The European Securities and Markets Authority (ESMA) says National Competent Authorities (NCAs) – or member state regulators – must remain vigilant in regard to crypto markets as MiCA goes into force.
The “Opinion” posted by ESMA states that “in order for MiCA to deliver on its objectives, it is crucial that the new framework is implemented in an effective and harmonised manner throughout the Union.”
Specifically, ESMA points to crypto exchanges or digital asset marketplaces that are an “essential point of attention.”
The statement by ESMA says a case-by-case assessment must be made regarding firms that provide crypto trading, custody, and other services, and regulators must protect consumers to ensure an orderly market in crypto.
While MiCA sets out rules for crypto, ESMA is in the midst of a consultation on digital securities which is separate from crypto.