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ESMA's guidelines under MiCA - what CASPs need to know

Learn about the key elements of the ESMA guidelines, their implications for crypto-asset service providers (CASPs), and how Trapets technology can help companies achieve compliance.

Published 2025-09-12
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On 9 July 2025, ESMA published new guidelines for supervisory practices that help authorities detect and prevent market abuse under MiCA.

These guidelines build on the existing legal framework and will take effect three months from publication. 

The goal is to ensure consistent and effective enforcement of market integrity rules under MiCA across the EU. 

In this article, we outline the key elements of the ESMA guidelines, their implications for crypto-asset service providers (CASPs), and how Trapets technology can help companies achieve compliance with MiCA. 

Key elements of the ESMA guidelines 

ESMA's guidelines aim to align supervision practices across the EU, especially around insider trading, unlawful disclosure of inside information, and market manipulation. 

Here are the main takeaways from the guidelines, especially relevant to CASPs and how they will be supervised: 

Proportionality of supervision 

Supervision must match the size, nature, and risk level of each CASP. Authorities should also monitor new abuse methods, such as MEV strategies (Maximal Extractable Value) and social media misinformation. 

Adoption of a risk-based approach 

Supervisors must identify and prioritise risks, including emerging ones, and be ready to respond to threats to market integrity without delay. 

Integration of existing practices and tools 

Current supervisory tools and practices (from traditional finance) should be adapted for crypto markets. This includes monitoring token supply manipulation, order reconciliation, MEV, and similar risks. 

Collaboration and coordination across authorities 

National authorities should share knowledge and coordinate, especially for cross-border cases, with ESMA playing a coordinated role. 

Monitoring and surveillance 

Both on-chain and off-chain data must be used for monitoring and surveillance. This includes transaction and order data from CASPs, as well as monitoring of social media when relevant. Automation and human oversight are both necessary in this process. 

Supervision of PPAETs (persons professionally arranging or executing transactions) 

Firms arranging or executing transactions must maintain systems that prevent and detect abuse, while supervision should be continuous and proportional. 

What should CASPs do?  

With MiCA already in force, CASPs should review their systems and processes now to ensure they meet the regulation and ESMA’s guidelines. 

Authorities will be expected to follow these guidelines. This means that CASPs should be ready to provide evidence of monitoring, communications checks, and effective reporting procedures. 

Some other steps CASPs can already begin implementing include: 

  • Strengthen surveillance systems to detect market abuse, including insider dealing, manipulation, MEV, and misinformation.
  • Ensure data access across platforms and reconcile on-chain, off-chain, and cross-market data.
  • Monitor relevant communication channels to identify unlawful disclosures or misinformation.
  • Establish internal procedures for detecting, grading, escalating, and reporting suspicious orders or transactions (STORs).
  • Maintain documentation of governance structures, risk controls, and staff expertise.
  • Prepare for audits and reviews by supervisory authorities. 

How Trapets can help  

Trapets provides technology to help CASPs comply with MiCA and ESMA’s new guidelines.  

Our Market and Trade Surveillance solution allows crypto businesses to monitor orders, transactions, and trading activities in accordance with the scale, size and nature of the business activity. 

The system uses automated alerts and risk scoring, making it easier for compliance teams to respond quickly and accurately. 

When it comes to reporting, Trapets provides structured workflows to help you detect, escalate, and document incidents in a way that meets regulatory expectations.  

Our solution ensures that records are easy to access and audit-ready. 

For customer onboarding and ongoing due diligence, Trapets helps CASPs screen for high-risk individuals and organisations.  

This includes checks for sanctions, politically exposed persons (PEPs), and adverse media, which are essential under MiCA and related AML regulations. 

Final words 

The ESMA guidelines show that regulatory expectations for the crypto sector are becoming more aligned with those of traditional finance. 

By embracing transparency and aligning with supervisory expectations early, CASPs can help shape a healthier, more credible crypto market as it grows. 

Want to better understand MiCA and what it means for your company?  

Watch our webinar where Per Friberg, Senior Financial Crime Surveillance Officer at Trapets, joins legal experts from law firm Harvest to discuss the key elements of MiCA. 

Learn what the regulation means for your business, how to meet supervisory expectations, and get practical insights from both compliance and legal perspectives.