.md) * [ESMA35-36-1262 — Technical Q\&A on product intervention](/eu-level/q-and-a/esma-qa-35-36-1262-product-intervention.md) * [07\_320 — Best Execution (CESR legacy)](/eu-level/q-and-a/esma-qa-07-320-best-execution.md) * [09\_559 — Complex / non-complex instruments (appropriateness) (CESR legacy)](/eu-level/q-and-a/esma-qa-09-559-complex-non-complex.md) * [ESMA/2012/382 — MiFID investor protection & intermediaries](/eu-level/q-and-a/esma-qa-2012-382-investor-protection-mifid1.md) *** ### Published Answers Sorted oldest to newest by answer-published date. | ID | Question | Article | Source | Date | | ----------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | ----------- | | [ESMA\_QA\_2067](/eu-level/q-and-a/esma-qa-2067-staking-services.md) | Does [MiCA](https://github.com/jakesenfti/micawtf/tree/main/mica/README.md) cover staking-as-a-service? | [75](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-3/article-75.md) | ESMA | 20 Jun 2024 | | [ESMA\_QA\_2068](/eu-level/q-and-a/esma-qa-2068-grandfathering-aml-registration.md) | Can AML-registered CASPs use the grandfathering clause? | [143(3)](/mica/title-ix-transitional-and-final-provisions-art.-140-149/article-143.md) | ESMA | 20 Jun 2024 | | [ESMA\_QA\_2069](/eu-level/q-and-a/esma-qa-2069-article-60-entities-transitional.md) | Can Article 60 entities rely on the transitional provision? | [60](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-60.md), [143(3)](/mica/title-ix-transitional-and-final-provisions-art.-140-149/article-143.md) | ESMA | 20 Jun 2024 | | [ESMA\_QA\_2070](/eu-level/q-and-a/esma-qa-2070-simplified-authorisation-aml-entities.md) | Can AML-registered CASPs use simplified authorisation? | [143(6)](/mica/title-ix-transitional-and-final-provisions-art.-140-149/article-143.md) | ESMA | 20 Jun 2024 | | [ESMA\_QA\_2071](/eu-level/q-and-a/esma-qa-2071-crypto-transfer-standalone-vs-ancillary.md) | Is a crypto-asset transfer standalone or ancillary? | [3(1)(26)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md), [59](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-59.md), [82](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-3/article-82.md) | ESMA | 20 Jun 2024 | | [ESMA\_QA\_2088](/eu-level/q-and-a/esma-qa-2088-notification-tied-agents.md) | Do CASPs need to notify competent authorities about tied agents? | [60](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-60.md) | ESMA | Sep 2024 | | [ESMA\_QA\_2342](/eu-level/q-and-a/esma-qa-2342-natural-persons-casps.md) | Can natural persons or trusts be authorised as CASPs? | [59](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-59.md), [63](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-63.md) | ESMA | Dec 2024 | | [ESMA\_QA\_2404](/eu-level/q-and-a/esma-qa-2404-non-compliant-art-emt-trading.md) | Can CASPs continue providing services for non-MiCA-compliant ARTs and EMTs? | [16(1)](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-16.md), [48(1)](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md) | ESMA | Jan 2025 | | [EBA\_QA\_2024\_7185](/eu-level/q-and-a/eba-qa-7185-scope-public-offering-art-emt.md) | What services constitute an offer to the public, admission to trading or placing of an ART or EMT? | [3(1)(12)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md), [16(1)](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-16.md), [48(1)](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md) | EBA | 17 Jan 2025 | | [ESMA\_QA\_2397](/eu-level/q-and-a/esma-qa-2397-aifm-mica-authorisation.md) | Do registered AIFMs need MiCA authorisation to provide crypto-asset services? | [60](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-60.md) | ESMA | Apr 2025 | | [ESMA\_QA\_2463](/eu-level/q-and-a/esma-qa-2463-auto-trading.md) | Does automated trading fall within the scope of MiCA crypto-asset services? | [3(1)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md) | ESMA | Apr 2025 | | [ESMA\_QA\_2293](/eu-level/q-and-a/esma-qa-2293-proprietary-trading-casp.md) | Does MiCA apply to proprietary trading by CASPs? | [59](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-59.md) | ESMA | Jun 2025 | | [ESMA\_QA\_2578](/eu-level/q-and-a/esma-qa-2578-commingling-client-assets.md) | Can CASPs commingle clients' crypto-assets? | [70](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-2/article-70.md) | ESMA | Jun 2025 | | [ESMA\_QA\_2579](/eu-level/q-and-a/esma-qa-2579-shared-order-book.md) | Is a shared order book model permitted under MiCA? | [76](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-3/article-76.md) | ESMA | Jun 2025 | | [EBA\_QA\_2024\_7167](/eu-level/q-and-a/eba-qa-7167-passporting-art-issuers.md) | How do non-CI ART issuers passport their activities to other Member States? | [18](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-18.md), [21](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-21.md), [25](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-25.md), [109](/mica/title-vii-competent-authorities-eba-and-esma-art.-93-138/chapter-2/article-109.md) | EBA | 5 Sep 2025 | | [ESMA\_QA\_2653](/eu-level/q-and-a/esma-qa-2653-execution-service-classification.md) | How to distinguish between exchange services and execution of orders under MiCA? | [3(1)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md) | ESMA | Oct 2025 | | [ESMA\_QA\_2654](/eu-level/q-and-a/esma-qa-2654-transitional-whitepaper-title-ii.md) | Do Title II tokens admitted to trading before 30 Dec 2024 need a MiCA white paper? | [143(2)](/mica/title-ix-transitional-and-final-provisions-art.-140-149/article-143.md), [7](/mica/title-ii-crypto-assets-other-than-asset-referenced-tokens-or-e-money-tokens-art.-4-15/article-7.md), [9](/mica/title-ii-crypto-assets-other-than-asset-referenced-tokens-or-e-money-tokens-art.-4-15/article-9.md) | ESMA | Oct 2025 | | [ESMA\_QA\_2746](/eu-level/q-and-a/esma-qa-2746-casp-group-structure.md) | Can a non-regulated holding company act as commercial counterparty to a licensed CASP subsidiary? | [59](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-1/article-59.md) | ESMA | 5 Jan 2026 | | [EBA\_QA\_2024\_7084](/eu-level/q-and-a/eba-qa-7084-emt-exchange-qualification.md) | Should exchanging EMTs for other crypto-assets be classified as crypto-for-crypto or funds-for-crypto? | [3](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md) | EBA | 8 May 2026 | | [EBA\_QA\_2024\_7166](/eu-level/q-and-a/eba-qa-7166-whitepaper-publication-exempted-issuers.md) | Must issuers exempt from authorisation under Article 16(2) still publish a white paper? | [16(2)](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-1/article-16.md), [28](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-2/article-28.md) | EBA | 8 May 2026 | | [EBA\_QA\_2024\_7168](/eu-level/q-and-a/eba-qa-7168-passporting-ci-emi-token-issuers.md) | Must CIs and EMIs issuing ARTs/EMTs cross-border comply with existing passporting frameworks? | [48(3)](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md), [146](/mica/title-ix-transitional-and-final-provisions-art.-140-149/article-146.md) | EBA | 8 May 2026 | | [ESMA\_QA\_2845](/eu-level/q-and-a/esma-qa-2845-whitepaper-xbrl-format.md) | Must modified white papers comply with machine-readable format requirements? | Reg. 2024/2984 | ESMA | 12 May 2026 | | [EBA\_QA\_2024\_7078](/eu-level/q-and-a/eba-qa-7078-emt-issuer-aml-kyc-scope.md) | Must EMT issuers apply AMLD5 customer due diligence to all EMT holders on an ongoing basis? | [48(2)](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md) | EBA | 22 May 2026 | | [EBA\_QA\_2024\_7172](/eu-level/q-and-a/eba-qa-7172-lightning-network-travel-rule.md) | 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](/eu-level/q-and-a/pending-questions/eba-qa-7066-art-reserve-bail-in-eligibility.md) | Are ART reserve liabilities secured, and therefore excluded from bail-in in resolution? | [36(2)](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-3/article-36.md) | EBA | 26 Apr 2024 | | [2024\_7068](/eu-level/q-and-a/pending-questions/eba-qa-7068-emt-parallel-issuance-eu-non-eu.md) | Can technically identical EMTs be issued in parallel by EU and non-EU entities? | [48](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md), [49](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-49.md), [54](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-54.md), [56](/mica/title-iv-e-money-tokens-art.