Virtual Assets
ESMA publishes final report on draft technical standards on MiCA
On 3 July 2024, ESMA, in collaboration with the European Banking Authority, published its Final Report on draft technical standards specifying certain requirements of the Regulation on Markets in Crypto-Assets (“MiCA”) in which they developed regulatory technical standards (“RTS”) and implementing technical standards (“ITS”) as mandated by MiCA.
Following a public consultation from October to December 2023, to which ESMA received 141 responses, the majority non-confidential, the agency has incorporated stakeholder feedback into its Final Report. The Final Report details ESMA's response to the feedback and provides the finalised versions of six RTS and two ITS. These technical standards cover areas including sustainability indicators related to environmental impacts, business continuity measures for Crypto Asset Service Providers (“CASPs”), pre-and-post-trade transparency, record-keeping requirements, white paper formats, and the disclosure of inside information. The final report also includes cost-benefit analyses, advice from the Securities and Markets Stakeholder Group, and a comprehensive summary of stakeholder feedback.
The draft standards are now submitted to the European Commission, which will decide on their adoption within three months as per the governing regulations.