The European Securities and Markets Authority (ESMA) has released its final guidance on the implementation of new rules to aid member states in adjusting to the upcoming regulations.
This guidance includes a report on reverse solicitation, a framework for identifying cryptocurrency as a financial instrument, and technical standards aimed at preventing market abuse.
Key Points:
- The MiCA (Markets in Crypto Assets) regulations are projected to take effect by December 30 for all EU member states, yet some countries are still lacking necessary legislation.
- Inquiries were made by Portugal's central bank concerning the responsible authority for enforcing these rules as they await legislative passage.
- Industry representatives noted that delays were largely due to a brief timeframe between when ESMA issued its final technical standards in October and the deadline for compliance.
Important Quote:
"Looking ahead, as the transitional period progresses, we will continue to provide guidance and work with all National Competent Authorities (NCAs) to ensure the smooth implementation of MiCA and to support a level playing field through supervisory convergence actions," - Verena Ross, ESMA Chair.
Read more: EU Countries Struggle to Implement MiCA as Deadline Looms
