MiCA Regulation: ESMA’s consultation packages and implementation milestones
On 5 October 2023, the European Securities and Markets Authority (ESMA) released the second consultation package related to the draft technical standards in connection with the Markets in Crypto-Assets Regulation (MiCA). This consultation includes five key areas where ESMA is seeking feedback on proposed rules.
These areas are as follows:
- Sustainability indicators for distributed ledgers.
- Disclosure requirements for inside information.
- Technical specifications for white papers.
- Trade transparency measures.
- Regulations pertaining to record-keeping and business continuity for crypto-asset service providers.
The deadline for submitting responses to this consultation is set for 14 December 2023. ESMA intends to compile the feedback gathered from the consultation and subsequently publish a final report. Following consideration of the consultation feedback, ESMA will have to submit the draft technical standards to the European Commission for endorsement by regulation 30 June 2024.
ESMA plans to release a third consultation package containing the remaining 18-month mandates in the first quarter of 2024.
The MiCA Regulation was officially published in the EU's Official Journal on 9 June 2023. The provisions of MiCA will come into force on 30 December 2024, with the exception of rules on electronic-money tokens and asset-referenced tokens (aka stablecoins) which will come into force on 30 June 2024.