MiCA — Markets in Crypto‑Assets Regulation
Training for Crypto-Asset Service Providers (CASPs)
Understanding the MiCA Regulation
As part of the European Union’s Digital Finance Package, the Markets in Crypto-Assets Regulation (MiCA) establishes a harmonised regulatory framework across the European Economic Area’s EU Member States for the issuance, public offering, admission to trading and provision of services relating to crypto-assets.
MiCA aims to strengthen investor protection, market integrity and financial stability while supporting innovation and the development of a regulated European crypto-asset market.
The regulation covers several key areas:
Public offerings and admission to trading of crypto-assets;
Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs);
Authorisation and supervision of Crypto-Asset Service Providers (CASPs);
Organisational, governance and conduct requirements;
Investor and consumer protection;
Prevention of market abuse involving crypto-assets.
MiCA introduces a harmonised authorisation framework, enabling authorised CASPs to operate across the European Union through the passporting mechanism, subject to the applicable regulatory requirements.
Who is subject to the MiCA Regulation?
MiCA applies to natural and legal persons involved in the issuance, public offering or admission to trading of crypto-assets, as well as entities providing crypto-asset services within the European Union.
Under MiCA, a crypto-asset is defined as:
“A digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology.”
MiCA distinguishes between several categories of crypto-assets and establishes specific requirements for each.
Certain assets and activities fall outside its scope, including:
Crypto-assets qualifying as financial instruments under MiFID II;
Deposits and structured deposits;
Funds and securitisation positions;
Insurance and pension products already covered by dedicated European legislation;
Other products and activities specifically excluded under MiCA.
Equip your teams with the knowledge and skills required under MiCA
MiCA Regulation (EU) 2023/1114 requires Crypto-Asset Service Providers (CASPs) to ensure that staff providing information or advice to clients possess the necessary knowledge and competence.
Articles 68(5) and 81(7) establish specific requirements for staff competence, particularly for employees providing advice on crypto-assets.
ESMA has further detailed these requirements in its Guidelines on the criteria for the assessment of knowledge and competence under MiCA (ESMA35-24871704-2922).
What does ESMA expect in practice?
Competence levels tailored to professional responsibilities. Staff providing advice must demonstrate a higher level of knowledge and competence than employees providing information only.
Demonstrated competence. Knowledge and competence must be assessed and documented before employees undertake the relevant activities, in accordance with the applicable requirements.
Continuing professional development (CPD). Staff must maintain and update their knowledge and competence through ongoing training and assessments. ESMA provides indicative annual training volumes of 10 hours for information providers and 20 hours for advisers, subject to the applicable conditions.
Appropriate supervision. Employees who have not yet acquired the required knowledge or experience must work under appropriate supervision, in accordance with ESMA’s guidelines.
Documentary evidence. CASPs must maintain records demonstrating the knowledge and competence of their staff and make them available to the competent supervisory authority upon request.
Target audience and prerequisites
- An 80-hour programme for staff providing information on crypto-assets
- A 160-hour programme for staff providing advice on crypto-assets.
- Designed with reference to ESMA's knowledge and competence guidelines, these programmes combine structured learning content, video capsules, gamification tools and interactive assessments.
- No specific prior knowledge of blockchain or crypto-assets is required. Participants should, however, be comfortable using digital learning tools.
Information or advice: who is concerned?
ESMA’s guidelines cover the direct provision of information to clients on crypto-assets or crypto-asset services, whether at the client’s request or on the initiative of the service provider.
Employees who prepare and publish information directly relevant to clients may also fall within the scope of these requirements, even if they do not interact with clients directly.
By contrast, purely back-office functions with no direct connection to clients are generally outside the scope of these specific knowledge and competence requirements.
OUR TRAINING OFFER
Two learning pathways aligned with ESMA Guidelines
MAET has designed a structured training programme comprising two complementary learning pathways, tailored to the different responsibilities of staff providing information or advice on crypto-assets.
