The
European Securities and Markets Authority (ESMA ) is curious what the
cryptocurrency industry thinks about the recently introduced Markets in
Crypto-Assets Regulation (MiCA). Accordingly, it has published its inaugural
consultation package and plans to publish two more in the future. Stakeholders
are invited to submit their comments by the end of September 2023.
This
consultation package, the first of three, seeks input on proposed rules for
crypto-asset service providers (CASPs), specifically concerning their
authorization, conflicts of interest identification and management, and
handling complaints.
ESMA also
intends to gather more insights on stakeholders’ current and future activities
as part of a fact-finding exercise to better understand the EU’s crypto-asset
markets and their evolution. This initiative includes gaining information about
stakeholders’ expected turnover, planned white paper publications, and
preferences for on-chain versus off-chain trading.
Verena
Ross, the Chairwoman of ESMA, considers this first consultation package a
significant step towards implementing the MiCA framework. “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…
