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The European Securities and Markets Authority (ESMA), has published its first consultation package and seeks first input on detailed rules related to the European Regulation concerning crypto asset markets (MiCA)
On 12 July 2023, the European Securities and Markets Authority published its first consultation package under the Markets in Crypto-Assets Regulation and invites comments from stakeholders by 20 September 2023.
ESMA considers this publication to be “a major step in the implementation of the MiCA framework”. This consultation package is the first of three expected. It aims to “obtain comments on the proposed rules for crypto-asset service providers ("CASPs"), in particular related to their authorisation, identification and management of conflicts of interests and also how CASPs should address complaints”.
In this first call for evidence, ESMA aims to gather more information on the activities of players in the crypto asset market, in order to gain a better understanding of how this market operates in the European Union and how it will develop in the coming years.
ESMA considers that “these questions relate to elements such as the expected turnover of the respondents, the number of white papers they plan to publish and the use of on-chain vs off-chain trading. The input to this part of the consultation will remain confidential and will serve to calibrate certain proposals to be inserted in the second and third consultation package”.
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