European regulator releases consultative paper on MiCA standards for crypto asset service providers

The European Securities and Markets Authority , the European Union’s markets regulator,a consultative paper on Markets in Crypto-Assets mandates on July 12. It was the first of three consultative packages the agency expects to publish and concerns technical specifications for crypto asset service providers .

Entities that are already licensed are presumed under MiCA to be “generally capable of providing crypto-asset services,” but they will be required to provide additional information in the form of notifications to the national competent authorities of the country they are registered in. The paper sought feedback on regulatory technical standards and implementing technical standards for notifications from CASPs.

ESMA also sought feedback on regulatory and technical standards for CASP authorization applications, handling complaints, and managing and preventing conflicts of interest. Finally, comments are open on the ESMA regulator’s technical standards for disclosures to NCAs by entities planning to acquire shares in a CASP.

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