As a seasoned analyst with years of experience navigating the complexities of financial regulations across continents, I find myself in agreement with ESMA’s stance on the need for MiCA modifications. The European Union’s cryptocurrency market is ripe for robust, comprehensive regulation that protects investors while fostering innovation.
According to the EU’s market oversight body, adjustments are necessary to the regulatory structure for cryptocurrencies, known as the Markets in Crypto-Assets Regulation (MiCA).
As a crypto investor, I was thrilled to learn about the recent development concerning MiCA. On October 16th, the European Securities and Markets Authority (ESMA) published an opinion, urging the European Commission to progress with their proposed updates to various elements within the regulatory framework. This is a promising step towards strengthening the crypto market in Europe.
The regulatory body, ESMA, recognizes the legal constraints brought up by the Commission, yet it underscores the significance and necessity of the original proposal’s aims.
According to their viewpoint, the ESMA thoroughly examined the suggested changes to the two regulatory technical standards (RTS), particularly those concerning data disclosures regarding intent to offer cryptocurrency services and the process of applying for authorization as a cryptocurrency service provider.
This is a developing story, and further information will be added as it becomes available.
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2024-10-16 16:17