CSSF Circular 25/891: Application of ESMA Guidelines on Suitability and Periodic Statements for Crypto Portfolio Management

Circular CSSF 25/891
Application of the Guidelines of the European Securities and Markets Authority on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under the Markets in Crypto Assets Regulation (ESMA35-1872330276-2031)

CIRCULAR CSSF 25/891 2/3
Circular CSSF 25/891
Application of the Guidelines of the European Securities and Markets Authority on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under the Markets in Crypto Assets Regulation (ESMA35- 1872330276-2031) To crypto-asset service providers, as defined in Article 3(1)(15) of Regulation (EU) 2023/1114 (“MiCAR”)1, where they provide, as relevant, advice on crypto-assets or portfolio management of crypto-assets. Luxembourg, 19 May 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 certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under the Markets in Crypto Assets Regulation (ESMA35-1872330276-2031) (the “Guidelines”), published on 26 March 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.

1. The Guidelines
   The Guidelines are issued by ESMA on the basis of Article 81(15) of MiCAR pursuant to Article 16 of Regulation (EU) No 1095/2010. The Guidelines apply as from 25 May 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 81(1), (7), (8), (10), (11), (12) and (14) of MiCAR. In particular, they aim to promote greater convergence in the application of, and supervisory approaches to, the MiCAR suitability requirements and requirements applicable to the format of the periodic statement to be provided by crypto-asset service providers providing portfolio management of crypto-assets. The Guidelines are attached to this circular and are available on ESMA’s website https://www.esma.europa.eu/. 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto￾assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937

CIRCULAR CSSF 25/891 3/3
2. Scope of application
This circular shall apply to crypto-asset service providers, as defined in Article 3(1)(15) of MiCAR, where they provide, as relevant, advice on crypto-assets or portfolio management of crypto-assets.
3. Date of application
This circular shall apply as from 25 May 2025.
Claude WAMPACH
Director
Marco ZWICK
Director
Jean-Pierre FABER
Director
Françoise KAUTHEN
Director
Claude MARX
Director General
Annex ESMA Guidelines on certain aspects of the suitability requirements and format
of the periodic statement for portfolio management activities under the Markets in Crypto Assets Regulation (MiCA) (ESMA35-1872330276-2031)