ESMA Finalizes MiCA Rules Easing Path To Engage Institutions In Crypto
The European Securities and Markets Association (ESMA) has released final rules regarding the MiCA crypto asset regulations, which could open the door for institutions to engage with crypto.
The rules cover licensing crypto-asset service providers (CASPs), how regulated institutions provide notification about their plans to offer CASP services, acquisitions of stakes in a CASP, and customer complaint handling.
ESMA has also published a consultation on a third package of rules, covering topics such as detecting market abuse and client rights.
German regulator BaFin raised concerns about overly detailed regulations, as MiCA alone requires 57 separate sets of guidelines.
ESMA has two options for authorizing CASPs: high-level guidance or detailed rules, with the aim of creating a level playing field across Europe. Institutions must notify their regulator 40 days before starting activity and 20 days before responding.
(With inputs from Shikha Singh)
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