EU Reviews New Crypto Regulations Package for MiCA
The European Securities and Markets Authority (ESMA) has published its first final report on the regulatory framework for the crypto market under the Markets in Crypto-Assets Regulation (MiCA). This document presents ESMA’s recommendations regarding the criteria for the proper registration of crypto service providers and the procedure for handling complaints. The report has now been submitted to the European Commission, with ESMA set to assist the government in implementing these recommendations as a consultant.
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The European Securities and Markets Authority (ESMA) has published its first final report on the regulatory framework for the crypto market under the Markets in Crypto-Assets Regulation (MiCA). This document presents ESMA's recommendations regarding the criteria for the proper registration of crypto service providers and the procedure for handling complaints. The report has now been submitted to the European Commission, with ESMA set to assist the government in implementing these recommendations as a consultant.
Furthermore, the regulator has launched a third round of feedback collection from crypto market stakeholders. In this phase, ESMA is seeking comments on:
- The detection of market manipulation involving crypto assets and the rules for reporting such activities,
- Guidelines for crypto asset transfer services,
- Requirements for specific crypto asset services and the format for periodic portfolio management reports,
- Information security standards for organizations governed by MiCA.
ESMA will collect feedback until June 25, 2024. Utilizing the insights gathered, the regulator will draft a preliminary version of the rules, which will be presented to the European Commission by December 30, 2024. Stakeholders can participate in the legislative process through a link available on the ESMA website.
The MiCA legislation came into effect in June 2023, but in an incomplete form. European regulators are now methodically crafting and testing new rule sets to be subsequently incorporated into MiCA.
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