Regulatory Alerts2024-12-17
Added · Updated
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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