This edition of RegRally Insights brings practical MiCA questions into sharper focus just as the European Commission opens the door to its first review of the Markets in Crypto-Assets Regulation. We highlight the European Banking Authority’s answers on passporting, white papers and e-money token exchange services, the European Securities and Markets Authority’s further guidance on white paper exemptions and market abuse rules, Latvia’s continued build-out of its MiCA licensing register, Estonia’s withdrawal of Admiral Markets AS’s investment firm licence, and the Commission’s consultation on whether MiCA should expand into areas such as decentralised finance, staking and non-fungible tokens. Read on for the key regulatory developments and what they mean in practice.
- EBA published final answers to three MiCA Q&As
- ESMA published new Q&As covering MiCA, MAR, and ESGRR
- Latvijas Banka issued Neverless SIA a MiCA licence
- Latvijas Banka issued Trek Technologies SIA (Backpack EU) licences
- Finantsinspektsioon withdrew investment firm licence from Admiral Markets AS
- European Commission launched a public consultation on the review of MiCA
EBA published final answers to three MiCA Q&As
The EBA published final answers to three MiCA Q&As (Q&A IDs 2024_7168, 2024_7166, 2024_7084), prepared by the European Commission.
(1) Credit institutions and EMIs issuing ART/EMT cross-border must comply with existing passporting frameworks under CRD and the EMD respectively – no separate MiCA passporting procedure applies.
(2) Article 28 MiCA on white paper publication applies to issuers exempted from authorisation under Article 16(2) – they must still publish notified white papers.
(3) For CASP exchange services, e-money tokens are to be treated as crypto-assets (not funds) within the MiCA scope, though they are deemed electronic money under Article 48(2) – with implications for whether PSD2 payment services authorisation is also required.
Key takeaways: Brief compliance teams on all three Q&A outcomes. For cross-border ART/EMT issuers, confirm passporting notifications are filed under CRD or EMD as applicable. Ensure all ART issuers exempt under Article 16(2) are publishing white papers. For CASPs offering EMT exchange services, assess whether acting as intermediary between holders and liquidity providers triggers PSD2 obligations.
Source: EBA | Date: 2026-05-08
ESMA published new Q&As covering MiCA, Market Abuse Regulation (MAR), and EU ESG Ratings Regulation (ESGRR)
ESMA published new Q&As covering MiCA, Market Abuse Regulation (MAR), and EU ESG Ratings Regulation (ESGRR). MiCA Q&A 2671 addresses exemptions from white paper requirements when offering a crypto-asset other than an ART or EMT. MAR Q&A 2839 covers annually conducted audits under Commission Delegated Regulation (EU) 2016/957. ESGRR Q&As 2853-2856 cover defined ranking systems, transitional provisions, ESG rating providers established after entry into force, and material changes to registration information.
Key takeaways: Review ESMA Q&A 2671 on MiCA white paper exemptions for non-ART/non-EMT crypto-assets – ensure internal product classification processes identify which assets qualify for exemption. Brief legal teams on MAR audit obligations under Delegated Regulation 2016/957. ESG-active firms should review ESGRR transitional provisions and registration change requirements in light of Q&As 2853-2856.
Source: ESMA | Date: 2026-05-28
Latvijas Banka issued Neverless SIA a MiCA crypto-asset services licence
On 20 May, the Supervision Committee of Latvijas Banka issued Neverless SIA a MiCA crypto-asset services licence. The company is authorised to provide custody, exchange for funds, exchange for crypto-assets, portfolio management, and transfer services. Neverless is the fourth MiCA-licensed CASP in Latvia. Latvia is steadily building a MiCA CASP register following the regulation’s entry into force in late 2024.
Key takeaways: Update MiCA CASP register for Latvia. Note Latvijas Banka’s active licensing posture – 8 licences issued to fintech companies in Latvia already in 2026 as of this publication. Assess whether Neverless or similar newly licensed Latvian CASPs are relevant counterparties for due diligence or passporting notification purposes.
Source Latvijas Banka | Date: 2026-05-21
Latvijas Banka issued Trek Technologies SIA (Backpack EU) both a MiCA crypto-asset services licence and a payment institution licence
On 27 May, the Supervision Committee of Latvijas Banka issued Trek Technologies SIA (Backpack EU) both a MiCA crypto-asset services licence and a payment institution licence. The crypto licence covers custody, exchange for funds and crypto, order execution, and transfer services. The PI licence covers payment execution including account transfers. Trek Technologies is the fifth MiCA-licensed CASP in Latvia, operating under the Backpack EU brand across the EU.
Key takeaways: Update MiCA CASP and PI registers for Latvia. Note that Backpack EU may passport its services across the EU – relevant for counterparty due diligence. Review whether any client or institutional relationships involve Backpack EU and apply appropriate onboarding controls for a newly licensed CASP/PI dual-authorised entity.
Source: Latvijas Banka | Date: 2026-05-27
Finantsinspektsioon (Estonia) withdrew the investment firm licence from Admiral Markets AS
On 27 April, Finantsinspektsioon (Estonia) withdrew the investment firm licence from Admiral Markets AS, following an application from the company itself. The company has terminated all client relationships in Estonia. Clients not yet having received their assets may contact the related entity Admirals Europe Ltd (Cyprus). Investment services under the Admiral Markets brand in Europe will continue through Admirals Europe Ltd, operating under Cypriot supervision and providing services to Estonian clients via cross-border passporting.
Key takeaways: Update investment firm registers – Admiral Markets AS is no longer a licensed investment firm in Estonia. Verify that any institutional relationships with Admiral Markets AS have been transferred or closed. Note that services continue through Admirals Europe Ltd (Cyprus) under cross-border provision – update counterparty records accordingly.
Source: Finantsinspektsioon | Date: 2026-05-06
European Commission launched a public consultation on the review of the Markets in Crypto-Assets Regulation (MiCA)
The European Commission launched a public consultation on the review of the Markets in Crypto-Assets Regulation (MiCA), open until 31 August 2026. Two tracks: (1) a public consultation open to all citizens on awareness and use of digital assets; (2) a targeted consultation for industry, national authorities, and specialised stakeholders covering current requirements, potential administrative simplifications, and market segments not initially covered by MiCA – including DeFi, crypto-lending, staking, and NFTs. The review reflects rapid evolution of crypto markets and the global policy landscape since MiCA began applying in 2024.
Key takeaways: Consider submitting responses to the targeted consultation before 31 August 2026, particularly regarding business lines in DeFi, staking, or NFT segments currently outside MiCA scope. Monitor consultation outcomes as they may shape future MiCA amendments affecting licensing, white paper requirements, and CASP obligations.
Source: European Commission | Date: 2026-05-28
As your legal advisors we will be happy to assist you regarding all the questions related to proposed changes in regulation, including legal advice as well as revision and preparation of your internal documents.
Inga Karulaitytė is an attorney-at-law, Partner, and Head of Banking, Finance & FinTech. She is a top-tier expert in FinTech and digital finance regulation in Lithuania and the Baltics. With more than 20 years of experience, she is ranked in FinTechLegal by Chambers and Partners FinTech (2020–2026) and ranked as a Highly Regarded lawyer in Banking and Finance by IFLR1000, Chambers and Partners, and The Legal 500 (2019–2026).
Inga is a Certified Anti-Money Laundering Specialist (CAMS), a Certified Global Sanctions Risk Management Specialist, a certified board member (Corporate Governance Certificate by BICG), and a Certified Internal Auditor.
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