European Securities and Markets Authority releases final guidance on implementation of MiCA crypto regulations

PANews reported on December 17 that, according to CoinDesk, the European Securities and Markets Authority (ESMA) issued final guidance on Tuesday to help member states implement the upcoming regulations. ESMA has published its final report on draft technical standards on reverse solicitation, systems, cryptocurrencies that may constitute financial instruments, and market abuse prevention.

The EU’s dedicated regulation for the cryptocurrency industry, the Markets in Crypto-Assets (MiCA), aims to enter into force in the 27 member states on December 30. However, some countries have not yet enacted legislation to implement MiCA. Portugal's central bank said on Monday it had not yet determined which national authority would be responsible for the rules as the legislation had not yet been passed. Industry associations said part of the reason for delays by national authorities was the short time between ESMA's publication of the final technical standard in October and its implementation date.

ESMA Chair Verena Ross said: “Looking ahead, as the transition period progresses, we will continue to provide guidance and work with all National Competent Authorities (NCAs) to ensure the smooth implementation of MiCA and support a level playing field through regulatory convergence actions. "