The first of several final reports on regulations under the EU’s historic Markets in Crypto Assets (MiCA) law was released by the regulator of financial markets on Monday along with the third set of consultation materials.
Proposals on the data the regulator will need from companies seeking authorization under MiCA are included in the European Securities and Markets Authority’s (ESMA) report, which was released in response to a consultation held early in the previous year. In addition, the study specifies how service providers must handle complaints and what steps businesses must take to demonstrate their intention to purchase or offer cryptocurrency assets.
The European System of Mutual advise (ESMA) has forwarded its report for adoption to the European Commission, the executive body of the 27 member bloc, stating that it “will provide further advice and technical guidance in this area if requested.”
The public is invited to provide feedback on draft regulations pertaining to the identification and reporting of suspected market manipulation in cryptocurrency assets, as well as guidance for the policies and procedures of crypto-asset transfer services, as part of ESMA’s third consultation package. Comments are requested until June 25.
Since the MiCA package was finalised in 2023, the European Banking Authority (EBA) and ESMA have been consulting on related measures. The full package will be put into action by all member states in December, with the MiCA regulations for stablecoins going into effect in July
MiCA permits a single license that enables businesses to offer services in all member states and supervises cryptocurrency issuers and service providers who wish to operate in the EU..