ChainCatcher news, according to CoinDesk, the European Securities and Markets Authority (ESMA) released final guidance on Tuesday to assist member states in implementing the upcoming regulations. ESMA published the final report on reverse solicitation, systems, how cryptocurrencies may constitute financial instruments, and technical standards for preventing market abuse.
The EU's dedicated regulation for the cryptocurrency sector, the Markets in Crypto-Assets (MiCA), is set to take effect on December 30 in the 27 member states. However, some countries have yet to draft legislation to implement MiCA. The Bank of Portugal stated on Monday that it is currently unclear which national authority will be responsible for these rules, as the legislation has not yet been passed. Industry associations indicated that part of the delay in national authorities is due to the short interval between ESMA's release of final technical standards in October and the implementation date.
ESMA Chair Verena Ross stated, 'Looking ahead, as the transition period progresses, we will continue to provide guidance and work with all National Competent Authorities (NCAs) to ensure the smooth implementation of MiCA and support a level playing field through regulatory convergence actions.'