With the implementation of the MiCA for crypto regulation, the EU Securities and Markets Authority will start regulatory consultations.
With the Markets in Crypto-Assets (MiCA) Act implemented in Europe, a regional financial regulator will start holding regulatory consultations on the subject.
The European Securities and Markets Authority has announced the development in an official notice on its website and mentioned the regulatory consultations would be held in three phases.
Covering several aspects such as governance, authorization, complaint handling, and conflicts of interest, the regulatory consultations held by the Securities and Markets Authority will start in July 2023. But, the measures would have to be first approved by the European Council, European Commission, and European Parliament.
“During the implementation phase of MiCA, ESMA (in close cooperation with EBA, EIOPA, and the ECB) is consulting with the public on a range of technical standards that will be published sequentially in three packages. The aim is to deliver draft level 2 and 3 measures that incorporate feedback from the public as soon as possible,” said the ESMA in the notice.
The three packages of the regulatory consultations have different goals, with the first covering crypto asset service providers and their technical standards, complaint handling, and disclosure of conflicts of interest.
The second package, starting in October, would cover investor relations, governance of crypto companies, and climate and sustainability issues.
The final package in 2024 would focus on anti-market abuse rules and regulations, keeping in mind the 18-month framework of the MiCA. The full effects of the rules are expected to go live by December 2024.