Circular CSSF 25/875 is a CSSF circular, published 17 February 2025 and updated 25 February 2025. Subject: Application of the joint EBA and ESMA Guidelines on the suitability assessment of members of management body of issuers of asset-referenced tokens and of crypto-asset service providers, and of Joint EBA and ESMA Guidelines on the suitability assessment of shareholders and members, whether direct or indirect, with qualifying holdings in issuers of asset-referenced tokens and in crypto-asset service providers (EBA/GL/2024/09; ESMA75-453128700-10).
\nRelevant for: Crypto-Assets Service Providers (CASPs).
\nMain topic: Markets in Crypto-Assets (MiCA/MiCAR). Keywords: Crypto-assets.
\nCircular CSSF 25/875 Application of the joint EBA and ESMA Guidelines on the suitability assessment of members of management body of issuers of assetreferenced tokens and of crypto-asset service providers, and of Joint EBA and ESMA Guidelines on the suitability assessment of shareholders and members, whether direct or indirect, with qualifying holdings in issuers of assetreferenced tokens and in crypto-asset service providers (EBA/GL/2024/09; ESMA75453128700-10)
\nCircular CSSF 25/875 Application of the joint EBA and ESMA Guidelines on the suitability assessment of members of management body of issuers of assetreferenced tokens and of crypto-asset service providers, and of Joint EBA and ESMA Guidelines on the suitability assessment of shareholders and members, whether direct or indirect, with qualifying holdings in issuers of asset-referenced tokens and in crypto-asset service providers (EBA/GL/2024/09; ESMA75453128700-10) To all: •
\napplicant issuers of ARTs seeking an authorisation as defined under Article 18 of Regulation (EU) 2023/1114 1 (“MiCAR”);
\nissuers of asset-referenced tokens (“ARTs”) authorised in accordance with Article 21 of MiCAR;
\napplicant crypto-asset service providers (“CASPs”) seeking an authorisation under Article 62 of MiCAR;
\nCASPs authorised in accordance with Article 63 of MiCAR; and
\nCASPs listed in Article 60, providing crypto-asset services as part of their authorisation in accordance with paragraphs (2), (4), (5) and (6) of Article 60 of MiCAR (where applicable).
\nLuxembourg, 17 February 2025 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Joint Guidelines of the European Banking Authority (the “EBA”) and the European Securities and Markets Authority (“ESMA”) establishing the common reference parameters of the suitability assessment of members of the management body of issuers of asset-referenced tokens and of crypto-asset service providers (see part 1. below), and the suitability assessment of shareholders and members, whether direct or indirect, with qualifying holdings in issuers of assetreferenced tokens and in crypto-asset service providers (see part 2. below) referred to in Regulation (EU) 2023/1114 (Ref. EBA/GL/2024/09 and ESMA75-453128700-10) (the “Guidelines”), published on 4 December 2024. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level.
\nRegulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in cryptoassets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937
\nThe Guidelines
\nThe Guidelines are jointly issued by the EBA and ESMA on the basis of Articles 21(3) and 63(11) of MiCAR pursuant to Article 16 of Regulation (EU) No 1093/2010 and Article 16 of Regulation (EU) 1095/2010 (Regulations establishing the EBA and ESMA respectively). The Guidelines apply as from 4 February 2025. These Guidelines establish the common reference parameters that competent authorities should use for the assessment of: -
\nthe suitability of members of the management body of: o o
\nan applicant issuer of ARTs seeking an authorisation under Article 18 of MiCAR or authorised in accordance with Article 21 of that Regulation; an applicant CASP seeking an authorisation under Article 62 of MiCAR, or a CASP authorised in accordance with Article 63 of that Regulation or, with reference to Article 68(1) of MiCAR, providing crypto-asset services as part of their authorisation in accordance with paragraphs (2), (4), (5) and (6) of Article 60 of MiCAR.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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