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Level 2 and Level 3 measures
a framework
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of view:
Track record.
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Advised on 10+ MiCA licensing processes with the AFM.
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Established and structured 50+ crypto businesses.
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Advised 25+ directors on AFM or DNB fit and proper assessments.
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Set the standard for asset segregation by CASPs.
Here’s our point of view:
We can help you prepare for what the future holds for your business.
MiCA is not limited to the regulation itself. A substantial part of the regulatory framework is set out in Level 2 and Level 3 measures, including Regulatory Technical Standards (RTS), Implementing Technical Standards (ITS), and guidelines and Q&As issued by various supervisory authorities.
These measures provide the operational detail behind MiCA’s core requirements. They cover, among other things, governance, internal controls, complaints handling, conflicts of interest, record-keeping, transfer services, market abuse, prudential requirements and the content of license applications and white papers.
The regulatory landscape is still developing. New measures are adopted, finalised or updated on an ongoing basis. Keeping track of the full framework can therefore be challenging in practice.
To support clients and other market participants, we have developed the tracker below. This tracker provides a structured and up-to-date overview of all relevant Level 2 and Level 3 measures under MiCA.
MiCA level 2 and level 3 tracker
| Type | Issuer | Description | Reference | MiCA article |
|---|---|---|---|---|
| Q&A | ESMA | Possibility of natural persons and trusts / trustees to be authorised as CASPs | ESMA Q&A 2342 | 2 |
| Q&A | ESMA | Crypto-asset services of a DLT MI | ESMA Q&A 2005 | 2, 143 |
| Guideline | ESMA | Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments | Guidelines on the conditions and criteria for the qualification of crypto-assets as financial instruments | 2(5) |
| Q&A | EBA | Qualification of crypto-asset service in case of exchange of EMT for other crypto-assets | EBA Q&A 2024_7084 | 3 |
| Q&A | ESMA | Scope of public offering | ESMA Q&A 2404 | 3(1)(12), 16(1), 48(1), 143(4)(5) |
| Q&A | ESMA | How to distinguish between different execution services | ESMA Q&A 2653 | 3(1)(16) |
| Q&A | ESMA | Commingling clients' crypto-assets with crypto-assets from other entities of the group when acting as a custodian | ESMA Q&A 2578 | 3(1)(17) |
| Q&A | ESMA | Crypto-asset transfers as component of another crypto-asset service or as a separate crypto-asset service | ESMA Q&A 2071 | 3(1)(26), 82(2) |
| Q&A | ESMA | Proprietary trading under MiCA | ESMA Q&A 2293 | 3(1)(15)(19)(20), 76(5) |
| Q&A | ESMA | Auto trading | ESMA Q&A 2463 | 3(1)(16) |
| Q&A | ESMA | Exemption from white paper requirements when offering a crypto-asset other than an ART or EMT | ESMA Q&A 2671 | 4(2), 4(3) |
| ITS | ESMA, EBA | Standards forms, formats and templates for the purpose of making crypto-asset white papers available in a machine-readable format | EC Implementing Regulation (EU) 2024/2984 | 6(11), 19(10), 51(10) |
| Q&A | ESMA | Machine-readable (XBLR) format requirement for modified white papers | ESMA Q&A 2845 | 6(11), 19(10), 51(10) |
| RTS | ESMA, EBA | Content, methodologies and presentation of the information in respect of the sustainability indicators relating to adverse impacts on the climate and other environment-related adverse impacts | EC Delegated Regulation (EU) 2025/422 | 6(12), 19(11), 51(15), 66(6) |
| Guideline | ESMA, EBA | Guidelines so that issuers of crypto-assets can maintain systems and security access protcols to appropriate Union standards | Final report (ESMA75-223375936-6089) | 14(1) |
| Statement | ESMA | Statements on the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs | Statement on the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs | 16(1) |
| Q&A | EBA | Publication of white papers | EBA Q&A 2024_7166 | 16(2) |
| RTS | EBA, ESMA | RTS on the procedure for the approval of a crypto-asset whitepaper drawn up by a credit institution for an ART | EC Delegated Regulation (EU) 2025/296 | 17(8) |
| Q&A | EBA | Passporting procedure for non-CI ART issuers | EBA Q&A 2024_7167 | 18, 21, 25, 109 |
| RTS | EBA | RTS to further specify the information to be included in the application for an authorisation to offer ART to the public or to seek their admission to trading | Commission Delegated Regulation (EU) 2025/1125 | 18(6) |
