Foreign customers may be able to activate the services of an EU company.
The European Securities and Markets Authority (ESMA) said on January 29 that cryptocurrency companies in the EU can provide services to non-EU customers under certain circumstances.
ESMA wrote in a statement:
“The proposed guidance confirms ESMA’s previous information that, under MiCA, cryptoasset services provided by third country companies are limited to situations where the customer is the sole originator of the service.”
ESMA also said the allowance, known as the reverse solicitation exemption, was narrow in scope and was strictly an exemption.
It emphasized that companies cannot use exemptions to circumvent Markets in Crypto-Assets Regulation (MiCA) rules. MiCA comes into effect in June 2023 and sets out a number of new rules for members of the EU’s cryptocurrency industry.
ESMA has also published today a consultation paper on exemptions. Although the guidance has not yet been finalized, the agency's statement above implies that based on its previous information, the rule is currently broadly in effect. Rather, the paper's review concerns the specific application of rules and supervisory practices that authorities can use to prevent violations.
Other rules involve classification of crypto assets
ESMA added that it has published a second consultation paper on guidance on classifying crypto-assets as financial instruments.
The agency said this would link the EU's recent MiCA rules to the previous Markets in Financial Instruments Directive II (MiFID II). MiCA provides a framework for regulating cryptocurrencies, while MiFID II provides a framework for regulating traditional financial instruments, including securities.
According to the agency’s statement, the rules are likely to be relatively loose. ESMA said the proposed guidelines aim to find a middle ground between setting guidelines and “avoiding the creation of a one-size-fits-all approach.”
The deadline for comments on both consultation documents is 29 April 2024. ESMA will consider feedback in the second quarter of 2024 and publish a final report in the fourth quarter of 2024. #欧盟 #法规
