The European Union’s financial markets supervisor on Monday published the first of several final reports on rules under the bloc’s landmark Markets in Crypto Assets (MiCA) regulation, accompanied by its third consultation package.
The European Securities and Markets Authority’s (ESMA) report, which follows a consultation last year, includes proposals on information the regulator will require from firms for authorization under MiCA. The report also includes requirements for firms to establish intent to provide crypto services and intent to acquire crypto assets, along with how service providers should address complaints.
The ESMA submitted the report to the 27-member bloc’s executive arm, the European Commission, to be adopted and says it “will provide further advice and technical guidance in this area if requested.”
ESMA’s third consultation package seeks public comment on proposed rules covering the detection and reporting of suspected market abuse in crypto assets, guidelines on policies and procedures for crypto-asset transfer services and other measures until June 25.
The European Banking Authority (EBA) has been consulting alongside ESMA on measures under MiCA since the package’s finalization in 2023. Earlier this month, the two regulators published a set of draft rules for stablecoin issuers. MiCA rules for stablecoins are set to take effect in July, and the entire package will be implemented by all member states in December.
MiCA regulates crypto issuers and service providers that want to operate in the EU, and allows for a single license that lets firms offer services in all member states.
Credit: Source link
