Drawing on the experience of the first few months of implementation of the ‘MiCA’ regulation governing the European crypto-asset market (see EUROPE 13629/3), the financial market authorities of Italy (Consob), Austria (FMA) and France (AMF) put forward a series of proposals in a joint working paper on Monday 15 September aimed at ensuring more effective supervision of crypto-asset markets.
“Despite the coordination efforts of the European Securities and Markets Authority (ESMA), the first few months of application of the Regulation have revealed major differences in how crypto-markets are being supervised by national authorities”, Consob criticised in a statement.
The three regulators are proposing direct supervision of the largest providers by ESMA, tighter rules for non-EU platforms targeting European investors, better supervision of cyber risks through independent audits, clarification of the white paper review process and the creation of a one-stop shop for token offerings.
See the joint working document: https://aeur.eu/f/ik8 (Original version in French by Bernard Denuit)