The European Securities and Markets Authority (ESMA) sent, on Tuesday 17 October, a letter to the Economic and Financial Affairs Council (‘Ecofin’) encouraging Member States to prepare for the implementation of the European Markets in Crypto-Assets Regulation (MiCA) (see EUROPE 13266/28).
In particular, the document calls on Member States to designate “as soon as possible” the competent authorities responsible for carrying out the functions and tasks provided for under the ‘MiCA’ agreement and to consider limiting the optional transitional period or ‘grandfathering clause’ to 12 months if they choose to offer it in their own jurisdiction.
In addition, ESMA has accompanied its letter with a statement to entities providing crypto-asset services and the national competent authorities that will be responsible for their supervision to take stock of mutual expectations.
The document also states that the competent authorities should devote part of their resources to aligning their supervisory practices with those of their counterparts throughout the EU.
Finally, ESMA calls on market participants to start ensuring that their customers are aware of the regulatory status of their crypto-asset offerings that benefit from a safeguard clause.
To see the statement: https://aeur.eu/f/94q (Original version in French by Thomas Mangin)