Addressing the risks of digital asset firms seeking EU approval, ESMA calls on NCAs to do a "case-by-case assessment" to ensure that those seeking authorization won't bypass obligations under MiCA.
For the first time since 2007, the European Securities and Markets Authority (ESMA) is reviewing which assets might be appropriate to include in UCITS.
The Securities and Markets Stakeholder Group voiced its support of the ESMA's approach to the reverse solicitation exemption on 'crypto' assets, citing consistency with investor protection.
ESMA and MiCA do not propose that all maximal extractable value (MEV) techniques are considered market abuse, but if service providers identify the use of MEV that might fall under this description, they would report it.
ESMA published a letter to the European Commission, the Parliament, and the Council on Thursday, providing an interim update on the bloc’s DLT Pilot Regime.
MiCA was crafted to boost regulatory oversight on unlicensed asset-related activities, but the ESMA said holders won't be protected under the latest regime until December 2024 and potentially longer.
The two reports published by ESMA warned of the "serious risks" DeFi poses to investors, including those related to DEXs and wash trading, and outlined a methodology for categorizing smart contracts.
It is expected that a final implementation of MiCA will emerge as ESMA has shared its plans to submit a final paper with the draft technical standards and implementations by June 30, 2024.
MiCA will come into force in 2024, but the June 11 consultation is further evidence of a ramping up of efforts in the bloc to implement its far-reaching digital asset goals.
The consultation set for July regarding the provisions contained within MiCA will revolve around data needed to obtain a permit, complaint-handling procedures, and management policies, among others.
ESMA wants investment firms to be honest with their clients on the relative lack of regulations for products like gold and digital assets across jurisdictions.
France backpedals with its proposed ban on restricting influencers from promoting digital asset products, with plans to work with the European Banking Authority and ESMA in revising the draft bill.
