MiCA – ESMA Q&A Distinguishing Execution from reception and transmission of orders

2025-10-18 · MiCA, Crypto, ESMA, RTO, Exec · Free

On 14 October 2025, ESMA provided some clarification about how to distinguish crypto- asset services under MiCA and more precisely how to distinguish “execution of order for crypto-assets on behalf of clients” (Article 3(1)(16e), and “reception and transmission of orders for crypto-assets on behalf of clients” (Article 3(1)(16g) from one another.