{"id":"circulars/cssf-25-888","title":"Circular CSSF 25/888","type":"circular","date":"2025-04-30","kind":"circular","html":"

Circular CSSF 25/888 is a CSSF circular, published 30 April 2025. Subject: Application of the Guidelines of the European Securities and Markets Authority on 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 on investor protection (ESMA35-1872330276-2032).

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Relevant for: Crypto-Assets Service Providers (CASPs).

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Main topic: Markets in Crypto-Assets (MiCA/MiCAR). Keywords: Crypto-assets.

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Text

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Circular CSSF 25/888 Application of the Guidelines of the European Securities and Markets Authority on 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 (ESMA351872330276-2032)

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Circular CSSF 25/888 Application of the Guidelines of the European Securities and Markets Authority on 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 (ESMA351872330276-2032) To crypto-asset service providers 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) 2023/1114 (“MiCAR”) 1.

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Luxembourg, 30 April 2025 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Guidelines of the European Securities and Markets Authority (“ESMA”) on 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 (ESMA35-1872330276-2032) (the “Guidelines”), published on 26 February 2025. Consequently, the CSSF has integrated the Guidelines into its administrative practices and regulatory approach with a view to promoting supervisory convergence in this field at European level.

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  1. The Guidelines The Guidelines are issued by ESMA on the basis of Article 82(2) of MiCAR pursuant to Article 16 of Regulation (EU) No 1095/2010. The Guidelines apply as from 27 April 2025. The Guidelines establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision and ensure the common, uniform and consistent application of the provisions in Article 82 of MiCAR. In particular, they aim at providing more clarity on the requirements for crypto-asset service providers providing transfer services for crypto-assets on behalf of clients as regards procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets. The
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Guidelines

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are

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attached

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this

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circular

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and

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are

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available

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ESMA’s

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website

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https://www.esma.europa.eu/.

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  1. Scope of application This circular shall apply to crypto-asset service providers that act as providers of transfer services for crypto-assets on behalf of clients within the meaning of Article 3(1)(26) of MICAR.
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Regulation (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

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  1. Date of application This circular shall apply as from 27 April 2025.
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Annex

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ESMA Guidelines on 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 (ESMA35-1872330276-2032)

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26/02/2025 ESMA35-1872330276-2032

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Guidelines On 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

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ESMA - 201-203 rue de Bercy - CS 80910 - 75589 Paris Cedex 12 - France - [telephone]www.esma.europa.eu

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Table of Contents 1

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Scope ............................................................................................................................ 4

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Legislative references, abbreviations and definitions .................................................... 4 2.1

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Legislative references ............................................................................................

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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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