ESMA Guidelines on criteria for assessing the knowledge and competence of staff under Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA)

16 June 2026
Ref.: 2604144

Circular no.: 17/2026
To: Commercial banks, savings banks, securities firms, virtual asset service providers, electronic money institutions, exchanges, central securities depositories, the FinTech Cluster, the Crypto Council and the Association of Financial Services Companies

Subject: ESMA Guidelines on criteria for assessing the knowledge and competence of staff under Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA)

The European Securities and Markets Authority (ESMA) published on 28 January 2026 guidelines (ESMA35-24871704-2922) on criteria for assessing the knowledge and competence of staff at virtual asset service providers under Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), which was transposed into law by Act no. 101/2025 on markets in crypto-assets. The guidelines are directed at virtual asset service providers as defined in MiCA.

The guidelines are based on point (a) of the first paragraph of Article 81 of MiCA and Article 16 of Regulation (EU) no. 1095/2010 and aim at consistent, efficient and effective supervisory practices and the common application of the provisions of MiCA that staff who provide customers with information or advice on crypto-assets or crypto-asset services possess appropriate knowledge and competence, cf. the seventh paragraph of Article 81 of MiCA.

ESMA expects that the guidelines will strengthen investor protection by clarifying the requirements for the relevant service. The guidelines set out criteria aimed at ensuring that virtual asset service providers ensure that individuals who provide the relevant service, i.e. information or advice on crypto-assets or crypto-asset services, have the necessary knowledge and competence, are familiar with internal rules and processes, and that management reassesses the functioning of the systems at least annually and responds to deviations. It is further specifically stated that the requirements for those who provide advice are generally stricter than for those who only provide information. The guidelines also cover automated and semi-automated processes (e.g. digital solutions) to the extent that staff are responsible for the content, settings or criteria of such processes.

The Financial Supervisory Authority therefore encourages virtual asset service providers and other market participants that fall within the scope of MiCA or intend to provide services with or advice on crypto-assets to familiarise themselves with the guidelines and take them into account in their operations, as applicable.

The Financial Supervisory Authority will rely on the guidelines in its supervisory practice and in assessing whether the requirements under the provisions discussed above are met.

This circular will be published on the website of the Central Bank of Iceland together with a link to the English version of the guidelines.

Yours faithfully,
CENTRAL BANK OF ICELAND

Aðalsteinn Eymundsson
Director
Conduct Supervision

Inga Dröfn Benediktsdóttir
Director
Conduct Supervision

Valid electronic signature
Aðalsteinn Eymundsson
16.06.2026 15:29

Valid electronic signature
Inga Dröfn Benediktsdóttir
16.06.2026 15:33