| Opinion | EBA | Opinion relating to the final draft RTS on the information to be included in the application for authorisation to offer to the public and seek admission to trading of ARTs under Article 18(6) MiCA | Opinion on EC proposed amendment to RTS authorisation ARTs | 18(6) |
| ITS | EBA | ITS to establish standard forms, templates and procedures for information to be included in the application in order to ensure uniformity across the Union. | Commission Implementing Regulation (EU) 2025/1126 | 18(7) |
| Guideline | EBA, ESMA | Guidelines on the assessment of the suitability of the members of the management body of issuers of ARTs and of the shareholders and members that have qualifying holdings in issuers of ARTs | Joint EBA and ESMA Guidelines (ESMA75-453128700-10 and EBA/GL/2024/09) | 21(3), 63(11) |
| Guideline | EBA | Guidelines to specify templates to assist competent authorities in performing their supervisory duties regarding issuers' compliance with own funds and liquidity requirements in Titles III and IV of MiCA, to address gaps in the data points required under Article 22 of MiCA | Final report (EBA/GL/2024/16) | N/A |
| RTS | EBA, ECB | RTS on the methodology to estimate the number and value of transactions associated to uses of ARTs, and EMTs denominated in a currency that is not an official currency of a member state, as a means of exchange within a single currency area | Commission Delegated Regulation (EU) 2025/298 | 22(6) |
| ITS | EBA | ITS on standard forms, formats and templates for the purposes of reporting referred to in Article 22(1) and the provision of information referred to in Article 22(3) (i.e. reporting related to ARTs and EMTs denominated in a currency that is not an official currency of a member state) | EC Implementing Regulation (EU) 2024/2902 | 22(7) |
| RTS | EBA, ESMA | RTS on the requirements, templates and procedures for complaint handling regarding ARTS | EC Delegated Regulation (EU) 2025/293 | 31(5) |
| RTS | EBA | RTS to specify the requirements for the conflicts of interest policies and procedures, and the details and methodology for the content of the disclosure of conflicts of interest for issuers of ARTs | EC Delegated Regulation (EU) 2025/1141 | 32(5) |
| Opinion | EBA | Opinion on the EC's amendments relating to the final draft RTS on conflicts of interests for issuers of ARTs | Opinion on EC changes on RTS on conflicts of interest for issuers | 32(5) |
| Guideline | EBA, ESMA, ECB | Guidelines on the minimum content of governance arrangements for issuers of ARTs | Final report (EBA/GL/2024/06) | 34(13) |
| RTS | EBA, ESMA, ECB | RTS to specify adjustment of own funds requirement and minimum features of stress testing programs for issuers of ARTs or EMTs | EC Delegated Regulation (EU) 2025/415 | 35(6) |
| RTS | EBA | RTS further specifying the liquidity requirements, taking into account the size, complexity and nature of the reserve of assets and of the ART itself. | Final report (EBA/RTS/2024/10) | 36(4) |
| Opinion | EBA | Consultation on RTS amending RTS on own funds and eligible liabilities | Opinion of EBA on amendments to RTS on own funds and eligible liabilities | 36(4) |
| RTS | EBA | RTS specifying the financial instruments that can be considered highly liquid and bearing minimal market risk, credit risk and concentration risk as referred to in art. 38(1) | Final report (EBA/RTS/2024/11) | 38(5) |
| RTS | EBA | RTS to establish the detailed content of information that is necessary to carry out the assessment of proposed acquisitions of qualifying holdings in issuers of ARTs | EC Delegated Regulation (EU) 2025/413 | 42(4) |
| Delegated Act | EC | Delegated act to further specify certain criteria for classifying ARTs and EMTs as significant | EC Delegated Regulation (EU) 2024/1506 | 43(11) |
| Guideline | EBA, ESMA, ECB | Guidelines with view to establishing the common reference parameters of the stress test scenarios for liquidity stress tests | Final report (EBA/GL/2024/08) | 45(4) |
| RTS | EBA | RTS specifying the minimum content of the governance arrangements on the remuneration policy of issuers of significant ARTs or EMTs | EC Delegated Regulation (EU) 2025/418 | 45(7) |
| RTS | EBA | RTS specifying the minimum contents of the liquidity management policy and procedures as set out in paragraph 3, and liquidity requirements, including by specifying the minimum amount of deposits in each official currency referenced, which cannot be lower than 60% of the amount referenced in each official currency | Commission Delegated Regulation (EU) 2025/1264 | 45(7) |
