MiCA's Rulebook: The latest Details of Crypto Regulation published by ESMA
Markets in Crypto Assets Regulation (MiCAR) entered into force in June 2023. ESMA has been consulting with the public on a range of technical standards (regulatory implementing standards (RTS) and Implementing Technical Standards (ITS)) that has been published sequentially in three packages.
First final report
On March 25th, 2024 ESMA published its first final report of the initial package of rules under MiCA, which includes draft technical standards specifying certain requirements of MiCA.
The final report of the initial package of rules under MiCA covers the following:
RTS for further specification of the information to be provided regarding notification obligations by financial entities such as banks and investment firms that provide crypto-asset services.
ITS providing standard forms, templates, and procedures for the notification obligation by financial entities.
RTS describing further information to be provided under the authorisation requirements for crypto-asset service providers.
ITS providing standard forms, templates and procedures for the information to be included in the application for authorisation as a crypto-asset service provider.
RTS detailing further requirements, templates and procedures for handling complaints for crypto-service providers.
ITS with detailed content of the information that is necessary to carry out the assessment regarding the proposed acquisition and acquirer of the crypto-asset service provider (qualified holding).
Next step is submitting and awaiting the Commission’s approval for adoption of the rules.
Third Consultation Package
Meanwhile, ESMA has also launched the third consultation package under MiCA on March 25th. This third consultation package concerns topics on the detection and prevention of market abuse, investor protection, and operational resilience. Reactions to the proposed rules (RTS and ITS) are welcome until 25 June 2024 using the response form provided by ESMA (click here for the press release).
Note: See also for completeness The second consultation package, published on October 5, 2023.
source: ESMA
Looking for Expert Legal Advice?
Navigating the complexities of financial markets regulation can be daunting. If you need specialized consultancy in Financial Markets Regulation or looking for a compliance specialist, let's connect. Visit my services page or reach out directly.
You might also be interested in:
