🇪🇺 The European Securities Agency (ESMA) announced guidelines for Crypto companies when cooperating with foreign businesses to avoid violating the MiCA Act, specifically as follows:

Unlicensed company:

- Do not provide services to EU customers unless the customer proactively approaches them first.

Licensed company:

- It is not allowed to authorize the transfer of customer trading orders to organizations located outside the EU.

- Do not rely on the brand of a foreign exchange when promoting to attract EU customers.

- The majority of revenue must come from EU customers -> Otherwise -> The company does not really serve the EU market.

The regulation aims to prevent businesses from outside the EU from accessing customers in the bloc, protecting users when participating in the Crypto market.

The MiCA law is considered a legal step forward for the crypto sector in Europe, but the strict regulations of this law also make many companies miserable. Most recently, Bybit exchange has withdrawn from the French market due to pressure from these regulations.