| RTS | EBA | RTS specifying the procedure and timeframe for an issuers of a significant ART to adjust the amount of its own funds as required by paragraph 5 | EC Delegated Regulation (EU) 2025/419 | 45(7) |
| Guideline | EBA | Guidelines in accordance with article 16 of Regulation (EU) No 1093/2010 with a view to establishing the common reference parameters of the stress test scenarios to be included in the stress tests referred to in paragraph 4 of this Article. | Final report (EBA/GL/2024/08) | 45(8) |
| Guideline | EBA, ESMA | Guideline to specify the format of the recovery plan and the information to be provided in recovery plans of issuers of ARTs and EMTs | Final report on Guidelines (EBA/GL/2024/07) | 46(6) |
| Guideline | EBA | Guideline to specify the content of redemption plans and the periodicity for review | Final report on Guidelines (EBA/GL/2024/13) | 47(5) |
| Q&A | EBA | Qualification of crypto-asset service in case of exchange of EMT for other crypto-assets | EBA Q&A 2024_7078 | 48(2) |
| Q&A | EBA | Passporting procedure for Cis and EMIs issuing tokens under MiCAR | EBA Q&A 2024_7168 | 48, 146 |
| Q&A | ESMA | Tied agents under MiCA | ESMA Q&A 2143 | 59 |
| Q&A | ESMA | Shared order book model | ESMA Q&A 2579 | 59 |
| RTS | ESMA, EBA | RTS to specify information to be included by certain financial entities in the notification of intention to provide crypto-asset services | EC Delegated Regulation (EU) 2025/303 | 60(13) |
| ITS | ESMA | ITS on standards forms, templates and procedures for the notification by certain financial entities of intention to provide crypto-asset services | EC Implementing Regulation (EU) 2025/304 | 60(14) |
| Q&A | ESMA | CASPs providing services based on an Article 60 notification | ESMA Q&A 2125 | 60 |
| Q&A | ESMA | Notifications under Article 60 MiCA | ESMA Q&A 2089 | 60 |
| Q&A | ESMA | Provision of crypto-asset services by credit institutions | ESMA Q&A 2088 | 60 |
| Q&A | ESMA | Registered AIFM and MiCA | ESMA Q&A 2397 | 60(5) |
| Q&A | ESMA | Interaction between Article 60 notifications and the CASP transitional phase | ESMA Q&A 2069 | 60, 143 |
| GL | ESMA | Guideline to specify the situations in which a third-country firm is deemed to solicit clients established or situated in the Union | Final guidelines (ESMA35-1872330276-2030) | 61 |
| Supervisory briefing | ESMA | Supervisory briefing for the use of NCAs to achieve a convergent approach in the EU to MiCA authorisation | Supervisory briefing on the authorisation of CASPs | N/A |
| RTS | ESMA | RTS to further specify the information to be included in the application for an authorisation as a CASP | EC Delegated Regulation (EU) 2025/305 | 62(5) |
| ITS | ESMA | ITS to establish standard forms, templates and procedures for the information to be included in the application for authorisation as a CASP | EC Implementing Regulation (EU) 2025/306 | 62(6) |
| Q&A | ESMA | Offerors and CASPs’ responsibilities with regards to white papers for Title II tokens admitted to trading prior to 30 December 2024 | ESMA Q&A 2654 | |
| Q&A | ESMA | Audit / certification of CASP financial statements | ESMA Q&A 2344 | 67 |
| Q&A | ESMA | Minimum capital requirements for CASPs | ESMA Q&A 2343 | 67 |
| Q&A | ESMA | Calculation of fixed overheads | ESMA Q&A 2349 | 67(3) |
| RTS | ESMA | RTS on measures to ensure continuity and regularity in the performance of crypto-asset services | EC Delegated Regulation (EU) 2025/299 | 68(10)(a) |
| RTS | ESMA | RTS to further specify the records to be kept of all crypto-asset services, activities, orders and transactions undertaken. | EC Delegated Regulation (EU) 2025/1140 | 68(10)(b) |
| Q&A | ESMA | Pre-funding clients' orders with clients' crypto-assets | ESMA Q&A 2608 | 70 |
| Q&A | ESMA | Interests earned from client funds deposited at credit institutions | ESMA Q&A 2486 | 70 |
| Q&A | ESMA | Staking on own account | ESMA Q&A 2607 | 70(1) |
| Opinion / No action letter | EBA | Opinion on the interplay between PSD2 and MiCA in relation to crypto-asset service providers that transact electronic money tokens. | Opinion on the interplay between PSD2 and MiCA | 70(4) |
| Opinion | EBA | Opinion of EBA on the supervisory priorities at the end of the transition period under the EBA’s No Action letter on the interplay between PSD2 and MiCA | EBA Opinion on supervisory priorities | 70(4) |
| RTS | ESMA, EBA | RTS to further specify the requirements, templates and procedures for handling complaints by crypto-asset service providers. | EC Delegated Regulation (EU) 2025/294 | 71(5) |
