ESMA publishes second MiCA consultation paper

The European Securities and Markets Authority (ESMA) is seeking feedback on the second consultation paper on the Markets in Crypto-Assets (MiCA) bill, published on Thursday. 

See related article: Binance ICO raised less than US$5 mln: Forbes

Fast Facts

• The market regulator is seeking feedback until December 14, in five key areas: sustainability indicators of distributed ledgers, inside information disclosures, white paper requirements, trade transparency measures and record-keeping requirements for crypto service providers.

• To enhance post-trade transparency, ESMA proposed service providers report trading and publication date and time, quantity of the crypto asset, pricing information, venue of execution and transaction ID.

• After receiving feedback on the 307-page document, the ESMA plans to submit a final paper with the draft technical standard to the European Commission for endorsement by June 30, 2024. The regulator also plans to publish a third consultation paper in the first 

• MiCA is the European Union’s legal framework for regulating digital assets. The bill requires crypto firms and exchanges to secure a license to operate across the bloc, while mandating that stablecoin issuers hold suitable reserves.

• The Official Journal of the European Union published the MiCa bill on June 9. Its provisions will apply from Dec. 30, 2024.

See related article: What Europe’s new spot Bitcoin ETF means for global markets

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