{"id":327280,"date":"2023-07-13T18:30:38","date_gmt":"2023-07-13T13:00:38","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=327280"},"modified":"2023-07-13T18:24:49","modified_gmt":"2023-07-13T12:54:49","slug":"eu-financial-regulator-adds-this-warning-after-issuing-mica-proposals","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/eu-financial-regulator-adds-this-warning-after-issuing-mica-proposals\/","title":{"rendered":"EU financial regulator adds this warning after issuing MiCA proposals"},"content":{"rendered":"<p>After issuing its first set of proposals around the markets in\u00a0crypto-assets (MiCA) regulation, the financial regulator of European Union (EU) has added a warning.<\/p>\n<p>On 12 July, the European and Securities Markets Authority (ESMA) published a consultation paper.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">? ESMA published ? consultation package under the Markets in Crypto-Assets Regulation <a href=\"https:\/\/twitter.com\/hashtag\/MiCA?src=hash&amp;ref_src=twsrc%5Etfw\">#MiCA<\/a>: <a href=\"https:\/\/t.co\/MD2tdKi8v9\">https:\/\/t.co\/MD2tdKi8v9<\/a><\/p>\n<p>? input on rules for crypto-asset service providers on ? authorisation, identification and management of conflicts of interests ? complaints<\/p>\n<p>?\ufe0f 20 September <a href=\"https:\/\/t.co\/mhiYNxFWA9\">pic.twitter.com\/mhiYNxFWA9<\/a><\/p>\n<p>\u2014 ESMA &#8211; EU Securities Markets Regulator ?? (@ESMAComms) <a href=\"https:\/\/twitter.com\/ESMAComms\/status\/1679054304907345920?ref_src=twsrc%5Etfw\">July 12, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On the same day, ESMA chair Verena Ross warned consumers in the EU that \u201cthere will be no such thing as a safe crypto-asset.\u201d Ross cautioned consumers that cryptocurrencies are still risky.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">?\ufe0f ESMA Chair, <a href=\"https:\/\/twitter.com\/hashtag\/VerenaRoss?src=hash&amp;ref_src=twsrc%5Etfw\">#VerenaRoss<\/a>: This [&#8230;] is an important milestone for ESMA in the implementation of the <a href=\"https:\/\/twitter.com\/hashtag\/MiCA?src=hash&amp;ref_src=twsrc%5Etfw\">#MiCA<\/a> framework. It translates our ambition to set high regulatory standards in the EU for crypto-asset related activities into concrete requirements. <a href=\"https:\/\/t.co\/MD2tdKi8v9\">https:\/\/t.co\/MD2tdKi8v9<\/a> <a href=\"https:\/\/t.co\/5rNXGdjrQT\">pic.twitter.com\/5rNXGdjrQT<\/a><\/p>\n<p>\u2014 ESMA &#8211; EU Securities Markets Regulator ?? (@ESMAComms) <a href=\"https:\/\/twitter.com\/ESMAComms\/status\/1679054309567111168?ref_src=twsrc%5Etfw\">July 12, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The consultation paper solicits comments on regulatory and technical standards from all the stakeholders. The regulator was also asking for confidential details about crypto firms\u2019 expected revenue, number of white papers, and the usage of on- and off-chain trading.<\/p>\n<p>Applicants must demonstrate that they will not mix client funds and crypto, and will not use the assets for the company\u2019s own account. They should also provide information about the security of their ICT system and underlying distributed ledger technology.<\/p>\n<p>Participants should file their responses by 20 September.<\/p>\n<p>The regulator informed that it will begin the second round of consultation in October which will cover sustainability and record-keeping. Its third round will take place in early 2024 which will address how foreign companies will be able to serve EU consumers.<\/p>\n<p>The new MiCA proposals also require crypto service providers to handle customer complaints in the specified manner. The proposals also lay down conflict-of-interest rules in the virtual assets industry.<\/p>\n<h4>EBA asks stablecoin issuers to be ready ahead of MiCA<\/h4>\n<p>MiCA was\u00a0<a href=\"https:\/\/www.europarl.europa.eu\/news\/en\/press-room\/20230414IPR80133\/crypto-assets-green-light-to-new-rules-for-tracing-transfers-in-the-eu\" target=\"_blank\" rel=\"noopener\">approved<\/a> by the European Parliament\u00a0in April. The EU Council also unanimously <a href=\"http:\/\/ambcrypto.com\/mica-regulation-unanimously-approved-by-eu-council-heres-what-it-entails\/\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\" data-wpel-link=\"external\">passed<\/a> it in May. It will come into force in 2024 and will be fully implemented by 2025.<\/p>\n<p>The law will give crypto exchanges and wallet providers the ability to operate across the 27-nation bloc with one license.<\/p>\n<p>On 12 July, the European Banking Authority (EBA) also issued a press statement.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/EBA?src=hash&amp;ref_src=twsrc%5Etfw\">#EBA<\/a> encourages institutions involved in asset-referenced token (ART) or electronic money token (EMT) activities to take timely preparatory steps towards the application of <a href=\"https:\/\/twitter.com\/hashtag\/MiCAR?src=hash&amp;ref_src=twsrc%5Etfw\">#MiCAR<\/a> ? ?<a href=\"https:\/\/t.co\/WMCw4iG9zo\">https:\/\/t.co\/WMCw4iG9zo<\/a><a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/t.co\/m8azEPZbvl\">pic.twitter.com\/m8azEPZbvl<\/a><\/p>\n<p>\u2014 EU Banking Authority &#8211; EBA ?? (@EBA_News) <a href=\"https:\/\/twitter.com\/EBA_News\/status\/1679057150847381504?ref_src=twsrc%5Etfw\">July 12, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It urged stablecoin issuers to start preparing for the MiCA regulation. This way, there will be no urgency in trying to adhere to the guidelines when they are implemented.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After issuing its first set of MiCA proposals, the EU&#8217;s financial regulator is warning consumers that cryptocurrencies are still risky.<\/p>\n","protected":false},"author":70,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-327280","post","type-post","status-publish","format-standard","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EU financial regulator adds this warning after issuing MiCA proposals - 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