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ARTICLE · 29 OCTOBER 2024

ESMA Pushes Back On The EU Commission's Scaling Back Of MiCA CASP Requirements

Goodwin Procter LLP
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In a previous alert, Crypto-Asset Services and Grandfathering Under MiCA: Clarity From ESMA, we noted that the provisions of the Markets in Crypto Assets Regulation (MiCA) governing crypto-asset service providers (CASPs) is due to come into effect on 30 December 2024.

United KingdomTechnology
Andrew Henderson
Andrew Henderson
Céline Moille
Céline Moille

In a previous alert, Crypto-Asset Services and Grandfathering Under MiCA: Clarity From ESMA, we noted that the provisions of the Markets in Crypto Assets Regulation (MiCA) governing crypto-asset service providers (CASPs) is due to come into effect on 30 December 2024.

As part of its ongoing efforts to put in place implementing measures for MiCA, the European Securities and Markets Authority (ESMA)1 on 16 October 2024 published an opinion urging the European Commission to give effect to ESMA's original proposal for the MiCA Regulatory Technical Standards on CASP notifications and CASP authorisations (Draft RTS) by amending the text of MiCA itself.

The Draft RTS had contained requirements for CASP applicants to provide the results of an external cybersecurity audit, an assessment of the good repute of the members of the management body, and checks on the absence of penalties in areas other than commercial law, insolvency law, financial services law,

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