Among other things, the documents include regulatory standards on market abuse that specify the systems and procedures required to prevent and detect market abuse in crypto-assets, including procedures to ensure cooperation in the detection and enforcement of crypto-assets. sanction of cross-border cases.
“These rules will allow supervisory authorities to respond to suspicions of market abuse and take enforcement action if necessary,” ESMA said in a statement.
It also includes guidance on suitability requirements which define how firms providing advice on crypto-assets or crypto-asset portfolio management must make appropriate recommendations or make appropriate investment decisions to the name of customers.
In addition, ESMA has provided guidance on crypto-asset transfer services which aims to ensure investor protection when transferring cryptocurrencies, as well as guidance on exemptions and detailing the conditions and criteria for that cryptocurrencies be considered financial instruments (drawing the line between cryptocurrency rules and existing trading rules). rules).
“The entry into force of the MiCA regime (on December 30) marks an important step towards establishing a regulatory framework for the crypto market,” said Verena Ross, President of ESMA, in a statement .
“Nevertheless, it is crucial to recognize that the new regime will not be sufficient to eliminate the uncertainty and volatility inherent in the crypto-asset market, and investors should fully understand the risks before engaging in this space.”
Looking ahead, ESMA said it would focus on working with local regulators to ensure that the provisions of the new regime are fully implemented and subject to harmonized enforcement.
