ESMA Q&A - Primary issuance and direct delivery of tokens under MiCA
In its Q&A 2882 of June 18, 2026, ESMA clarifies that an issuer may itself deliver the tokens covered by an offer to the public, directly from the issuance smart contract to subscribers' wallets, without CASP authorisation and without using a CASP. This analysis reviews ESMA's reasoning, based on the functional definitions of custody and transfer, and outlines the limits of the clarification: primary issuances only, excluding the custody of funds collected and any services provided after issuance.
This note is reserved for Seqlense Notes Premium
You need an active subscription to read the full PDF. Sign in to your Seqlense account, then activate your subscription — one plan unlocks every Regulatory Watch, Technical Note and Investment & Regulation analysis.
Secure payment · Cancel anytime · Read by professionals across Europe
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.
View LinkedIn profile →