2026-07-13-Porada o kryptoaktywach a MiFID II

2026-07-13 \ Europejski Urząd Nadzoru Giełd i Papierów Wartościowych \ ESMA Q&A – Perimeter of advice under MiCA compared to MiFID II (przejdź do treści źródłowej)

ESMA has addressed the question: „How should the perimeter of advice on crypto-assets under MiCA be understood, and to what extent is it comparable to the notion of investment advice under MiFID II?” In its response, ESMA clarified that the perimeter of advice on crypto-assets under MiCA should be regarded as broader than the perimeter of advice under MiFID II. This is because the definition of ‘providing advice on crypto-assets’ under MiCA refers to offering, giving or agreeing to give personalised recommendations in respect of i) one or more transactions relating to crypto-assets or ii) the use of crypto-asset services. ESMA further outlined the relevant tests for determining whether a particular activity falls within the scope of advice on crypto-assets under MiCA. Applying these tests, ESMA concluded that on this basis, introductory services consisting of the recommendation of a crypto-asset service to a potential investor (with or without recommending a specific crypto-asset service provider), even if not made in relation to specific transactions in crypto-assets, may be regarded as advice on crypto-assets for the purpose of MiCA, depending on the circumstances surrounding the recommendation.

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