ESMA wants a tighter MiCA: influencers, costs, staking and DeFi
ESMA is asking Brussels for stricter MiCA rules on influencer marketing, costs, staking and lending, a dedicated authorisation for DeFi access and binding opinions on token classification. It is advice, not a decision.
The European supervisor ESMA published its response on 30 September to the European Commission's consultation on the review of MiCA. ESMA wants stricter rules for crypto marketing through influencers, full cost disclosure, disclosure obligations for staking, lending and borrowing, and a new authorised service for firms that give users access to DeFi protocols. At the same time, ESMA wants to simplify parts of the rules.
Marketing and influencers
ESMA wants the power to ban certain marketing techniques for crypto. Influencers and other third parties promoting crypto would have to disclose conflicts of interest, and the proposal gives national competent authorities more powers to act.
Costs: no "zero commission" with a hidden spread
Firms that execute or transmit orders or exchange crypto should, according to ESMA, show the full costs. The supervisor explicitly targets "zero commission" advertising where the cost sits in the spread.
Staking, lending and borrowing
- Staking: ESMA distinguishes four forms and wants disclosure obligations on rewards, lock-up and unbonding periods, slashing, validator selection and fees.
- Lending: lending out clients' crypto only with their express written consent.
- Borrowing: conduct and risk requirements, especially for retail clients and leverage.
Stablecoins that do not comply with MiCA
ESMA wants it written into law that an authorised provider (CASP) may not provide any MiCA service for ARTs or EMTs that do not comply with MiCA. If the Commission adopts this, you would no longer be able to buy, exchange or hold such a stablecoin with an authorised European platform.
DeFi: a narrow definition and a gatekeeper
ESMA wants clearer criteria for what is genuinely decentralised, to counter what it calls "decentralisation washing": services that call themselves decentralised to stay outside MiCA. ESMA also proposes a new authorised crypto service for firms that give users access to DeFi protocols.
Token classification and extra powers
ESMA wants to be able to issue binding opinions on token classification on its own initiative, including for new products such as hybrid tokens. So far, ESMA has issued one non-binding opinion on the subject. ESMA is also asking for powers to block fraudulent websites and freeze crypto-assets where market abuse or terrorist financing is suspected, and for more clout against non-EU firms that approach European investors without authorisation. ESMA wants "reverse solicitation", where the client supposedly took the initiative, interpreted as narrowly as possible.
What ESMA wants to simplify
- a simpler notification procedure for white papers;
- fewer duplicate authorisations for firms that are already regulated;
- prudential requirements better aligned with those for investment firms (IFR/IFD).
ESMA also supports a framework for tokenised securities and on-chain settlement. It does not ask for direct supervision of CASPs.
The catch: this is advice, not a decision
MiCA's transitional period ended on 1 July 2026; the Commission is now collecting responses for its review. The central banks submitted their own wish list on 22 September, on stablecoin reserves and the interest ban. Whether any of this becomes law depends on a Commission proposal and then on the European Parliament and the Council. If you hold crypto with a European platform today, nothing changes for now.
Frequently asked questions
Does anything change for me now?
No. ESMA is advising the European Commission. The rules only change once the Commission makes a legislative proposal and the European Parliament and the Council adopt it.
Will influencers be banned from promoting crypto?
ESMA does not propose that. It wants influencers and other third parties to disclose conflicts of interest, and the power to ban certain marketing techniques.
What does the proposal mean for staking?
Providers would have to explain how rewards are generated, how long your crypto is locked, what slashing involves, how validators are selected and what fees they charge.
Sources, checked on 01-10-2026: