TechFlow reported on December 17 that, according to CoinDesk, the European Securities and Markets Authority (ESMA) released its final guidance on Tuesday to assist member states in implementing upcoming regulations. ESMA published final reports on reverse solicitation, systems, whether certain crypto assets may constitute financial instruments, and draft technical standards for market abuse prevention.
The EU's dedicated regulatory framework for the crypto industry, the Markets in Crypto-Assets (MiCA) regulation, is set to take effect across all 27 member states on December 30. However, some countries have yet to adopt national legislation to implement MiCA. On Monday, Portugal’s central bank stated that due to pending legislation, it has not yet been determined which national competent authority will be responsible for overseeing these rules. Industry groups note that part of the reason for delays by national authorities stems from the short timeframe between ESMA’s release of final technical standards in October and the implementation deadline.
ESMA Chair Verena Ross said: “Looking ahead, as the transitional period progresses, we will continue to provide guidance and work with all National Competent Authorities (NCAs) to ensure a smooth implementation of MiCA and support a level playing field through regulatory convergence.”
