The European regulator published a consultation paper on MiCA standards, the first of the three packages it was supposed to release under the act.
The crypto industry in Europe is gradually getting accustomed to the rules under the MiCA regulation after authorities passed the Markets in Crypto-Assets (MiCA) Act. Recently, a European regulator released a consultation paper on MiCA standards.
The European Securities and Markets Authority (ESMA), which has released it, is under the mandate of the MiCA Act to release the consultations. The regulator will release two more consultation packages. ESMA prepared the paper specifically for crypto asset service providers.
According to the paper, crypto firms would have to share more information. This information would be in the form of notifications. The paper also asked them for feedback on technical standards of the regulation and implementation of the same.
ESMA has also asked for opinions on complaints handling, standards of authorization of crypto asset service provider applications. Management and prevention of conflicts of interest also features in the list.
According to the timeline, the ESMA will release a second package in October 2023. The third package will follow in 2024’s first quarter. ESMA will finally submit a draft of the standards to the European Commission by June 2024.
The regulator said, “ESMA aims to gather more insight on respondents’ current and planned activities, as a fact-finding exercise to better understand the EU crypto-asset markets and their future development.”