ESMA puts forward a Q&A on the shared order book model under MiCA

Digital Finance and Innovation
Investor protection
20/06/2025

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a new Q&A 2579 on the non-compliance of the shared order book model with the Markets in Crypto-Assets Regulation (MiCA).

The Q&A addresses the model where two or more crypto-asset platforms merge their individual order books into a single, unified order book from which orders are matched. This is known as the shared order book model. ESMA clarifies that where such a model involves non-EU trading platforms, it breaches the authorisation requirements under MiCA.  

ESMA issued this Q&A to inform applicants who are requesting authorisations under MiCA.

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