MiCA Crypto Alliance Provides Feedback on ESMA’s MiCA XBRL Implementation Work

The MiCA Crypto Alliance has submitted detailed feedback to the European Securities and Markets Authority (ESMA) on its MiCA eXtensible Business Reporting Language (XBRL) implementation work. This forms part of ESMA’s IT preparations ahead of the entry into application of Commission Implementing Regulation (EU) 2024/2984 on 23 December 2025.

ESMA has developed an XBRL taxonomy and an Excel-based Conversion Tool as a technical aid for issuers and other preparers of MiCA white papers. While the tool is not mandatory, it is designed to support consistency and efficiency in supervisory reporting.

Our contribution

We were honoured to be invited as part of the stakeholder group providing input to ESMA. Our feedback is structured in two parts:

• Taxonomy feedback: overall positive assessment of completeness and accuracy, alongside recommendations to address minor inconsistencies, namespace alignment, update frequency, and stylesheet standardisation.
• Conversion tool feedback: observations on technical usability, validation rules, formatting, sustainability disclosures, handling of “N/A” fields, and compatibility across platforms.

Why it matters

As the MiCA framework comes into force, clear technical standards will be essential for compliance by token issuers/offerors, CASPs, exchanges, L1s/L2s, and legal and compliance teams. The Alliance is committed to contributing constructively to the development of practical tools that help reduce costs, improve consistency, and align industry best practices with regulatory expectations.

Read the full response here.