ESMA has recently published a MiCA consultation paper, the second after the first one in July, with plans for a final report for Europe within 2024.
An important European regulator has continued its series of consultation papers on the Markets in Crypto-Assets Act in Europe. The regulator, the European Securities and Markets Authority (ESMA), has recently published its second MiCA consultation paper. It released its first paper in July 2023.
The ESMA announced the consultation through a press release. The document invites opinions from stakeholders on a few main subjects. It includes crypto-asset service provider requirements for record-keeping and business continuity. White paper technical requirements and trade transparency measures also feature in the list. Distributed ledgers’ sustainability indicators and disclosure of inside information are the other rules for discussion.
“The third and final consultation package is expected to be published in Q1 2024. The aim of these public consultations is to collect views, comments, and opinions from stakeholders and market participants on the appropriate implementation of MiCA,” said the ESMA.
Meanwhile, the sustainability indicators mentioned in the paper include various metrics for calculation. It includes waste production, energy consumption, greenhouse emissions, and other factors.
Crypto-asset service providers would also need to report various post-trade numbers. They would need to submit pricing information, date and time of trading, transaction IDs, and a host of other data.
The consultation paper indicates the MiCA Act is striving to be a comprehensive law for crypto regulation. It has attempted to include all facets of crypto trading and crypto-asset service providers, making Europe a crypto hub.