1. BITBILIHome
  2. Article

ESMA publishes first consultation for constructive input on MiCA

• 169 views

TL;DR Breakdown

  • ESMA has released its first consultation package looking into MiCA(Markets in Crypto-Assets) regulation
  • ESMA will continue to work on the remaining requirements and release a second consultation package in October 2023

Description

The European Securities and Markets Authority (ESMA), the European Union’s financial markets regulator, has released its first consultation package looking into MiCA(Markets in Crypto-Assets) regulation. The regulator also invited stakeholder comments that will take place until 20 September 2023.  The proposal is highlighted in the EU securities agency’s 160-page consultation with different subjects, including how … Read more

The European Securities and Markets Authority (ESMA), the European Union’s financial markets regulator, has released its first consultation package looking into MiCA(Markets in Crypto-Assets) regulation. The regulator also invited stakeholder comments that will take place until 20 September 2023. 

The proposal is highlighted in the EU securities agency’s 160-page consultation with different subjects, including how crypto firms must handle user complaints and interest conflicts. 

ESMA needs feedback on EU crypto regulation

ESMA is requesting feedback on draft regulations for crypto-asset service providers (CASPs) in its proposal, which is the first of three consultation packages. The specific pain points addressed are crypto authorization, conflict of interest management, identification, and CASPs solution to the complaints.

ESMA wants to gather more information from the public and gain more insight into its current and planned activities to understand the EU crypto-asset market and its prospects. The questions include the respondents’ anticipated turnover, the number of white papers they want to publish, and if they will employ on-chain or off-chain trade. 

The feedback provided for the current consultation phase will be kept confidential and used to calibrate a few of the concepts included in the second and third consultation packages.

ESMA will continue to work on the remaining needs after this phase to release a second consultation package in October 2023. By 30 June 2024 at the latest, ESMA hopes to have published a final report and sent the proposed technical standards to the European Commission for approval after considering the comments received during this consultation.

According to ESMA chair Verena Ross, the move is a crucial milestone for ESMA in the MiCA framework implementation. She adds that the consultation translates to their ambition to set a high regulatory standard in the European Union regarding crypto and related activities.

MiCA regulation aims at protecting investors

MiCA, which goes into effect in 2024, establishes reserve requirements for stablecoins based on the value of other assets and grants crypto asset service providers, also known as CASPs, the authority to operate across the 27-nation bloc with a single license. Even though the legislation was largely agreed upon by June 2022, ESMA has been impacted by claims of insufficient security and governance in the cryptocurrency industry, such as those that came in the wake of the FTX exchange declaring bankruptcy in November.

MiCA seeks to safeguard investors by increasing transparency and developing a thorough framework for service providers and issuers. The new regulations apply to companies issuing so-called “stablecoins,” asset-referenced tokens, and utility tokens. They also cover service providers such as wallets holding crypto assets and trading avenues.

While the regulation strives to safeguard investors and protect financial stability, it also creates a chance for innovation and more crypto adoption. That’s not all. It also establishes a unified framework to enforce regulation in the European Union. Compared to the current regulation whereby only some nations regulate crypto, it is more effective as it covers member states.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:ESMA publishes first consultation for constructive input on MiCA

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月13日 08:00
Next 2023年7月13日 09:08

Related articles

  • Cathie Wood’s flagship innovation fund exits China amid economic slowdown

    TL;DR Breakdown Cathie Wood’s Ark Innovation ETF, managing nearly $9 billion in assets, has completely exited China due to the country’s economic slowdown. The fund’s change in strategy was influenced by Beijing’s tightening control over the economy and concerns about China’s debt-ridden real estate market. Despite the current divestment, Wood indicated potential reinvestment in Chinese stocks in the future, especially during bull markets and with the introduction of more IPOs. Description Cathie Wood, the CEO of Ark Invest, has announced that her flagship innovation fund has completely exited China due to the country’s economic slowdown. The Ark Innovation ETF, which manages nearly $9 billion in assets, has divested from stocks generating revenue from China. This strategic move is part of a broader consolidation of the fund’s … Read more Cathie Wood, the CEO of Ark Invest, has announced that her flagship innovation fund has completely exited China due to the country’s economic slowdown. The Ark Innovation ETF, which manages nearly $9 billion in assets, has divested from stocks generating revenue from China. This strategic move is part of a broader…

