The European Securities and Markets Authority (ESMA) published its first of three consultation papers under the Markets in Crypto-Assets Regulation (MiCA).
In this first consultation paper 'Technical Standards specifying certain requirements of the Markets in Crypto Assets Regulation (MiCA)', ESMA is seeking input on proposed rules for cryptoasset service providers (CASPs), in particular related to their authorisation, identification and management of conflicts of interests and also how CASPs should address complaints. Comments should be sent by 20 September 2023.
ESMA plans to publish its second consultation paper in October 2023 and the third paper in Q1 2024.
Verena Ross, Chair of ESMA, said:
“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 cryptoasset-related activities into concrete requirements.
"We are determined to ensure entities involved in cryptoasset-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 cryptoasset.”
ESMA will consider the feedback received and expects to publish a final report and submit the draft technical standards to the European Commission for endorsement by 30 June 2024.