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ARTICLE · 31 OCTOBER 2023

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MICA Update: ESMA Communiqués On MiCA Implementation

William Fry LLP
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On 17 October 2023, ESMA published a letter and statement to encourage Member States, crypto-asset service providers...

IrelandTechnology
Jane Balfe
Jane Balfe
Danielle Higgins
Danielle Higgins
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On 17 October 2023, ESMA published a letter and statement to encourage Member States, crypto-asset service providers and national competent authorities (NCAs) to act now to ensure a smooth transition to the new EU legal framework for crypto-assets introduced under the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114) (MiCA).

We examine these ESMA communiqués and highlight several key points below.

Supervisory Convergence

ESMA wants to ensure a level playing field across EU Member States to minimise the risk of "forum-shopping" by crypto-asset market participants. To this end, in relation to authorisation, ESMA calls on:

  • Member States – to designate the NCAs responsible for carrying out the functions and duties required under MiCA and to ensure such designated authorities have adequate powers and resources to exercise their supervisory, investigative and enforcement responsibilities.

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