According to a notice on the regulator’s website, ESMA, the securities market agency of the European Union, will consult in July on proposed new complaint management and conflict-of-interest guidelines that crypto businesses within the EU will have to adhere to.The EU’s new Markets in Crypto Assets (MiCA) regulations will be put into practice according to proposals made by the European Securities and Markets Authority (ESMA) that will be released next month. These proposals will include the forms and notifications that established funds and crypto companies must submit in order to provide services within the bloc.
According to ESMA, a third series of consultations due early in 2024 would examine market abuse and investor protection. A second set of consultations planned in October will look at disclosures of environmental implications and may possibly address trading transparency and governance requirements.After years of discussions, MiCA was finally approved on Friday and would, as of the end of 2019, allow crypto exchanges to operate throughout the EU with just one license.Stablecoin issuers must comply with requirements requiring them to retain adequate reserves as of June 2024, and industry lobbyists have warned that how the standards are enforced under subsidiary legislation may be very important in practice.
The European Banking Authority, which will be in charge of establishing capital requirements and overseeing major stablecoins, also anticipated to issue further procedural guidelines.