30s Summary

The European Securities and Markets Authority (ESMA) has advised the European Commission to amend the EU’s guidelines for cryptocurrency, the Markets in Crypto-Assets Regulation (MiCA). The ESMA supports the proposal’s goals despite legal hurdles and is analyzing potential changes to two technical rules on sharing intentions to offer crypto services and procedures for becoming a provider for these assets. The issue is ongoing.

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The European Union’s market supervisor feels that the EU’s guidelines for cryptocurrency, known as the Markets in Crypto-Assets Regulation (MiCA), should be tweaked.

On October 16, the European Securities and Markets Authority (ESMA) shared its official thoughts on MiCA, and advised the European Commission to go ahead with plans to spruce up some parts of it.

The ESMA acknowledges the legal hurdles brought up by the Commission, but underscores the importance of the original proposal’s goals.

The ESMA specifically mulled over proposed changes to two technical rules; one regarding the sharing of intentions to offer crypto asset services and one about how to apply to become a service provider for these assets.

This is an ongoing news story and more information will come to light as it unfolds.

Source: Cointelegraph