The European Securities and Markets Authority (ESMA) said on Wednesday that crypto companies should be required to undergo external audits of their cyber defenses and urged lawmakers in Brussels to amend the region's flagship regulatory provisions on the crypto industry to better protect consumers.
The agency sees stricter cyber protection rules as an important part of the EUâs Markets in Crypto-Assets (MiCA) law, which will fully come into force in December. ESMA has been pushing for the inclusion of a requirement for cryptocurrency companies to undergo third-party audits of their ability to withstand cyberattacks.
However, the European Commission opposed the move, saying ESMA had overstepped its authority and exceeded its legislative remit. Both parties declined to comment.