| RTS | ESMA, EBA | RTS to specify certain requirements in relation to conflicts of interest for crypto-asset service providers. | EC Delegated Regulation (EU) 2025/1142 | 72(5) |
| Q&A | ESMA | Payouts in fiat currency by CASPs in the context of exchange services | ESMA Q&A 2550 | 75 |
| Q&A | ESMA | Treatment of staking services in MiCA | ESMA Q&A 2067 | 75 |
| Q&A | ESMA | Clarification on withdrawal requirements under article 75 of MiCA for CASPs | ESMA Q&A 2320 | 75 |
| Q&A | ESMA | Custody agreements in the exercise of rights attached to crypto-assets | ESMA Q&A 2290 | 75(4) |
| Q&A | ESMA | Application of Title II requirements to CASPs operating a trading platform for crypto-assets | ESMA Q&A 2552 | 76 |
| RTS | ESMA | RTS to further specify the manner in which transparency data, including the level of disaggregation of the data to be made available to the public, is to be presented. | EC Delegated Regulation (EU) 2025/417 | 76(16)(a) |
| RTS | ESMA | RTS to specify the content and format of order book records for crypto-asset service providers. | EC Delegated Regulation (EU) 2025/416 | 76(16)(b) |
| Q&A | ESMA | Publication of information by CASPs providing the service of exchange of crypto-assets for funds or other crypto-assets | ESMA Q&A 2181 | 77(2)(4) |
| Q&A | ESMA | Scope of the term “trading platform for crypto-assets” in Article 78(5) of MiCA (executing client orders outside of a trading platform) | ESMA Q&A 2711 | 78(5) |
| Q&A | ESMA | Overlap between offers of crypto-assets and placing | ESMA Q&A 2551 | 79 |
| Q&A | ESMA | Prohibition of monetary and non-monetary benefits under MiCA. | ESMA Q&A 2087 | 80 |
| Opinion | ESMA | Opinion on ESMA's own initiative on the application of MiCA in relation to the operation of trading platforms and broker-models. | ESMA Opinion (ESMA75-453128700-1048) | |
| Guideline | ESMA | Guidelines on requirements relating to investor protection (i.e. suitability requirements and format of the periodic statement for portfolio management activities under MiCA). | Final Guidelines (ESMA35-1872330276-2031) | 81(15) |
| Guideline | ESMA | Guidelines specifying the criteria for the assessment of knowledge and competence. | Final Guidelines (ESMA35-24871704-2922) | 81(15) |
| Guideline | ESMA, EBA | Guidelines for CASPs on the procedures and policies, including the rights of clients, in the context of transfer services for crypto-assets. | Final Guidelines (ESMA35-1872330276-2032) | 82(2) |
| Guideline | EBA | Guidelines on information requirements in relation to transfers of funds and certain crypto-assets transfers under Regulation (EU) 2023/1113 (Travel Rule Guidelines) | Final report on Travel Rule Guidelines (EBA/GL/2024/11) | 82 |
| RTS | ESMA | RTS specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in a crypto-asset service provider | EC Delegated Regulation (EU) 2025/414 | 84(4) |
| ITS | ESMA | ITS specify technical means for appropriate public disclosure of inside information and for delaying public disclosure of inside information. | EC Implementing Regulation (EU) 2024/2861 | 88(4) |
| Q&A | ESMA | Personal scope of persons professionally arranging or executing transactions under MiCA | ESMA Q&A 2769 | 92(1) |
| RTS | ESMA | RTS specifying the arrangements, systems and procedures to prevent, detect and report market abuse, the templates to be used for reporting suspected market abuse, and the coordination procedures between the competent authorities for the detection and sanctioning of market abuse in cross-border market abuse situations | Commission Delegated Regulation (EU) 2025/885 | 92(2) |
| Guideline | ESMA | Guidelines on supervisory practices among the competent authorities to prevent and detect market abuse. | Final Guidelines | 92(3) |
| RTS | ESMA | RTS to specify the information to be exchanged between NCAs. | EC Delegated Regulation (EU) 2025/300 | 95(10) |
| ITS | ESMA, EBA | ITS to develop standards to establish standard forms, templates and procedures for the co-operation and exchange of information between NCAs. | EC Implementing Regulation (EU) 2024/2545 | 95(11) |
| ITS | ESMA, EBA | ITS to develop standards to establish standard forms, templates and procedures for the co-operation and exchange of information between competent authorities and ESMA/EBA. | EC Implementing Regulation (EU) 2024/2494 | 96(3) |
| Guideline | ESMA, EBA, EIOPA | Guidelines to specify the content and form of the explanations and opinions accompanying crypto-asset whitepapers, and the standardised test for the classification of crypto-assets. | Final Guidelines (JC 2024 28) | 97(1) |
