ESMA Q&A - MiCA : Réponses du 18 février 2026
Key highlights: ✔️ Mandatory return “in kind”: custody CASPs must return the same crypto-asset held. Forced conversion is not permitted (Art. 75(6)). ✔️ Fiat-only exchange models prohibited: selling a crypto-asset without allowing effective transfer is not compliant. ✔️ Interest on client funds: CASPs cannot retain interest generated on safeguarded funds (Art. 70). ✔️ White paper & trading platforms: Article 5(2) only applies where a white paper is actually required under MiCA. ✔️ Offering vs placing: licensing depends on legal qualification, not frequency or commercial repetition.
About the author
Cécile Henry
Regulatory and compliance expert at Seqlense. Cécile authors every Seqlense Note — bringing hands-on experience and a pragmatic approach to regulatory analysis, with a focus on real operational impact rather than abstract theory. Her work covers French, Luxembourg and Belgian regulators, EU frameworks (MiCA, DORA, AML), and the operational reality of compliance in financial services and crypto.
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