On 20 June 2025, the European Securities and Markets Authority („ESMA”) published in a form of a Q&A an opinion on the provision of crypto-asset services in the shared order book model. In this model the order book of an entity authorised to provide crypto-asset services under MiCA Regulation[1] is integrated with the order book of an unauthorized entity. The submitted question asked whether providing services in this model was permissible under the requirements set out in the MiCA Regulation.
In the response, ESMA states that the provision of crypto-asset services in the shared order book model falls within the definition of „operation of a trading platform for crypto-assets” set out in Article 3(1)(18) of the MiCA Regulation, and that each entity involved in this model should therefore be regarded as a crypto-asset service provider. Consequently, each of these entities should be authorized under MiCA to operate as a crypto-asset service provider, and the operation of a trading platform for crypto-assets under the shared order book model between an authorized and unauthorized entity constitutes an unauthorized operation of a trading platform for crypto-assets.
The full content of the response is available at the following link:
https://www.esma.europa.eu/publications-data/questions-answers/2579
[1] Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on Markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150 9.6.2023, p. 40).