The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have launched a public consultation on two sets of joint guidelines concerning the regulatory and supervisory framework for markets in crypto-assets.
The guidelines are part of the implementation of the Markets in Crypto-assets Regulation (MiCA) and aim to provide clarity on the application of the regulatory framework for crypto-assets across the European Union (EU).
Guidelines for the classification of crypto-assets
The first set of guidelines focuses on the classification of crypto-assets as specified in Articles 3(1)(d) and 3(2) of MiCA. It provides criteria for distinguishing between different categories of crypto-assets, such as payment tokens, utility tokens, investment tokens, and e-money tokens.
The EBA and ESMA are seeking feedback from stakeholders, including market participants, consumer associations, and technology providers, to ensure that the guidelines adequately capture the variety of crypto-assets while addressing potential risks associated with them.
Guidelines on the governance and risk management framework for crypto-assets
The second set of guidelines focuses on the governance and risk management framework for firms involved in issuing, trading, and providing custody services for crypto-assets. These guidelines aim to establish effective control frameworks, enhance transparency, and ensure business continuity in this rapidly evolving market.
The consultation period will run until [insert end date]. All interested parties are encouraged to provide their feedback on the proposed guidelines by submitting their responses through the EBA and ESMA websites.
“The consultation process is a crucial step in achieving a harmonized and robust regulatory framework for crypto-assets in the EU,” said [insert name], [insert title] at EBA. “We welcome input from all stakeholders to ensure that the guidelines reflect the realities and dynamics of this innovative sector.”
[insert name], [insert title] at ESMA
The final guidelines are expected to be published by [insert expected publication date], and EU member states will be required to incorporate them into their national laws within [insert time frame]. The EBA and ESMA will then monitor the application of the guidelines and promote consistent supervisory practices across the EU.
By consulting on these guidelines, the EBA and ESMA aim to contribute to the development of a well-regulated and orderly crypto-assets market, ensuring investor protection, market integrity, and financial stability in the EU.