ESMA Finalizes First Crypto Asset Service Provider Rules
ESMA's new report aims to promote fair competition among crypto asset service providers, creating a safer environment for EU investors。
The European Securities and Markets Authority (ESMA), the European financial regulatory agency, has released its first final report under the Markets in Crypto-Assets (MiCA) initiative.
In July 2023, ESMA issued a consultation paper on crypto rules seeking stakeholders' views on 5 Regulatory Technical Standards (RTS) and 2 Implementing Technical Standards (ITS) proposed by ESMA. The consultation period ended on September 20, 2023. ESMA received a total of 36 responses, out of which 10 were confidential.
The new report aims to enhance clarity and predictability, foster fair competition among Crypto-Asset Service Providers (CASP), and provide a safer environment for investors across the EU. The suggestions include:
- Information required for authorizing CASPs
- Information financial entities need to notify when intending to offer crypto asset services
- Information needed for assessing eligibility for holding stakes in CASPs for those intending to acquire them,
- How CASPs should handle complaints
Regarding next steps, the ESMA stated that it has submitted the "Final Report" to the European Commission (EC) and will provide further recommendations and technical guidance in this area as requested by the European Commission.
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