Regulatory Alerts2024-12-17
Final Report on Guidelines on Reverse Solicitation under MiCA
The European Securities and Markets Authority (ESMA) issued final guidelines specifying the narrow scope of the reverse solicitation exemption for third-country firms providing crypto-asset services in the EU. These rules require National Competent Authorities to detect and prevent circumvention of authorization requirements by broadly defining solicitation and scrutinizing marketing activities, influencers, and third-party referrals. The guidelines mandate that any promotion or advertising targeting EU clients disqualifies the exemption, ensuring that third-country firms cannot bypass MiCA authorization through indirect marketing efforts.
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