The European Securities and Markets Authority (ESMA) has finalized its first set of rules for suppliers of services related to crypto assets in accordance with the Market in Crypto Assets (MiCA) legislation.
The objective of the EU’s action is to enhance transparency, guarantee the security of investors, and provide clear guidelines for laws across the EU.
The study provides a comprehensive overview of the prerequisites that crypto firms must meet while operating in the European Union under the Markets in Crypto-Assets Regulation (MiCA).
This includes information on obtaining regulatory clearance, the range of services that may be supplied, and the protocols for managing client complaints.
The study has been sent to the European Commission (EC) for further advice. ESMA has commenced its third consultation phase under MiCA, soliciting public input on novel regulations pertaining to the identification of market abuse, protection of client rights, and maintenance of operational resilience.
The consultation period will be available until June 25, 2024. ESMA proposes that cryptocurrencies that satisfy the criteria outlined in MiFID II should be categorized as financial instruments, hence establishing whether a token may be regarded as a crypto asset. The EU’s dedication to establishing a secure, transparent, and controlled crypto market is evident in these legislation.
