Crypto glossary
Reverse solicitation
Reverse solicitation is the MiCA exemption letting a non-EU crypto firm serve an EU client without a licence only when the client came to it unprompted.
Article 61 of MiCA allows a third-country firm to provide a crypto-asset service to an EU client without a CASP licence when the client initiates the service exclusively on their own, without any prior solicitation, promotion or advertising by the firm or anyone acting for it. The exemption covers only that specific service: the firm cannot use the relationship to market new types of crypto-assets or services to the client.
The exemption is interpreted narrowly. ESMA guidelines state that any marketing aimed at EU residents, including sponsorships, social media campaigns, influencer content or websites in EU languages targeting EU users, can rule out reverse solicitation, and that the burden of proof lies with the firm. National authorities are expected to supervise attempts to rely on it.
In practice, reverse solicitation cannot support a business model built on EU customers. Offshore exchanges that wanted to keep serving EU users after MiCA's transitional period had to obtain a licence in a member state or restrict access.
Example
A Spanish professional trader contacts a Singapore-based derivatives desk asking to open an account. If the desk never marketed to EU residents, it may serve that request under reverse solicitation, but it cannot then promote other products to him.