CoinVoice has learned that, 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 the technical standards draft regarding reverse solicitation, system, the potential of cryptocurrencies to constitute financial instruments, and market abuse prevention.
The EU's dedicated regulations for the cryptocurrency industry, namely the Markets in Crypto-Assets (MiCA), are set to take effect on December 30 across 27 member states. However, some countries have yet to implement legislation for MiCA. The Bank of Portugal stated on Monday that, as the legislation has not yet passed, it is still unclear which national authority will be responsible for these rules. Industry associations indicated that part of the delay in national authorities is due to the short time gap between ESMA's release of the 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." [Original link]