| Delegated Act | EC | Delegated act to specify the criteria and factors to be taken into account by ESMA, EBA and competent authorities in relation to their intervention powers. | EC Delegated Regulation (EU) 2024/1507 | 103(8), 104(8), 105(7) |
| RTS | ESMA | RTS establishing a template document for co-operation arrangements with the supervisory authorities of third countries and competent authorities. | EC Delegated Regulation (EU) 2025/292 | 107(3) |
| RTS | ESMA | RTS to specify data necessary for the classification of crypto-asset whitepapers and practical arrangements to ensure such data is machine-readable. | EC Delegated Regulation (EU) 2025/421 | 109(8) |
| RTS | EBA, ESMA, ECB | RTS to specify the conditions for the establishment and functioning of consultative supervisory colleges. | EC Delegated Regulation (EU) 2025/297 | 119(8) |
| Delegated Act | EC | Delegated act specifying the procedural rules for the exercise of the power to impose fines or periodic penalty payments by the EBA on issuers of significant ARTs and EMTs. | EC Delegated Regulation (EU) 2024/1504 | 134(10) |
| Delegated Act | EC | Delegated act specifying the fees charged by the EBA to issuers of significant ARTs and EMTs. | EC Delegated Regulation (EU) 2024/1503 | 137(3) |
| Statement | ESMA | ESMA Statement on MiCA Transitional Measures. | Statement on MiCA transitional measures | 143 |
| Q&A | ESMA | New CASPs established before (and after) 30 December 2024 | ESMA Q&A 2085 | 143 |
| Q&A | ESMA | Passporting rights for entities benefiting from grandfathering | ESMA Q&A 2086 | 143 |
| Q&A | ESMA | Status of entities providing crypto-asset services as part of the grandfathering regime | ESMA Q&A 2295 | 143 |
| Q&A | ESMA | Grandfathering clause and applicable AML laws | ESMA Q&A 2068 | 143(3) |
| Q&A | ESMA | Entities not authorised as CASPs by the end of the transition period | ESMA Q&A 2220 | 143(3) |
| Q&A | ESMA | Entities who have not applied for, or whose application for authorisation as CASPs has been refused by the end of the transition period | ESMA Q&A 2221 | 143(3) |
| Statement | ESMA | Statement on MiCA transitional measures | ESMA Statement transitional measures | 143(3) |
| Statement | EBA | Statement on application of MiCAR to ARTs and EMTs. | EBA statement on Application of MiCAR to ARTs and EMTs | 143(4)(5) |
| Q&A | ESMA | Simplified authorisation procedures | ESMA Q&A 2070 | 143(6) |
| Statement | EBA | Statement on timely preparatory steps towards the application of MiCAR to asset-referenced and e-money tokens | Statement on timely preparatory steps towards the application of MiCAR to asset-referenced and e-money tokens | |
| Guideline | EBA | Guidelines on templates to assist competent authorities in performing their supervisory duties regarding information requested by NCAs from issuers of ARTs and EMTs. | Final report on Guidelines (EBA/GL/2024/16) | |
| Statement | ESMA | Statement to support the smooth implementation of MiCA data standards and format requirements | ESMA Statement | |
| FAQ | AFM | FAQ on general MiCA matters, asset segregation in the Netherlands, and ICT-risk management | AFM FAQ |
116 measure(s)
Contact us.
Are you launching a crypto or blockchain-related project, assessing the regulatory treatment of a product or service, or looking for legal advice on a more complex digital finance matter?
Watsonlaw advises on a broad range of crypto- and blockchain-related legal issues, including MiCA, stablecoins, payment services and e-money, investment funds investing in crypto-assets, tokenisation of financial instruments, DeFi-related structures and other innovative business models.
We are happy to assist with the legal qualification of your activities, the structuring of your product or service, the applicable legal framework and the next steps for your business or project.
Would you like to know more? Please contact Willem-Jan Smits or Rens Kattenbelt.
Download the MiCA Whitepaper.
The draft Markets in Crypto-Assets (MiCA) Regulation was released by the European Commission in September 2020. As with most markets-focused regulations, one of MiCA’s priorities is to limit the potential risks to the consumer. But the EC’s proposal also aims to address certain issues that it sees as hindering the EU crypto-asset sector. In the MiCA Whitepaper we therefore extensively discuss various topics that may be important for issuers and crypto service providers.
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