ESMA seeks feedback on proposed competency standards for crypto service providers

The European Securities and Markets Authority requests public comments on the standards offered on knowledge and skills for cryptographic service providers.

In a February 17 consultation documentESMA has established new rules demanding that cryptography service providers ensure that their staff have the right qualifications and training to give advice or information on cryptographic assets to the public.

With this, the regulator aims to “guarantee a minimum level of knowledge and competence of staff providing advice and information” to strengthen investor protection measures and promote confidence in cryptographic markets under European Union markets in the regulation of cryptocurrencies.

Under the proposed rules, cryptographic companies must ensure that their staff meets knowledge standards, advisers required to have a formal education, supervised experience and pass an assessment before offering advice.

Those who provide general information must follow at least 80 hours of training and six months of supervised experience, while advisers need a three -year diploma or equivalent experience. Staff must also undergo annual skills examinations and current professional development, with 10 hours of training for information providers and 20 hours for advisers.

In addition, Crypto service providers would be required to document staff qualifications, regularly assess training efficiency and ensure that automated consulting services meet these standards. Meanwhile, the new hires without the required qualifications would not be able to work under surveillance for a maximum of four years.

Given the “volatility of many crypto assets”, the continuous creation of new assets and the “limited knowledge of market players, in particular retail investors”, the regulator considers competent and competent service providers as keys To ensure that customers receive “knowledge and skills” and that companies “act in the best interests of customers,” said the newspaper.

Interested parties have until April 22, 2025 to submit their comments on the proposed directives. The ESMA is expected to finalize the rules in the third quarter of 2025, the new requirements which should take effect 60 days after the publication in all official languages ​​of the EU.

The consultation document comes as cryptographic companies are looking for mica licenses, marking the first complete European Union regulatory framework for the sector. Several companies already have guaranteed approval As the Member States implement the requirements of the regulation.

Last month, crypto.com based in Singapore guaranteed A Mica license in Malta, just a few days after receiving provisional approval. The same day, Bitpanda got His mica license from the Federal Financial Supervision Authority in Germany.