-48-48/chapter-2/article-56.md) | EBA | 29 Apr 2024 | | [2024\_7069](/eu-level/q-and-a/pending-questions/eba-qa-7069-recital-54-article-54-significance.md) | What is the scope of Recital 54 and [Article 54](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-54.md) of MiCAR regarding 'significant' ARTs and EMTs? | [54](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-54.md), Recital 54 | EBA | 29 Apr 2024 | | [2025\_7457](/eu-level/q-and-a/pending-questions/eba-qa-7457-psd2-applicability-emt-issuance.md) | Does PSD2 apply to the issuance and redemption of EMTs under MiCAR? | [49](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-49.md) | EBA | 15 May 2025 | | [ESMA\_QA\_2769](/eu-level/q-and-a/pending-questions/esma-qa-2769-ppaet-market-abuse-scope.md) | Which entities qualify as PPAETs for market abuse reporting under MiCA? | [92](/mica/title-vi-prevention-and-prohibition-of-market-abuse-involving-crypto-assets-art.-86-92/article-92.md) | ESMA | 12 Feb 2026 | #### Rejected | ID | Question | Article | Source | Rejected | | ----------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------ | ----------- | | [2024\_7067](/eu-level/q-and-a/pending-questions/eba-qa-7067-micar-vs-crd-recovery-plan-info.md) | How can the MiCAR authority access prudential information for assessing ART/EMT recovery plans? | [46](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-6/article-46.md), [47](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-6/article-47.md), [55](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-55.md) | EBA | 15 Nov 2024 | | [2024\_7210](/eu-level/q-and-a/pending-questions/eba-qa-7210-own-funds-art-issuers-exempt.md) | What own funds must ART issuers exempt from authorisation under Article 16(2) hold? | [35(1)](/mica/title-iii-asset-referenced-tokens-art.-16-47/chapter-2/article-35.md) | EBA | 21 Nov 2024 | | [2024\_7114](/eu-level/q-and-a/pending-questions/eba-qa-7114-gold-tokens-arts.md) | Are tokens backed by gold classified as asset-referenced tokens? | [3(1)(6)](/mica/title-i-subject-matter-scope-and-definitions-art.-1-3/article-3.md) | EBA | 21 Mar 2025 | | [2024\_7027](/eu-level/q-and-a/pending-questions/eba-qa-7027-casp-non-eur-emt-trading.md) | Can a CASP receive, transmit or execute orders for non-EUR EMTs from non-MiCA-compliant issuers? | [48(1)](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-48.md) | EBA | 24 Jul 2025 | | [2025\_7591](/eu-level/q-and-a/pending-questions/eba-qa-7591-emt-issuance-bank-segregated-account.md) | Must banks maintain a segregated account to safeguard proceeds from EMT issuance? | [54](/mica/title-iv-e-money-tokens-art.-48-48/chapter-1/article-54.md), [58](/mica/title-iv-e-money-tokens-art.-48-48/chapter-2/article-58.md) | EBA | 11 Nov 2025 | | [2026\_7834](/eu-level/q-and-a/pending-questions/eba-qa-7834-own-funds-overlapping-casp-emi-if.md) | How are own funds determined for an entity with simultaneous CASP, EMI and investment firm authorisations? | [67](/mica/title-v-authorisation-and-operating-conditions-for-crypto-asset-service-providers-art.-59-85/chapter-2/article-67.md) | 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 * [offer to the public](https://github.com/jakesenfti/micawtf/tree/main/spaces/definitions/mica/offer-to-the-public.md) — defined term used on this page * [investment firm](https://github.com/jakesenfti/micawtf/tree/main/spaces/definitions/crr/investment-firm.md) — defined term used on this page * [investment firm](https://github.com/jakesenfti/micawtf/tree/main/spaces/definitions/dora/investment-firm.md) — defined term used on this page * [investment firm](https://github.com/jakesenfti/micawtf/tree/main/spaces/definitions/mica/investment-firm.md) — defined term used on this page * [investment firm](https://github.com/jakesenfti/micawtf/tree/main/spaces/definitions/mifid-ii/investment-firm.md) — defined term used on this page * [crypto-asset](https://github.com/jakesenfti/micawtf/tree/main/spaces/definitions/mica/crypto-asset.md) — defined term used on this page * [crypto-asset](https://github.com/jakesenfti/micawtf/tree/main/spaces/definitions/tofr/crypto-asset.md) — defined term used on this page * [subsidiary](https://github.com/jakesenfti/micawtf/tree/main/spaces/definitions/dora/subsidiary.md) — defined term used on this page --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://www.mica.wtf/eu-level/q-and-a/q-and-a.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. 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