What is ESMA?

Saw an exchange advertising “ESMA compliance” and wondering what exactly that guarantees you?

Think of ESMA as the coordinator of a team of national supervisors: it helps make sure common European rules are applied consistently, instead of each country reading them differently. In crypto, much of this work concerns MiCA, Regulation (EU) 2023/1114 on markets in crypto-assets.

ESMA develops technical standards, issues guidelines and keeps a register with details on crypto-asset service providers and other MiCA information. It doesn’t license every exchange itself: licensing and day-to-day supervision are generally handled by the competent national authorities.

Why it matters

If you use a platform to buy, sell or store crypto, ESMA’s register helps you check which company is behind the app and which services it’s licensed for. The brand name alone isn’t enough, since a group may operate through different companies.

On the other hand, you don’t need an ESMA license just because you hold crypto, use a self-custody wallet or trade on your own account. An individual user is one thing; a business offering services to clients is another.

What to watch out for

We consider the distinction between supervising a company and the safety of an investment crucial. A license doesn’t guarantee a token’s value, doesn’t rule out losses and doesn’t automatically offer the same compensation protection as traditional investment services.

Also, a white paper appearing in the register does not mean the token has been approved. Nor is an old national provider registration necessarily equivalent to a MiCA license.

In Greece

Law 5193/2025 complements the implementation of MiCA in Greece, assigning responsibilities to the Hellenic Capital Market Commission (HCMC) and the Bank of Greece depending on the activity and the institution. A provider licensed in another EU member state can, under the relevant conditions, also serve Greek clients.

Taxation is a separate matter: ESMA doesn’t set Greece’s tax on crypto, and MiCA doesn’t set any tax rate. Your own case needs an individual tax review.