The European Securities and Markets Authority (ESMA) Warns Crypto Industry
The European Securities and Markets Authority (ESMA) has released its first set of MiCA proposals, which aim to regulate the crypto industry. The proposals cover conflict-of-interest rules and guidelines for handling customer complaints. ESMA chairwoman Verena Ross warns consumers that cryptocurrencies still carry significant risks. The proposal document, titled “Technical standards specifying certain requirements of MiCA regulation,” seeks input from the crypto industry on the regulatory framework. The consultation period runs until September 20. ESMA is also requesting confidential information on expected revenues from crypto companies.
Key Points:
– ESMA has released its first set of MiCA proposals for regulating the crypto industry.
– The proposals cover conflict-of-interest rules and guidelines for customer complaints.
– ESMA chairwoman Verena Ross emphasizes the risks associated with cryptocurrencies.
– The proposal document seeks input from the crypto industry on the regulatory framework.
– The consultation period runs until September 20, and confidential information on expected revenues is requested.
Hot Take:
ESMA’s warning to the crypto industry and emphasis on the risks of cryptocurrencies highlights the need for stricter regulations in the sector. The MiCA proposals aim to address concerns and ensure consumer protection. However, it remains to be seen how effective these regulations will be in mitigating risks and preventing misuse of funds and assets. The consultation period provides an opportunity for the crypto industry to contribute their insights and shape the regulatory framework. Ultimately, the implementation of MiCA in 2024 will determine the extent to which the industry can operate with one license across the EU.
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