MiCA Information Pathway
ESMA Knowledge and Competence Requirements
Staff providing information
(points 18 & 19)
- Duration: 80 hours
- Online learning materials illustrated with practical case studies
- Modules 1 to 6 (ESMA)
- Target audience: Customer service teams, client onboarding staff, sales teams, support functions and employees producing client-facing content
- Multimodal learning experience: e-books, videos, practical case studies, gamification and external resources
- Programme delivered over 8 to 10 weeks
- 6 months' access to the learning platform
- Assessment: Quiz & Online knowledge assessment
- Unlimited access to the Community Campus
- Certificate of Completion
Additional services
- Volume-based pricing depending on the number of participants
- Training campaign reporting
- Personalised email reminders
- Dedicated support throughout the learning programme
MiCA Advisory Pathway
ESMA Knowledge and Competence Requirements
Staff providing advice
(points 22 to 24)
- Duration: 160 hours (80 hours + 80 additional hours)
- Online learning materials illustrated with practical case studies
- Modules 1 to 12 (ESMA)
- Target audience: Advisers, wealth management relationship managers, portfolio managers, compliance officers and control functions supervising advisory activities
- Multimodal learning experience: e-books, videos, practical case studies, gamification and external resources
- Programme delivered over 16 to 20 weeks
- 12 months' access to the learning platform
- Assessment: Quiz & Online knowledge assessment
- Unlimited access to the Community Campus
- Certificate of Completion
MiCA Regulation
Training for Crypto-Asset Service Providers (CASPs)
DETAILED TRAINING PROGRAMMES
Common Core Curriculum
Information Pathway and Advisory Pathway
Modules 1 to 6
80 hours
Module 1 – The MiCA Regulatory Framework
Overview and scope of application of MiCA
Categories of crypto-assets under MiCA
Crypto-asset services and authorisation requirements
Investor protection obligations under MiCA
Staff knowledge and competence requirements
Module 2 – Fundamentals of Crypto-Assets
Introduction to blockchain technology
Wallets, private keys and transactions
Consensus mechanisms
Main blockchain protocols
Smart contracts and tokenisation
Types of crypto-assets and their key characteristics
Module 3 – Risks and Security
Market volatility and liquidity risk
Cybersecurity threats specific to crypto-assets
Private key management and custody risks
Risks associated with smart contracts and protocols
Scams, fraud and social engineering
Transactional and operational risks
Risks associated with stablecoins
Module 4 – Costs and Markets
Crypto-asset transaction fees and costs
Market structure and trading platforms
Market liquidity and depth
Price drivers: market sentiment and macroeconomic events
Module 5 – Legal and Ethical Responsibilities
Fundamentals of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT)
Prevention of market abuse and fraud
Rules governing marketing and communications
Acting in the client’s best interests: professional ethics and duty of care
Data protection and information security
Module 6 – Valuation and Sustainability
Fundamentals of crypto-asset valuation
Fundamental analysis of crypto projects
Tokenomics and business models
On-chain metrics and analytical tools
Valuation approaches according to crypto-asset categories
Performance indicators and limitations of forecasts
Environmental sustainability of crypto-assets
ESG and societal considerations
Advanced Curriculum
Advisory Pathway Only
Modules 7 to 12
80 additional hours
Module 7 – In-Depth Knowledge of Crypto-Assets
Classification and legal qualification of products under MiCA
Stablecoins, Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs): risks and regulatory implications
Complexity factors: custody, redemption, governance and lock-up periods
Comparing asset characteristics to assess suitability
Valuation mechanisms and their limitations
Module 8 – Suitability Frameworks
Suitability requirements under Article 81 of MiCA
ESMA guidelines on suitability requirements
Information to be collected: knowledge and experience, financial situation and investment objectives
Identifying when a crypto-asset is unsuitable for a client
Suitability reports and periodic reviews
Module 9 – Portfolio Management
Portfolio construction based on the client’s risk profile
Diversification, liquidity risk and volatility mitigation
Weighting crypto-assets within a multi-asset portfolio
Tactical and long-term asset allocation
Portfolio monitoring and rebalancing principles
Module 10 – Risk Profiling
Identifying investor types: growth-oriented and defensive profiles
Assessing knowledge, experience and ability to bear losses
Translating qualitative objectives into quantitative risk indicators
Warning signs: inconsistencies in client responses
Documenting and justifying the quality of the risk profile
Module 11 – Investor Protection
Acting in the client’s best interests under MiCA
Identifying and managing conflicts of interest
Inducements, cross-selling and ethical boundaries
Explaining the limitations of advice
Communicating when advice cannot be provided
Module 12 – Costs and Fees
Aggregating the total cost for the client: fees, spreads and network costs
Distinguishing CASP advisory fees from transaction costs
The impact of costs on performance and suitability
MiCA regulatory expectations regarding cost disclosures
Presenting costs transparently alongside associated risks
Innovation & Technology
A Rich and Differentiated Learning Experience
Hybrid Learning
Combine the flexibility of e-learning with interactive remote sessions led by an expert trainer.
E-booklets
Structured and illustrated reference materials , designed to provide participants with practical resources for their day-to-day work
Video Capsules
Short, focused video formats designed to reinforce key concepts, including how protocols work, risk and cost mechanisms.
CASP Compliance
Prepare your teams to understand and address the regulatory and supervisory requirements applicable to Crypto-Asset Service Providers.
Gamification
Mini-games, challenges and achievement milestones designed to maintain engagement and motivation throughout the journey.
Quizzes
Monitor and assess knowledge progressively through targeted quizzes and practical scenarios.
A programme developed in partnership with OpenBanq
Founded in 2021,OpenBanq
is an independent consulting firm specialising in the transformation of financial infrastructures and banking ecosystems.
Its activities cover four key areas: Fintech, Web3 & Tokenisation, Corporate & Banking, and Thought Leadership.
OpenBanq advises financial institutions, international companies and fintech businesses, combining in-depth banking expertise with a strong understanding of digital assets, blockchain technology and tokenisation.
Julien Achard, Founder and CEO of OpenBanq
Julien Achard has more than 20 years of experience in transaction banking, having held positions at Crédit Lyonnais, CALYON, CACIB and HSBC.
He founded OpenBanq in 2021 and co-founded cryptophilo.io, a training organisation specialising in blockchain, crypto-assets and Web3.
He regularly contributes to Finance&Gestion and moderates round tables dedicated to innovation in corporate finance.
