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ESMA outlines key technical requirements under MiCA

20 Feb 2026
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At the end of last year, the European Securities and Markets Authority (ESMA) issued a statement in relation to the technical specifications to support the smooth implementation of Markets in Crypto-Assets (MiCA) standards. Key highlights include:

  • Order book records: Crypto-asset service providers (CASPs) operating trading platforms must maintain records in JSON format, adhering to ISO 20022 methodology. Effective from 3 April 2025.
  • Record-keeping: Regardless of which CASP produces a record, competent authorities should be able to uniformly perform analysis on all record databases, therefore guidelines on how information is kept and handed over by CASPs is provided.
  • Transparency requirements: Standardised ISO 20022 messages for data reporting will be available from 28 November 2025 to ensure consistency with thew maintained order book records.
  • White papers: Issuers, offerors, persons seeking admission to trading and CASPs operating trading platforms must prepare crypto-asset white papers in XHTML format using the eXtensible Business Reporting Language (XBRL) taxonomy. Applicable from 23 December 2025.
  • Identifiers: The technical schemas mentioned above must adhere to the following data standard requirements regarding identifiers. If no other EU-level identifiers are available, CASPs must identify legal-entity clients using Legal Entity Identifier (LEI) codes compliant with the ISO 17442 standard and listed in the Global LEI database managed by the Central Operating Unit under the LEI Regulatory Oversight Committee. Likewise, when drafting crypto-asset white papers, CASPs and other preparers are required to identify each crypto-asset using a digital token identifier compliant with the ISO 24165 standard.

These measures aim to improve transparency, ensure consistency, and facilitate market surveillance across the crypto-asset ecosystem.

ESMA’s Statement can be accessed here