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- The ESMA has released an extensive document seeking input on five elements of MiCA.
- By June 30th, 2024, the authority will publish a conclusive report based on the feedback received.
On October 5, the European Securities and Markets Authority (ESMA), the EU’s markets regulator, unveiled a second consultation paper regarding mandates for the Markets in Crypto-Assets (MiCA). The ESMA has issued a comprehensive document (307 pages) in which it solicits feedback on five components of MiCA.
The Authority monitors quantitative metrics related to energy usage, greenhouse gas emissions, and waste generation, along with a qualitative assessment concerning the impact of equipment utilized by blockchain network nodes on the planet’s resources.
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Additionally, the European Securities and Markets Authority (ESMA) suggests that CASPs should be required to document trading and publish the date and time, crypto asset identity, price details, amount, execution venue, and transaction ID to enhance post-trade transparency.
CASPs should be permitted to maintain transaction data in “the format they deem most suitable,” as recommended by the European Securities and Markets Authority (ESMA), provided they can convert the data into a specified format upon request from regulatory authorities.
By June 30th, 2024, the authority will have released a final report based on the feedback gathered and submitted its technical standards to the European Commission. However, a third consultation package is expected to be issued in the first quarter of 2024.
In July, the ESMA published the earlier consultation document. The European Securities and Markets Authority (ESMA) outlined a proposal in which crypto firms subject to MiCA registration would need to supply additional data in the form of notifications to the NCAs of the respective country where they would be registered.
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