Guide for brokers and trading apps

Crypto knowledge test under MiCA and other rules

Last reviewed: October 29, 2026

Crypto platforms in Europe now operate under MiCA, and several other jurisdictions ask platforms to check what retail clients know before they invest. This guide summarizes the main texts with links.

MiCA: when knowledge must be assessed

Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) applies in full since 30 December 2024. The transitional period for providers already active under national law ended on 1 July 2026 at the latest.

Article 81 requires crypto-asset service providers that give advice on crypto-assets or provide portfolio management of crypto-assets to assess suitability, including the client's knowledge and experience in investing in crypto-assets, objectives, financial situation and ability to bear losses.

For other services, such as exchange or execution of orders, MiCA does not set an appropriateness test like MiFID II. Many platforms still use a knowledge check in onboarding as part of their risk controls and client communication. If a crypto-asset qualifies as a financial instrument, MiFID II applies instead, including article 25.

United Kingdom: FCA cryptoasset promotion rules

Since 8 October 2023, under FCA Policy Statement PS23/6, firms communicating direct offer financial promotions for qualifying cryptoassets must, among other things:

assess whether the investment is appropriate for the client;
apply a 24 hour cooling off period for first time investors with the firm;
categorize clients and show prescribed risk warnings;
not offer incentives to invest.

Hong Kong

The SFC Guidelines for Virtual Asset Trading Platform Operators require licensed platforms to assess a retail client's knowledge of virtual assets before providing services, and to provide training where the client lacks that knowledge.

What a crypto knowledge test usually covers

how blockchains record transactions, and why transfers usually cannot be reversed;
custody, private keys and the difference between custodial and self-hosted wallets;
volatility and price risk;
stablecoins and their reserves;
staking and lending, and their specific risks;
common scams and the crypto-asset white paper required by MiCA.

How Unicorn Academy for Business works

You choose the product category, the number of questions (5 to 40), the pass mark, the number of attempts and the waiting time between attempts.
You add the test to your app or website with one script, a signed link or the REST API, with your name, logo and colors, in 16 languages.
Every attempt draws random questions from the Unicorn Academy courses and shuffles the answers. Users who do not pass get the lessons linked to the questions they missed.
You receive the result by signed webhook or API. Every attempt is stored with date, questions, answers, score, test version and language in a tamper evident hash chain, exportable to CSV or JSON, with an optional PDF certificate.

The assessment stays yours

Unicorn Academy for Business is a knowledge assessment tool that you use inside your own processes. It does not decide whether a product is appropriate for a client and it does not by itself ensure compliance with MiFID II, MiCA or any other rule. How you use the results, and the appropriateness or suitability assessment, remain your responsibility.

Try the demo test See pricing

Every account starts with a test environment: sample data, test keys, no time limit, no card.

Questions

Does MiCA require a knowledge test for every client?

MiCA requires a suitability assessment for advice and portfolio management. For other services it does not prescribe a test; national rules and your own risk policy may still call for one. Check with your regulator and your advisers.

Can we use the test with our brand?

Yes. Your name, logo and colors appear on every page, in 16 languages, and the test can run inside your app.

Does using the test mean we comply with MiCA?

No. It is a tool used in your own processes; compliance remains your responsibility.

Official sources

This page is general information, not legal advice. Rules change and apply differently by country, licence and client type: check the current official texts and the guidance of your regulator.