The European Securities and Markets Authority (ESMA), the European Union (EU) regulator and supervisor of financial markets, published the first report on the application rules of the Regulation on Cryptoasset Markets (MICA) on March 25.
as mentioned release Published on the official ESMA website, it is a report that collects the results of public consultations carried out last year.
It includes proposals on technical information given by regulators in 27 EU countries Cryptocurrency exchanges will be required Established by MiCA, to request authorization for their operations. Signals are also addressed to direct the platforms How to resolve complaints,
In this regard, among the rules proposed in the report, in accordance with Article 60 of the MiCA, it is proposed that in order to request authorisation, cryptocurrency companies submit a notification to the competent national authorities (NCAs) of the Member State where they operate. Do it. It should mention the types of services that are intended to be provided, including where and how the cryptocurrency will be marketed.
Additionally, details of the relevant internal control mechanisms should be presented. With the fight against money laundering and terrorist financingWhich will be implemented across platforms.
The above has added details of the process that will be used Segregation of crypto assets and client funds, they also have to submit definition, both of trade policy (for exchanging cryptocurrencies), such as the custody and administration of digital assets, if this service is provided. All this, along with documentation of information and communication technology systems and the security provisions in place.
It should be added that, with the first report on the rules of registration, ESMA also launched a public consultation On another set of MiCA application rules.
The goal now is to solicit comments on guidelines for detecting and reporting suspected market abuse and on policies and procedures for offering cryptoasset transfer services. this serious Third package of rules submitted for consultationAfter presenting the first one last October.
All Proposal, As part of an overall package, they are presented to the European Commission for adoption. This will be the decision making body whether they are approved or not, in an estimated period of 3 months. In this sense, ESMA offers to provide “further advice and technical guidance in this area if the Commission requests it”.
The Securities Authority’s work in drafting the rules for the application of MiCA in the Eurozone is carried out jointly with the European Banking Authority (EBA). The plan is to have the rules ready by the time part of the regulation comes into force next June.
In that sense, as reported by CryptoNoticias, the law for stablecoins will be implemented at the earliest in June this year. The full MiCA package is expected to be implemented in all member states in 2025.
