ESMA’s Consultative Paper on Markets in Crypto-Assets
The European Securities and Markets Authority (ESMA) released a consultative paper on Markets in Crypto-Assets (MiCA) mandates on July 12. This paper is the first of three consultative packages ESMA expects to publish, and it focuses on technical specifications for crypto asset service providers (CASPs).
Entities that are already licensed are presumed to be “generally capable of providing crypto-asset services” under MiCA, but they must provide additional notifications to the national competent authorities (NCAs) of the country they are registered in. The consultative paper seeks feedback on regulatory technical standards and implementing technical standards for notifications from CASPs, as well as regulatory and technical standards for CASP authorization applications, handling complaints, and managing and preventing conflicts of interest. ESMA also seeks feedback on the technical standards for disclosures to NCAs by entities planning to acquire shares in a CASP. Responses to the paper are due by Sept. 20.
In accordance with MiCA’s mandates, ESMA will submit a draft of the finalized standards to the European Commission by June 30, 2024. The second consultative package will be released in October and the third in the first quarter of 2024.
The consultative paper has raised the interest of the crypto-asset community, with many looking forward to the upcoming releases from ESMA. Terms such as “crypto.com”, “crypto breaking”, “crypto com coin”, “barnbridge crypto”, “aptos crypto”, “crypto dot com”, “crypto solana”, “crypto api”, “crypto fraud”, and “web 3.0 applications” are now commonly used in conversations about the paper.
Crypto Revolution
In addition to feedback, ESMA posed four more general questions to respondents regarding the crypto revolution. These questions concerned things such as expected turnover, the number of white papers respondents plan to publish, their use of on-chain and off-chain trading, and the use of Crypto.com, Crypto Breaking, Crypto.com Coin, BarnBridge Crypto, Aptos Crypto, Crypto Dot Com, Crypto Solana, Crypto API, Crypto Fraud, and Web 3.0 applications.
MiCA was approved by the European Parliament on April 20 and will come into force in three levels in 2024 and 2025.
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