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# ESMA Q\&A 2882 — Q\&A — Perimeter of advice: MiCA vs MiFID II \[Answer Published]

*Answer Published · ESMA Q\&A register, 18 June 2026 ·* [*Official source*](https://www.esma.europa.eu/publications-data/questions-answers/2882)

|                      |                |
| -------------------- | -------------- |
| **Authority**        | ESMA           |
| **Q\&A ID**          | ESMA\_QA\_2882 |
| **Answer published** | 18 June 2026   |
| **Question date**    | 18 June 2026   |

#### Question

How should the perimeter of advice on crypto-assets under MiCA be understood, and to what extent is it comparable to the notion of investment advice under MiFID II?

In particular, do introductory services – where a person recommends a crypto-asset service provider and/or a crypto-asset service to a client, without recommending specific transactions on crypto-assets – fall within the scope of advice on crypto-assets under MiCA?

***

#### Answer

The perimeter of advice on crypto-assets under MiCA should be regarded as broader than the perimeter of advice under MiFID II. This is because the definition of ‘providing advice on crypto-assets’ under MiCA refers to offering, giving or agreeing to give personalised recommendations in respect of i) one or more transactions relating to crypto-assets or ii) the use of crypto-asset services.

As such, the following tests should apply:

* Does the service that is being offered constitute a recommendation?
* Is the recommendation in relation to one or more transactions relating to crypto-assets OR the use of crypto-asset services? Is the recommendation presented as suitable or based on a consideration of the person’s circumstances? Is the recommendation issued otherwise than exclusively to the public?
* Is the recommendation made to a person in his capacity as an investor or potential investor or as an agent for an investor or potential investor?

On this basis, introductory services consisting of the recommendation of a crypto-asset service to a potential investor (with or without recommending a specific crypto-asset service provider), even if not made in relation to specific transactions in crypto-assets, may be regarded as advice on crypto-assets for the purpose of MiCA, depending on the circumstances surrounding the recommendation.

To the contrary, providing solely a reference to a CASP (without further indications) equally accessible to all potential investors should not constitute a recommendation and should therefore not be regarded as advice on crypto-assets for the purpose of MiCA.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2882)


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