Adan responds to ESMA’s first consultation on MiCA technical standards

ADAN responds to ESMA's first consultation on MiCA technical standards. 

In July 2023, ESMA launched apublic consultationon the development of a set of Regulatory Technical Standards (RTS) under the European MiCA Regulation. It focuses on disclosure, transparency, conflict of interest, and governance requirements for crypto-asset service providers (CASPs). These standards are expected to make the text clearer for all stakeholders.

In total, ESMA is expected to launch three consultations; the second is scheduled for October, and the third and final one for the first quarter of 2024.

ADAN thanksthe European Securities and Markets Authorityfor providing industry stakeholders with an opportunity to voice their views through this consultation on the draft regulatory technical standard for the MiCA Regulation. The Association’s objectives are to help create the most favorable environment in the EU for the development of a crypto-asset industry that can compete with other regions of the world.

In summary, the Association supports the proposed technical standards. Although there are a number of areas that could be further developed, the Association and its members have not identified any particular areas of concern regarding the development of the crypto-asset industry.

As a reminder, MiCA is set to take effect in late 2024 (June 2024 for provisions relating to stablecoins and December 2024 for other provisions).