10/16/2024 | Press release | Distributed by Public on 10/16/2024 06:23
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has responded to the European Commission proposal to amend the Markets in crypto-assets Regulation (MiCA) Regulatory Technical Standards (RTS). ESMA acknowledges the legal limitations raised by the Commission but emphasises the importance of the policy objectives behind the initial proposal.
In the Opinion, ESMA takes note of the amendments proposed to the two RTS specifying:
ESMA also reiterates that the final objective of these RTS is to ensure a thorough entry point assessment for applicant crypto-asset service providers (CASPs) and financial entities intending to provide crypto-asset services in the EU. This will increase the resilience of the crypto assets market and enhance investor protection in the crypto-assets space.
ESMA therefore recommends the Commission consider amendments to the MICA regulation (Level 1), namely:
Background
On 25 March 2024, ESMA published its first final report on the draft RTS specifying certain requirements of MiCA and submitted it to the EC for adoption. In September 2024, the Commission informed ESMA that it intended to adopt two of the proposed RTS with amendments and invited ESMA to submit new draft RTS reflecting the amendments provided.
Next steps
This opinion has been communicated by ESMA to the Commission, the European Parliament and the European Council.
The EC may adopt the two RTS with the amendments it considers relevant or reject it. The European Parliament and the Council may object to an RTS adopted by the EC within a period of three months.
Further information:
Cristina Bonillo
Senior Communications Officer
[email protected]