ESMA releases first MiCA consultation package
13 July 2023 France
Image: Freedomz/stock.adobe.com
ESMA has published the first of three consultation packages under the Markets in Crypto-Assets Regulation (MiCA).
Through the package, ESMA aims to gather opinions on the proposed rules for crypto-asset service providers, particularly those relating to authorisation, management of conflicts, identification and handling of complaints.
Participants will also be asked to share information on their current and planned activities, with the goal of creating a clearer picture of crypto-asset markets in the EU and what their future may look like.
Focus points for this part of the consultation include the use of on- and off-chain trading, the expected number of whitepapers participants expect to publish and their projected turnovers. Findings from these inquiries will remain confidential, and will help to calibrate proposals in the second and third packages.
The authority has asked for stakeholder comments to be submitted by 20 September 2023. The second consultation package is expected to be published in October 2023.
Verana Ross, ESMA chair, says: “This first consultation package is an important milestone for ESMA in the implementation of the MiCA framework. It translates our ambition to set high regulatory standards in the EU for crypto-asset related activities into concrete requirements.
“We are determined to ensure entities involved in crypto-asset related activities understand that the EU is not a place for forum-shopping. We also want to remind consumers that, even with the implementation of MiCA, there will be no such thing as a safe crypto-asset.”
Through the package, ESMA aims to gather opinions on the proposed rules for crypto-asset service providers, particularly those relating to authorisation, management of conflicts, identification and handling of complaints.
Participants will also be asked to share information on their current and planned activities, with the goal of creating a clearer picture of crypto-asset markets in the EU and what their future may look like.
Focus points for this part of the consultation include the use of on- and off-chain trading, the expected number of whitepapers participants expect to publish and their projected turnovers. Findings from these inquiries will remain confidential, and will help to calibrate proposals in the second and third packages.
The authority has asked for stakeholder comments to be submitted by 20 September 2023. The second consultation package is expected to be published in October 2023.
Verana Ross, ESMA chair, says: “This first consultation package is an important milestone for ESMA in the implementation of the MiCA framework. It translates our ambition to set high regulatory standards in the EU for crypto-asset related activities into concrete requirements.
“We are determined to ensure entities involved in crypto-asset related activities understand that the EU is not a place for forum-shopping. We also want to remind consumers that, even with the implementation of MiCA, there will be no such thing as a safe crypto-asset.”
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