EU's ESMA Publishes Final Guidance on MiCA Implementation Days Before Deadline
12/17/2024 19:05
The regulator is releasing final guidance to help member states get ready for MiCA which is set to take effect imminently, as some nations are trailing behind.
The regulator is releasing final guidance to help member states get ready for MiCA which is set to take effect imminently, as some nations are trailing behind.
Updated Dec 17, 2024, 12:04 p.m. UTCPublished Dec 17, 2024, 12:03 p.m. UTC
The European Securities and Markets Authority (ESMA) has released its final guidance on Tuesday to help member states implement the impending rules.
ESMA published its final report on reverse solicitation, systems, what crypto may constitute as a financial instrument and draft technical standards on market abuse prevention.
The European Union's Markets in Crypto Asset (MiCA) rules - bespoke rules for the crypto sector - are meant to come into force by December 30 across the bloc of 27 nations. But some countries are yet to put in place legislation to implement MiCA.
Portugal's central bank even told CoinDesk on Monday that it is yet to figure out which national competent authority will be responsible for the rules since legislation has not passed.
A part of what caused delays for national competent authorities was the short period between ESMA releasing its final technical standards in October and the implementation date, industry trade associations told CoinDesk.
"Looking ahead, as the transitional period progresses, we will continue to provide guidance and work with all [National Competent Authorities] NCAs to ensure the smooth implementation of MiCA and to support a level playing field through supervisory convergence actions,” Verena Ross, ESMA Chair, said.
Read more: EU Countries Struggle to Implement MiCA as Deadline for Crypto Regulatory Revamp Looms
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
