EU Markets Watchdog Moves Closer to Finalizing Rules for MiCA
The European Union’s financial markets supervisor has released the initial final report on regulations under the Markets in Crypto Assets (MiCA) legislation, along with its third consultation package.
The report from the European Securities and Markets Authority (ESMA) includes proposals on the information needed for firms to obtain authorization under MiCA, as well as requirements for firms demonstrating an intention to offer crypto services and acquire crypto assets. It also outlines how service providers should handle complaints.
ESMA has submitted the report to the European Commission for adoption and has pledged to offer further advice and technical guidance as needed.
The third consultation package from ESMA seeks public feedback on rules related to the detection and reporting of suspected market abuse in crypto assets, policies and procedures for crypto-asset transfer services, and other measures until June 25.
The European Banking Authority has been working alongside ESMA on MiCA measures since the package was finalized in 2023. Both regulators recently published draft rules for stablecoin issuers, with MiCA rules for stablecoins set to take effect in July and full implementation by December in all member states.
MiCA regulates crypto issuers and service providers seeking to operate in the EU, offering a single license for firms to provide services in all member states.
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