The three European supervisory authorities – EBA, EIOPA and ESMA – have launched a new warning to consumers: Crypto-assets remain high-risk instruments, even after the entry into force of the MiCAR regulation. The joint notice, published on 10 October 2025, aims to strengthen awareness of the dangers associated with investing in digital assets and the actual scope of the new regulatory protections.
What are the main risks you may face?
In the document, authorities point out that most crypto-assets are not covered by legal guarantees comparable to those of traditional financial products. “Consumers must be aware that they can lose all their invested capital”, we read in the text. Among the main risks: extreme volatility, computer fraud, poor liquidity and misleading promotions, often conveyed via social media.
MICAR: what changes and what doesn't
The MiCAR regulation (Markets in Crypto-Assets Regulation), fully applicable from 30 December 2024, introduces transparency obligations, licensing requirements for crypto service providers and complaints procedures. However, authorities warn that not all crypto-assets fall within the scope of the regulation and that some operators will be able to continue to act according to national regulations until July 2026.
Three questions before investing
The notice invites European citizens to ask themselves three fundamental questions before purchasing or using crypto-assets:
- I understand the risks I am taking?
- The supplier is authorized in the European Union?
- My devices and private keys are protected?
Digital security in the spotlight
Particular attention is paid to the protection of private keys and devices used to access digital wallets. Authorities recommend the use of strong passwords, updated software and secure connections, avoiding public Wi-Fi networks.
An evolving market, but still treacherous
Despite regulatory progress, the message is clear: crypto-assets are not suitable for everyone. “Regulation does not eliminate risks”, the authorities warn, which invite consumers to inform themselves and verify the authorization of operators through the ESMA register and national blacklists.
The complete document is available on the ESMA website: Read here
Alex Gaetani
Disclaimer: The information contained in this article is for informational purposes only and does not in any way constitute financial advice, legal or fiscal. Before making any investment or economic decision, we recommend that you contact a qualified professional. The author assumes no responsibility for any loss or damage resulting from the use of the contents contained herein.