- The regulatory framework for crypto assets is thoroughly outlined in ESMA’s final report.
- Public input on ESMA’s third set of feedback has begun.
As a penultimate step toward creating a well-structured and secure ecosystem for crypto assets in the EU, the European Securities and Markets Authority (ESMA) has released its final report on Markets in Crypto Assets (MiCA) legislation.
Along with the release of this important report, ESMA will launch its third consultation phase, during which stakeholders will be asked to provide feedback on the standards and regulations that the organization has formulated.
Third Consultation Underway
The regulatory framework for crypto assets is thoroughly outlined in ESMA’s final report on MiCA regulation. In addition, there are detailed suggestions on the data requirements for businesses applying for permits under MiCA, with an emphasis on the need for businesses to demonstrate their desire to offer crypto services and hold crypto assets.
In addition, the paper lays out the steps that service providers should take to address client concerns in a professional manner, guaranteeing a higher standard of consumer protection in the crypto asset domain. Delivered to the European Commission, this final report sets the stage for the implementation of these legislation throughout the whole 27-member EU.
Moreover, public input on ESMA’s third set of proposed technical standards and recommendations has begun with the publication of the final report.
The new consultation package covers a lot of ground, but some of the most important topics include making sure that entities regulated by MiCA can rely on their information and communication technologies in times of crisis, creating thorough policies and procedures for crypto-asset transfer services, and reporting any suspicions of market abuse in crypto assets.
These steps show that ESMA is prepared to tackle the unique problems that arise from the digital character of crypto assets and the services that facilitate their transfer.
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