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The European Securities and Markets Authority (ESMA) has finalized guidelines for the implementation of the Markets in Crypto-Assets Regulation (MiCA), set to take effect on December 30, 2024. This comprehensive framework aims to enhance investor protection, prevent market abuse, and clarify the classification of crypto-assets across EU member states. While it primarily targets centralized services, ESMA is also monitoring decentralized finance (DeFi) and non-fungible tokens (NFTs) for potential future regulation.
Europe is set to implement new regulatory standards for cryptoassets, focusing on market abuse prevention, suitability requirements for investment advice, and investor protection during crypto transfers. The MiCA regime, effective December 30, aims to establish a comprehensive framework, though inherent market volatility remains a concern. ESMA emphasizes collaboration with local regulators for effective enforcement of these provisions.
The European Securities and Markets Authority (ESMA) has released final guidance for the Markets in Crypto-Assets (MiCA) regulations, set to take full effect soon. The guidelines focus on market abuse prevention, cross-border cooperation, and investor protection, while emphasizing the need for crypto-asset service providers to tailor advice to clients' needs. ESMA Chair Verena Ross cautioned that the new regulations won't eliminate the inherent risks and volatility in the crypto market.
The EU's financial markets watchdog, Esma, seeks expanded powers to oversee major stock exchanges and critical financial infrastructure, aiming to become a European equivalent of the SEC. Chair Verena Ross emphasized the need for central supervision to enhance market efficiency, particularly for cross-border players, while acknowledging concerns from smaller EU nations about potential impacts on their financial sectors. The transition would be gradual, focusing initially on larger entities, with a call for improved governance to strengthen Esma's independence from national authorities.
Verena Ross
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