The European Securities and Markets Authority clarifies rules that limit the practices of crypto platforms

The European Securities and Markets Authority has published and updated a series of official responses regarding the application of European rules for financial markets, with the most relevant clarifications in the crypto area. Platforms that hold customer assets cannot force users to withdraw the equivalent in cash or in other crypto-assets, cannot retain the interest generated by customer funds, and cannot offer "purchase" services for crypto without the possibility of the actual transfer of the purchased asset.

The European Securities and Markets Authority published and updated, on February 27, 2026, several responses regarding the application of European rules for financial markets, with a significant focus on service providers for crypto-assets, crowdfunding platforms, and the financial reporting of companies. The most relevant clarifications for the public concern the application of the Regulation on crypto-assets markets, MiCA, and limit some practices through which platforms could reduce customer control over purchased or held assets in account.

In short

Crypto platforms that hold customer assets must be able to return the same type of crypto-asset held for the customer, not just the equivalent in cash or in another digital asset.

Crypto service providers cannot retain the interest generated by customer funds deposited in credit institutions. The interest must be transferred to the customer.

A business model in which the customer "buys" a crypto-asset but can only withdraw the value in fiat currency is not allowed as a crypto exchange service.

In crowdfunding, nominee-type structures are not automatically prohibited, but must be explained to the competent authorities and investors, including regarding ownership, voting, costs, and risks.

For listed companies, ESMA is preparing for the application from 2027 of the new IFRS 18 rules regarding alternative performance measures and the presentation of financial results.

In a response regarding the obligations of crypto service providers that ensure the custody and management of assets, the European Commission, through the response published in the ESMA database, shows that platforms must be able to return to the customer the same type of crypto-asset that they hold in their name. A platform cannot require the customer to withdraw only the equivalent in fiat currency or in another crypto-asset, although it can offer this option if the user explicitly accepts it at the time of withdrawal.

This clarification is important for investors as it separates the custody service from conversion or exchange services. If a platform converts the customer's asset into cash or into another crypto-asset, this may mean providing another crypto service, for which the platform must be authorized and comply with applicable obligations, including those related to exchange rates.

Another clarification concerns the interest obtained from customer funds deposited in credit institutions. The response published by ESMA shows that MiCA does not allow crypto service providers to earn interest from these funds. If interest arises as a result of the obligation to deposit customer funds in secure accounts, the income must be transferred to the customer, as it comes from their money.

For users, the stakes are direct: the funds held by the platform for the customer cannot become a hidden source of income for the service provider. The clarification reinforces the principle that the prudential rules in MiCA aim to protect the customer, not to create an additional margin for the platform.

ESMA also publishes a clarification regarding platforms that offer crypto exchange services but allow customers to only cash out the equivalent in fiat currency. The Commission's response states that such a model is not permitted under MiCA if the user purchases a crypto-asset but does not have the option for the purchased asset to be transferred to them.

This distinction is relevant for the market as it delineates a real crypto exchange service from a product that merely reproduces economic exposure to a digital asset. If a customer purchases a crypto-asset, the platform has the obligation to allow the transfer of the purchased asset, not just the payment of its value in cash.

Another response addresses cases where a person publicly offers crypto-assets with the written consent of the issuer. According to the clarification, such activity does not automatically require a license from a crypto service provider if the person acts in the name of the issuer and does not provide a professional crypto service. However, if the activity includes the placement of crypto-assets or other services covered by MiCA, a license becomes necessary.

In another sensitive area, ESMA clarifies the situation of crypto-assets without an identifiable issuer. Platforms that allow such assets to be traded are not required to publish a white paper in cases where MiCA does not require it, but remain obligated to be authorized and to comply with general obligations, including the assessment of assets admitted for trading and verifying the existence of an identifiable issuer.

The package is not limited to crypto. In crowdfunding, ESMA addresses nominee-type structures, sometimes used for aggregating investors. The authority shows that these structures are not explicitly prohibited by the European Regulation on crowdfunding service providers, but must be described to the competent authority, assessed in relation to applicable rules, and explained to investors in the key information document.

In practice, crowdfunding platforms using such structures must explain who legally owns the instruments, how investor rights are protected, how voting rights are exercised, what costs exist, and what risks arise, including in the event of insolvency of the nominee entity. If the structure involves custody services, the entity providing them must have the necessary authorization.

ESMA has also included in the same package clarifications regarding the financial reporting of issuers, in view of the application of IFRS 18 from January 1, 2027. The authority shows that its guidelines on alternative performance measures remain applicable after the entry into force of IFRS 18, and companies must analyze where these measures are presented and whether they fall under both IFRS 18 rules and ESMA guidelines.

For investors, this part is relevant as it concerns how companies present indicators such as adjusted operating profit, EBITDA, or other measures that are not directly defined by accounting standards but are frequently used in financial communication.

The responses published in the ESMA database do not create new rules but clarify the application of existing legislation. Many of the responses regarding MiCA are formulated by the European Commission and include the specification that only the Court of Justice of the European Union can authoritatively interpret Union law.

Even so, ESMA's Q&A are important for the market as they show how European authorities understand the practical application of the rules. For crypto platforms, the main message is that customer protection includes control over the purchased asset, transparency regarding the funds held, and limiting business models that turn custody or exchange into a more opaque relationship for the user.

https://2eu.brussels/ro/stiri/autoritatea-europeana-pentru-valori-mobiliare-si-piete-clarifica-reguli-care-limiteaza-practicile-platformelor-crypto