MiCA explainer

Reverse solicitation MiCA 19.07.2026: EU client boundary

An in-depth explanation of the MiCA Article 61 reverse solicitation exception and ESMA guidelines - can Baltic and Nordic users still use non-EU based exchanges after the end of the transitional period on 1 July and the framework's completion on 28 July.

Toms Ābeltiņš

19 July 20268 min read

Following the end of MiCA's transitional period on 1 July, many Baltic and Nordic users are asking: can I still use my non-EU based exchange? The answer lies in the MiCA Article 61 reverse solicitation exception, which ESMA guidelines deliberately make very narrow. This explanation outlines what users and service providers are permitted to do, and why 28 July is an important date.

In the last 24 hours, there have been no individually dateable new (Tier A) developments in the Baltic and Northern European crypto exchange, hardware wallet, card, and tax tool segment, and this week's news (Kraken's banking licence objective in Lithuania, CASP consolidation, staff competence guidelines) has already been covered in previous editions. Therefore, today's edition is an in-depth explanation (MiCA explainer) on a topic that is becoming practically relevant right now: how MiCA's "reverse solicitation" rules affect whether users in the region can still use non-EU registered exchanges after the end of the transitional period. Dates in the text are precise; older, ongoing processes are labelled as context, not as fresh news.

Why this topic now

MiCA's transitional ("grandfathering") period ended in most of the EU on 1 July 2026. From this point, crypto-asset services to EU clients may only be provided by authorised CASPs (Crypto-Asset Service Providers) or those operating via the MiCA passporting mechanism. Several international players who had not obtained a licence restricted or ceased services in the EU market at the beginning of July. Concurrently, the regulatory framework reaches its full completion on 28 July 2026, when the final ESMA guidelines come into force - Finland's Finanssivalvonta described this as the moment when "the European regulatory framework for crypto-asset service providers is complete".

The practical question many users in Latvia, Lithuania, Estonia, Finland, Sweden, Norway, and Denmark are currently asking is: if my usual, non-EU based exchange is no longer allowed to "solicit" me, can I still use it on my own initiative? The answer lies in MiCA Article 61 and ESMA's guidelines on reverse solicitation.

What is reverse solicitation

Reverse solicitation is a narrow exception in the MiCA regulation (Article 61) that allows a third-country (non-EEA) firm to provide a crypto-asset service to an EU client without EU authorisation - but only if the client themselves, on their exclusive initiative, has initiated the relationship. The logic is the same as in traditional financial services (MiFID II): if a client genuinely and independently approaches a foreign service provider, the EU cannot prohibit it, but the firm must not provoke this situation through marketing.

Crucially, the exception applies to a specific transaction or type of service, not to a permanent, long-term authorisation. A firm relying on this exception may not, on that basis, offer the client new types of crypto-assets or additional services - that would constitute a new offer to which the exception does not apply.

ESMA guidelines deliberately narrow the exception

ESMA's guidelines on reverse solicitation define "solicitation" very broadly: it is considered to be any advertisement, promotion, or offer directed at EU clients, regardless of the channel. This includes websites and apps, social media, search engine optimisation (SEO) targeting an EU audience, influencers and affiliate partners, as well as general brand advertising that reaches an EU audience.

The guidelines clearly state several principles. Firstly, disclaimers - for example, "this offer is not intended for EU residents" - cannot outweigh actual conduct: if a firm genuinely solicits EU clients, formal text will not remedy this. Secondly, "educational" materials that ultimately direct to a platform or distribute service brochures are considered solicitation. Thirdly, push notifications sent after initial contact, encouraging more trading or promoting new assets, constitute new, separate solicitation. Fourthly, the exception covers only the same type of service or instrument that the client initially requested, not additional bundled services.

This broad definition means that, in practice, the reverse solicitation exception is much narrower than many non-EU service providers had hoped. It is not a "back door" to the EU market, but rather a genuinely limited exception for individual, truly client-initiated cases.

What this means for Baltic and Nordic users

For users in the region, the practical implication is as follows. If a non-EU based exchange has restricted EU services after 1 July, it may no longer actively solicit you, advertise, or offer new products. Theoretically, you can still approach such a service provider on your own initiative, but this exception is narrow, applies to a specific transaction, and does not grant the service provider the right to subsequently serve you as a permanent client or sell additional services.

From a consumer protection perspective, this is important: in transactions based on reverse solicitation, the client typically does not enjoy the same MiCA guarantees (information disclosure, complaint handling, asset segregation) provided by an authorised CASP. Therefore, for users in the region who seek certainty, the most practical path is to choose a MiCA-authorised service provider - local or one operating via a MiCA passport - rather than relying on an exception whose boundaries are set by the supervisor, not the user.

What this means for service providers

For firms that serve or have served clients in the region without an EU licence, ESMA's stance requires specific actions: geo-blocking for EU users, an audit of all marketing channels (including SEO, social media, and affiliate networks), control over third-party partnerships, and meticulous documentation proving that each transaction was genuinely initiated by the client. Referring to disclaimers or the absence of payment agreements with marketing partners is not a sufficient defence - actual conduct is what matters.

For regional, MiCA-authorised CASPs, this clarity is a competitive advantage: it reduces "grey area" competition from foreign platforms that previously relied on a loose interpretation of solicitation.

Watchlist - what to monitor

Firstly, 28 July 2026, when the final ESMA guidelines come into force and the framework is fully complete; this may lead to more active engagement from national supervisors. Secondly, public warnings from national regulators (Estonia's Finantsinspektsioon, Finland's Finanssivalvonta, the central banks of Lithuania and Latvia, Norway's and Denmark's Finanstilsynet, Sweden's Finansinspektionen) regarding unauthorised service providers. Thirdly, potential clarifications from ESMA or national authorities on how the exception applies in practice. These are matters of context and supervision, not dateable news from yesterday.

Summary for market participants

Reverse solicitation is not a universal key for non-EU exchanges wishing to continue serving Baltic and Nordic clients. ESMA's guidelines deliberately make this exception narrow - any marketing directed at an EU audience excludes it. For users, the safest path after the end of the transitional period is MiCA-authorised service providers with full regulatory protection; for service providers - either obtain a licence and passport, or consistently geo-block and document. With 28 July, the regulatory framework is complete, making reliance on interpretive uncertainty increasingly difficult going forward.

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