According to Foresight News, as reported by CoinDesk, the European Securities and Markets Authority (ESMA) has issued final guidelines to assist member states in implementing the upcoming regulations. ESMA has published the final report on the draft technical standards regarding reverse solicitation, systems, whether cryptocurrencies may constitute financial instruments, and market abuse prevention.
The EU's dedicated regulation for the cryptocurrency industry, known as the Markets in Crypto-Assets (MiCA), is set to take effect on December 30 in 27 member states. However, some countries have yet to draft legislation to implement MiCA. The Bank of Portugal has stated that, since the legislation has not yet been passed, it is currently unclear which national authority will be responsible for these rules. Industry associations have indicated that part of the delay in national authorities is due to the short interval between ESMA's release of the final technical standards in October and the implementation date.