EU Markets Watchdog Steps Closer to Finalizing Rules Under MiCA
The European Securities and Markets Authority (ESMA) has published the first of several final reports on rules under the Markets in Crypto Assets (MiCA) regulation. The report includes proposals on information required from firms for authorization under MiCA, requirements for firms to establish intent to provide crypto services and acquire crypto assets, and how service providers should handle complaints. ESMA has also launched a third consultation package seeking public comment on proposed rules for detecting and reporting suspected market abuse in crypto assets, guidelines on policies for crypto-asset transfer services, and other measures until June 25. The European Banking Authority (EBA) has been consulting with ESMA on MiCA measures, and they recently published draft rules for stablecoin issuers. MiCA rules for stablecoins will take effect in July, with the entire package to be implemented by all EU member states in December.
