With the MiCA transitional period over, a third-country platform without CASP authorization may serve an EEA client only under the Art 61 exemption: the service must be provided at the client’s own exclusive initiative. ESMA’s guidelines (ESMA35-1872330276-2030, February 2025) tell supervisors to construe that exemption narrowly — and they list what breaks it.
What counts as solicitation
Any EU-targeted promotion, by any means, by the firm or by third parties acting on its behalf or with close links to it: EU-language pages, EU domains, app-store availability, influencer campaigns, sponsorships. NCAs are told to monitor language use, domains and mobile-app activity. Critically, standard website disclaimers and contractual clauses do not establish the client’s initiative — the facts must show no solicitation occurred.
The same-type limitation
Art 61(2): within a reverse-solicited relationship the firm may only offer crypto-assets or services of the same type as initially requested. Cross-selling a new product to a reverse-solicited client re-opens the authorization question.
Why EU-licensed groups should care
The exemption is addressed to third-country firms — but the practical exposure sits with groups running both an authorized EU entity and a global platform. Supervisors look for EEA clients kept on the non-EU entity, and for EU-reachable marketing by the global brand. The controls that answer those questions: EEA clients onboarded on the EU entity, no EU-targeted promotion by the non-EU affiliate, and a documented reverse-solicitation policy including same-type limits.
Where is your boundary? Take the 2-minute self-check — six questions mapped to the ESMA positions. Guidance, not legal advice.
Sources: ESMA Guidelines on reverse solicitation, Final report (Dec 2024).