2024

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The European Securities and Markets Authority (ESMA) has moved to the final phase of establishing a regulated environment for crypto assets in the EU with the publication of its latest report on the <a href="https://crypto.news/mica-explained-what-does-the-eus-first-crypto-regulation-mean-for-the-industry/">Markets in Crypto Assets</a> (MiCA) regulation.&nbsp; 
The ESMA has submitted the <a href="https://t.co/yT3pSGSowh" target="_blank">report</a> to the 27-member bloc’s executive arm, the European Commission.&nbsp; According to ESMA, the commission “will provide further advice and technical guidance in this area if requested.” 
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The report covers essential key policies such as the information required for the authorization of crypto-asset service providers (CASPs), the process for financial entities to notify their intent to offer crypto-asset services, standards for assessing noteworthy acquisitions in CASPs, and the mechanisms for handling complaints within such entities. 
One of the report’s main goals is to ensure a level playing field for all market participants, promoting fair competition among CASPs.&nbsp; The primary focal point will be enhancing <a href="https://crypto.news/esma-cautions-retail-crypto-protection-in-eu-delayed-until-2024/">investor protection</a> throughout the EU.&nbsp; 
 You might also like: <a href="https://crypto.news/spain-reportedly-six-months-ahead-of-2026-mica-deadline/"> Spain reportedly six months ahead of 2026 MiCA deadline </a> 
The <a href="https://www.esma.europa.eu/about-esma/stakeholder-engagement/smsg" target="_blank" rel="noopener">Securities and Markets Stakeholder Group</a> of ESMA has <a href="https://www.esma.europa.eu/sites/default/files/2023-10/ESMA24-229244789-4595_SMSG_Advice_on_MiCA_package__1.pdf" target="_blank" rel="noopener">supported</a> this goal. The group has advocated for equal regulatory scrutiny for both traditional financial intermediaries and those providing crypto-asset services. 
To further this objective, the group has also recommended a “two-track approach” for the notification and authorization processes. This strategy will reportedly streamline the regulatory requirements for all entities involved.&nbsp; 
Further, the ESMA has also <a href="https://www.esma.europa.eu/press-news/esma-news/esma-launches-third-consultation-under-mica" target="_blank" rel="noopener">announced</a> its third consultation package. The consultation is seeking public feedback on proposed rules targeting the detection and reporting of suspected market abuse in the crypto sector.&nbsp; 
It will also evaluate policies for crypto-asset transfer services and establish suitability requirements for certain crypto-asset services. Additionally, the consultation looks to enhance ICT operational resilience for firms under MiCA.&nbsp; 
The ESMA will be accepting comments till June 25, 2024. Meanwhile, the European Banking Authority (EBA) has been actively <a href="https://www.eba.europa.eu/public-hearing-draft-micar-mandates-relating-internal-governance-remuneration-and-suitability" target="_blank" rel="noopener">consulting</a> on MiCA regulation measures since its finalization in 2023. The agency also collaborated with the ESMA earlier in March to <a href="https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-final-draft-technical-standards-complaints" target="_blank" rel="noopener">announce</a> draft regulations for multi-currency stablecoins issuers. 
 Read more: <a href="https://crypto.news/coinbase-circle-awarded-crypto-licenses-in-france-ahead-of-mica/"> Coinbase, Circle awarded crypto licenses in France ahead of MiCA </a>

EU’s ESMA edges closer to crypto regulations with latest MiCA report; seeks public feedback

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