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EUESMAStatementRegulation

ESMA: response to Commission consultation on MiCA review

Jurisdiction
European Union
Regulator
ESMA
Published
Updated

What changed

ESMA responded to the European Commission's public consultation on the review of MiCA, recommending that the framework be simplified while investor protection and innovative business models such as DeFi, staking, lending and borrowing are addressed. It proposes new safeguards, including stricter rules on marketing of crypto-assets, greater cost transparency, and proportionate requirements for staking, lending and borrowing.

Matters for

Firms that market crypto-assets or offer staking, lending and borrowing, which are the areas covered by ESMA's recommendations.

Read the source: ESMA esma.europa.eu

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EU · ESMA · StatementESMA published a new question and answer (2949) on the use by crypto-asset service providers (CASPs) of payment accounts provided by non-bank payment service providers for holding clients' funds. The page lists only the title of the Q&A, not its content.EU · EBA · DecisionThe EBA has classified USDC, issued by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under MiCA, after assessing the criteria set out in the Regulation. It is the first EMT classified as significant among the 45 EMTs notified under MiCA.EU · ESMA · StatementESMA published an opinion setting out supervisory expectations for crypto-asset services involving ARTs and EMTs that do not comply with MiCA. ESMA says CASPs authorised under MiCA should cease providing such services to clients in the EU, across the full range of MiCA crypto-asset services, including trading platforms, exchange, transfers and custody.

This is an educational overview, not legal, tax or investment advice. Always check the primary source and consult a qualified professional before making decisions. XYrails is an independent publication and is not affiliated with any company the author works for.