    Article 2023年7月24日

  • U.S. realizes national and economic security’s bond

    TL;DR Breakdown U.S. recognizes the interconnectedness of national and economic security. White House issues order to limit tech investments in China. Focus is on expertise transfer, not just capital. Description For years, the U.S. operated under a seemingly clear distinction: national security was one pillar, and economic stability was another. Yet, the blurring lines between economic and national interests now challenge this compartmentalized view. The United States is waking up to a reality that other major players, particularly China, have recognized for a long time: … Read more For years, the U.S. operated under a seemingly clear distinction: national security was one pillar, and economic stability was another. Yet, the blurring lines between economic and national interests now challenge this compartmentalized view. The United States is waking up to a reality that other major players, particularly China, have recognized for a long time: national security and economic security are two sides of the same coin. The Tech Split and Its Underlying Motives When it comes to technological prowess, China’s relentless march forward has not gone unnoticed in the West. With…

    Article 2023年8月14日

  • Researchers expose flaws in EU’s AI guidelines

    TL;DR Breakdown Stanford University researchers indicate major tech companies, including OpenAI, Meta, and Google, may not comply with the EU’s draft AI guidelines. The study focuses on the industry’s potential violation of copyright laws, as many AI tools use copyrighted content for training. Under the EU’s AI Act proposals, AI tool developers must disclose AI-generated content and summarize copyrighted data used in training. Description A recent investigation conducted by Stanford University researchers reveals that major tech companies, including OpenAI, the creators of ChatGPT, Meta (previously Facebook), and Google, might face conflicts with the EU’s draft regulations concerning the deployment and usage of artificial intelligence (AI). EU’s AI regulation drama The Stanford research study, led by AI researcher Rishi Bommasani, … Read more A recent investigation conducted by Stanford University researchers reveals that major tech companies, including OpenAI, the creators of ChatGPT, Meta (previously Facebook), and Google, might face conflicts with the EU’s draft regulations concerning the deployment and usage of artificial intelligence (AI). EU’s AI regulation drama The Stanford research study, led by AI researcher Rishi Bommasani, uncovers a brewing…

    Article 2023年6月27日

  • Bank of England’s high-stakes balancing act

    TL;DR Breakdown The Bank of England is facing a high-stakes balancing act with its 14th consecutive rate rise since 2021. Mixed signals from the Monetary Policy Committee have caused uncertainty in an already strained economy. Description The balancing act performed by the Bank of England is high-stakes indeed. With a staggering 14th consecutive rate increase on the horizon, Britain’s battle against inflation is reaching a critical juncture. Prime Minister Rishi Sunak’s recent optimism that there’s “light at the end of the tunnel” in the inflation fight may be true, but it … Read more The balancing act performed by the Bank of England is high-stakes indeed. With a staggering 14th consecutive rate increase on the horizon, Britain’s battle against inflation is reaching a critical juncture. Prime Minister Rishi Sunak’s recent optimism that there’s “light at the end of the tunnel” in the inflation fight may be true, but it doesn’t minimize the complexity of the situation. Struggling with a mixed signal economy The Bank of England’s uncertainty and mixed signals are disconcerting at a time when the margin for error…

    Article 2023年8月5日

  • Crypto job boom in Hong Kong? Recruiters disagree

    TL;DR Breakdown Despite crypto firms rushing to establish bases in Hong Kong, local recruitment in the sector is low. The volatility of crypto businesses and their dependency on fluctuating cryptocurrency prices have deterred potential recruits. The exodus of specialized talent from Hong Kong has led to a competitive talent market. Description In the buzzing digital landscape of Hong Kong, there’s a curious anomaly. Despite a high-octane rush from numerous crypto firms vying to establish their base in the city, the anticipated explosion in crypto-related employment has not materialized. This is not speculation, but the reality as observed by some of the most well-established recruitment firms in … Read more In the buzzing digital landscape of Hong Kong, there’s a curious anomaly. Despite a high-octane rush from numerous crypto firms vying to establish their base in the city, the anticipated explosion in crypto-related employment has not materialized. This is not speculation, but the reality as observed by some of the most well-established recruitment firms in the city. The crypto mirage The crypto allure of Hong Kong, it appears, is predominantly theoretical…

    Article 2023年7月11日
TOP