PANews reported on February 18 that according to Cryptoslate, the European Securities and Markets Authority (ESMA) has launched a public consultation on guidelines for assessing the knowledge and capabilities of professionals providing crypto asset services under the Crypto Asset Market Regulation (MiCA). The consultation was released on February 17 and aims to standardize the qualifications and experience required for individuals to provide advice or information to clients on digital assets.
The draft guidelines set clear professional qualifications, work experience and continuing education standards for employees employed by crypto-asset service providers (CASPs). Under the proposal, individuals providing crypto-asset investment advice must meet stricter competency requirements than those providing basic information services. ESMA outlines that advisers must have a higher education degree or equivalent, receive at least 160 hours of professional training, and have at least one year of relevant experience. Those providing general information on crypto-assets, on the other hand, will need at least 80 hours of professional qualification training and six months of supervised experience. All professionals must pass an assessment exam and complete ongoing training – at least 10 hours per year for information providers and 20 hours per year for advisers – to ensure their knowledge remains up to date. The guidelines also highlight the importance of understanding the risks specific to crypto-assets, including market volatility, cybersecurity threats, blockchain governance, and liquidity risks associated with major asset holders. In addition, ESMA proposes that firms should conduct annual internal reviews to assess whether employees are complying with these standards.
Market participants, including CASPs, investors, financial institutions and industry associations, are invited to provide feedback on the proposed standards. ESMA will accept comments until April 22, 2025 and expects to publish final guidelines in the third quarter of that year.
