cryptocurrencies / gopixa

European regulators have finalized their first set of standards for crypto firms under new rules for the sector.

At the same time, the European Securities and Markets Authority (ESMA) has also launched a new consultation on the final series of proposed requirements to be adopted as part of the new regime.

ESMA new crypto rules, known as the Markets in Crypto-Assets Regulation (MiCA), are intended to boost investor protection and set a more level playing field for crypto asset service providers.

Among other things, the proposed new standards set out certain registration requirements and disclosure obligations, along with complaint-handling expectations for crypto firms.

Draft standards dealing with conflicts of interest will be published later, to give time for the European Banking Authority (EBA) to complete its own consultation in this area — allowing ESMA and the EBA to align their requirements on conflicts.

In the meantime, ESMA also launched a consultation on another series of proposed new requirements under the MiCA — including proposals that deal with the detection and reporting of suspected market abuse in crypto assets, suitability requirements, and operational resilience expectations.

The regulators are seeking feedback on their latest consultation by June 25.

They’re seeking to finalize these standards — the third, and final, set of proposed requirements under the MiCA regime — for consideration by policymakers by the end of the year.