2024

April

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<p>The European Securities and Markets Authority (ESMA) opens a crucial consultation on the regulation of crypto-assets under MiCA. It is seeking the opinions of cryptography experts before April 29, 2024.</p>
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     <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/ESMA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ESMA</a> publishes 2⃣ Consultations Papers on guidelines under Markets in Crypto Assets Regulation <a href="https://twitter.com/hashtag/MiCA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MiCA</a>:<br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4e3.png" alt="📣" class="wp-smiley" style="height: 1em; max-height: 1em;"> on reverse solicitation<br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4e3.png" alt="📣" class="wp-smiley" style="height: 1em; max-height: 1em;"> on the classification of crypto-assets as financial instruments<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f5d3.png" alt="🗓" class="wp-smiley" style="height: 1em; max-height: 1em;"> Send your comments by 29 April 2024<a href="https://t.co/PEosx4t3UO" rel="noopener noreferrer nofollow">https://t.co/PEosx4t3UO</a> <a href="https://t.co/v31nWMUEcu" rel="noopener noreferrer nofollow">pic.twitter.com/v31nWMUEcu</a></p>— ESMA – EU Securities Markets Regulator <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1ea-1f1fa.png" alt="🇪🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@ESMAComms) <a href="https://twitter.com/ESMAComms/status/1751911523042083247?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 29, 2024</a>
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  Crypto experts take note: ESMA wants your input on the MiCA legislation
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<h2 id="h-part-1-consultation-on-reverse-solicitation">Part 1: Consultation on Reverse Solicitation</h2>
<p>ESMA’s first consultation focuses on <strong>the reverse solicitation exemption in the MiCA crypto law MiCA</strong>. Articulated in Article 61, it sets strict restrictions on third-country firms seeking to solicit clients in the EU.</p>
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<p>According to ESMA’s latest data, this provision has sparked growing concerns about its potential use to <strong>circumvent MiCA authorization requirements</strong>. For example, last year, more than 30% of third-country crypto firms expressed concerns regarding the feasibility and clarity of this exemption.</p>
<p>Thus, ESMA aims to collect stakeholder expertise on:</p>
<ul>
 <li><strong>the conditions for applying this exemption,</strong></li>
 <li><strong>the necessary monitoring practices to prevent any circumvention.</strong></li>
</ul>
<h2 id="h-part-2-classification-of-crypto-assets">Part 2: Classification of Crypto-Assets</h2>
<p>The second part of <a href="https://www.esma.europa.eu/press-news/esma-news/esma-consults-reverse-solicitation-and-classification-crypto-assets-financial" target="_blank" rel="noopener noreferrer nofollow">the consultation</a> focuses on <strong>classifying crypto-assets as financial instruments</strong>. This is a key issue to ensure consistency in crypto regulation throughout the EU.</p>
<p>The proposed guidelines by ESMA seek to align MiCA regulation with the MiFID II directive.</p>
<p>In practice, the goal of this consultation is to reduce misunderstandings and misinterpretations of political intentions. This initiative also aims to <strong>establish a balance between providing clear guidance</strong>, while avoiding imposing a one-size-fits-all approach.</p>
<h2 id="h-what-are-the-future-prospects">What are the future prospects?</h2>
<p>ESMA’s MiCA consultation represents a significant step towards clearer and more consistent crypto regulation in Europe. Stakeholders, particularly crypto service providers and financial entities, are called to <strong>contribute before April 29, 2024</strong>.</p>
<p>Once finalized, these guidelines will play a key role in establishing global standards for crypto regulation.</p>
<p>In any case, the open consultation offers a crucial opportunity to influence European crypto regulation and shape <a href="https://www.cointribune.com/en/is-europe-the-new-eldorado-for-cryptocurrencies/" target="_blank" rel="noopener noreferrer nofollow">the future of the cryptographic asset markets</a>.</p>
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Crypto: ESMA opens debate on the MiCA law

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