European Securities and Markets Authority (ESMA) Releases Final Guidelines Ahead of 'MiCA' Implementation

The European Securities and Markets Authority (ESMA) has released its final guidelines ahead of the implementation of the MiCA (Markets in Crypto-Assets) regulation.

On the 17th, ESMA announced in an official press release, "ESMA is publishing a final package containing standards and guidelines as the 'MiCA' regulation, which governs virtual assets (cryptocurrencies), is set to be fully implemented." ESMA added, "We have conducted extensive regulatory work over the past 18 months, which includes more than 30 technical standards and guidelines, many of which were developed in collaboration with the European Banking Authority (EBA)."

The guidelines published by ESMA include regulatory standards to prevent abuse in the virtual asset market, guidelines for virtual assets as financial products, and guidelines for Crypto Asset Service Providers (CASP).

Verena Ross, Chair of ESMA, stated, "The MiCA regulation, set to take effect on the 30th, marks an important step in establishing a regulatory framework for the virtual asset market," adding, "We will ensure the smooth implementation of MiCA, provide guidance, and collaborate with all National Competent Authorities (NCA)."

Meanwhile, the MiCA regulation is the world's first basic law on virtual assets established by the European Union (EU), binding in all 27 EU member states. The MiCA bill, announced in September 2020, became law after being jointly signed by the EU and the Council of Ministers on May 31 last year. The MiCA regulation is set to be enforced in 27 European countries starting on the 30th.