MiCA explainer

MiCA Framework Finalised on 10.07.2026: ESMA Guidelines

The MiCA transitional period has concluded, with ESMA's final guidelines on CASP staff competence becoming applicable on 28 July. What the finalised framework means for Baltic and Nordic exchanges and users.

Toms Ābeltiņš

10 July 20269 min read

Given the absence of new, datable developments in our segment over the past 24-48 hours, this article serves as an explanatory piece. The MiCA transitional period concluded on 1 July, with Finland's Finanssivalvonta confirming the framework for crypto service providers is now complete; ESMA's final guidelines become applicable on 28 July.

Friday, 10 July 2026. This is an explanatory publication (rather than a daily news review), as there have been no new, precisely datable events in our segment - crypto exchanges and CASP service providers, hardware wallets, crypto cards, and tax tools serving the Baltics and Nordics - over the past 24-48 hours that haven't already been covered in previous daily reviews. Instead, this publication offers an in-depth explanation of a significant and approaching regulatory milestone for the region: the MiCA regulatory framework for service providers is now complete, with its final components - the European Securities and Markets Authority (ESMA) guidelines on staff knowledge and competence - becoming applicable on 28 July 2026. In the market background, Bitcoin traded around the $63,000 level on 10 July, recovering from a dip earlier in the week and testing $64,000 resistance.

MiCA Transitional Period Concludes - Framework Now Complete

The transitional period for the MiCA (Markets in Crypto-Assets) Regulation concluded on 1 July 2026. ESMA confirmed back in April that there would be no extensions: from this date, crypto-asset services within the European Economic Area may only be provided by fully licensed Crypto-Asset Service Providers (CASPs). Historic national regimes - for example, Estonian virtual currency service licences or registrations in other countries - no longer grant the right to serve EU clients without MiCA authorisation.

Finland's Financial Supervisory Authority (Finanssivalvonta) clearly articulated this phase: the European regulatory framework for crypto-asset service providers is now complete, with the final ESMA guidelines becoming applicable on 28 July. Practically, this means that after years of gradual implementation, the body of rules is no longer 'in the making' - it is fully in force and enforceable.

ESMA's Final Guidelines: Staff Knowledge and Competence

The final element of the framework comprises ESMA's guidelines on the criteria for assessing the knowledge and competence of CASP staff. ESMA published these on 11 July 2025, and in accordance with standard procedure - six months after the publication of translations in all EU languages - they become applicable on 28 July 2026.

The guidelines set out the minimum level of knowledge and competence for staff who provide information or advice to clients on crypto-assets. Using specific examples, they describe both the necessary professional qualifications and relevant practical experience. Crucially, the level of requirements varies by function: one standard is set for staff who merely provide information, while a higher standard applies to those who offer advice or consultations. The guidelines particularly emphasise the inherent risks of the crypto market, including the high volatility of assets and cybersecurity threats, which staff must understand and be able to explain to clients.

National supervisory authorities must notify ESMA within a specified timeframe whether they will comply with the guidelines. Following the application date, exchanges and brokers in the region will need to ensure that their customer service and advisory staff meet these EU-wide standards - this is not a one-off formality, but an ongoing compliance requirement.

What Else is Included in the Finalised Framework

The staff competence guidelines are the final element in a broader set of ESMA documents that are now in force. The framework, among other things, covers:

Reverse solicitation - the guidelines clarify that the exception allowing a non-EU service provider to serve an EU client is to be interpreted very narrowly: it applies only when the client has, on their own initiative, exclusively requested the service. This limits attempts to circumvent MiCA licensing.
Suitability guidelines - requirements for service providers offering advice or managing portfolios, brought closer to MiFID II standards.
Crypto-asset transfer service guidelines - procedures for protecting clients who transfer crypto-assets.
Crypto-asset qualification as financial instruments guidelines - helps distinguish when an asset falls under MiCA and when under other regimes, such as MiFID II.
Technical standards on market abuse detection and reporting. Together, these documents form a coherent set of rules applicable to all CASPs, regardless of their Member State.

What This Means for Baltic and Nordic Supervisors and Service Providers

For the region's supervisors - Latvijas Banka, Lietuvos bankas, Estonia's Finantsinspektsioon, Finland's Finanssivalvonta, Sweden's Finansinspektionen, and Norway's and Denmark's Finanstilsynet - the finalised framework provides a unified basis for evaluating licence applications and supervising already licensed players. This also explains why, in recent months, we have seen both new licences (for example, Ripple's full CASP licence in Luxembourg last week) and rejections (Sweden's Finansinspektionen rejected Goobit's application) - supervisors are applying a single standard, and compliance is not guaranteed.

For Norway and other EEA countries outside the EU, MiCA is being implemented through the EEA Agreement mechanism, meaning that Norwegian licensed players, such as the previously discussed TÝR Markets, operate within the same framework. The Baltics' strengthening position as a gateway for crypto and fintech licensing - further reinforced by the interest of major exchanges, including Kraken, in Lithuania - is unfolding precisely against the backdrop of this finalised, supervisable regulatory landscape.

Watchlist: What's Next

The nearest date to watch is 28 July, when the staff competence guidelines become applicable - after which, service providers in the region must be ready to demonstrate staff compliance. In the medium term, attention should be paid to the MiCA review process: the European Commission initiated an evaluation of the regulation in 2026 with a public consultation running over the summer, covering issues such as stablecoins, tokenised assets, DeFi, and staking. The long-term outcome could expand the scope of the regulation. In parallel, the licensing flow continues - the ESMA CASP register is growing, and new licences are expected in the region.

What This Means for Users

For users in the Baltics and Nordics, the finalised framework means three practical things. Firstly, when choosing a platform, it is still worth checking its MiCA licence status in the relevant country - a licence is now an indicator of quality, not just permission. Secondly, from 28 July, staff providing you with information or advice on crypto-assets must meet a certain standard of knowledge, including on risks and cybersecurity; this raises the bar for service quality. Thirdly, the narrow interpretation of reverse solicitation means that unlicensed non-EU platforms are legally prohibited from actively soliciting you - if they do, it is a warning sign. In the market background, volatility around the $63,000 level demands caution regardless of regulation.

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