The European Securities and Markets Authority has published a new Q&A clarifying that certain “shared order book” arrangements are not compliant with the Markets in Crypto-Assets Regulation (MiCA) where they involve non-EU trading platforms. The Q&A addresses models in which two or more crypto-asset platforms merge their separate order books into a single unified order book from which orders are matched. ESMA explains that, when such a setup includes non-EU platforms, it breaches MiCA’s authorisation requirements and is intended to guide firms applying for MiCA authorisation.
European Securities and Markets Authority 2025-06-20
European Securities and Markets Authority clarifies shared order book models involving non-EU trading platforms breach MiCA authorisation requirements
The European Securities and Markets Authority (ESMA) has issued a Q&A clarifying that "shared order book" arrangements involving non-EU trading platforms violate the Markets in Crypto-Assets Regulation (MiCA). The guidance addresses models where multiple crypto-asset platforms merge order books, emphasizing compliance with MiCA's authorisation requirements.