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ARTICLE · 03 AUGUST 2023

ESMA And EBA Issue Inaugural Consultation Packages Under MICA

Ganado Advocates
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The Markets in Crypto-assets Regulation (MiCA), the first European framework for cryptoassets, was published in the Official Journal on 9 June 2023 and entered into force on 29 June 2023.

MaltaTechnology
Mark Caruana Scicluna
Mark Caruana Scicluna
James Debono
James Debono
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Introduction

The Markets in Crypto-assets Regulation (MiCA), the first European framework for cryptoassets, was published in the Official Journal on 9 June 2023 and entered into force on 29 June 2023.

MiCA will include the development of various Level 2 and Level 3 measures before the new regime applies across the European Union (EU). Under MiCA, both the European Securities and Markets Association (ESMA) and the European Banking Authority (EBA) have been empowered to develop technical standards and guidelines.

ESMA's First Consultation Package for CASPs

ESMA aims to release three consultation packages under MiCA. The first consultation package has now been published by ESMA. This represents a significant step towards establishing concrete rules for crypto markets in the EU. It covers 5 draft Regulatory Technical Standards (RTS) and 2 Implementing Technical Standards (ITS) on the following topics:

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