July 12, 2023 1:05 p.m | 2 minutes read
The European Securities and Markets Authority (ESMA) has issued its first consultation package under the Markets in Crypto-Assets Regulation (MiCA).
The agency, known as the regulator and supervisor of the EU’s financial markets, is inviting stakeholders to submit their comments by September 20.
This first consultation package is the first of three packages and seeks input on proposed rules for crypto asset service providers (CASPs).
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The focus is on their authorization, identification, management of conflicts of interest and how CASPs should handle complaints.
ESMA also aims to gain more insight into the current and planned activities of the respondents.
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This research aims to better understand the EU crypto asset markets and their future development.
Questions relate to items such as respondents’ expected sales; the number of white papers they intend to publish; and the use of on-chain and off-chain trading.
The input to this part of the consultation will remain confidential and will be used to vote on certain proposals to be included in the second and third consultation packages.
“This first consultation package is an important milestone for ESMA in the implementation of the MiCA framework,” said the ESMA Chair Verena Ross called. “It translates our aspiration to set high regulatory standards for crypto-asset related activities in the EU into concrete requirements.”
ESMA is committed to ensuring that companies involved in crypto-asset related activities understand that the EU is not a place for forum shopping, Ross added.
Even with the implementation of MiCA, there will be no secure crypto asset, she added.
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ESMA will continue to work on its remaining mandates with the aim of publishing a second consultation package in October this year.
As for the next steps, ESMA will take into account the feedback from this consultation and expects to publish a final report and submit the draft technical standards to the European Commission for endorsement by 30 June 2024.
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