The European Securities and Markets Authority (ESMA) has published its final guidance to assist member states in implementing the upcoming Markets in Crypto-Assets (MiCA) regulations. ESMA has released its final report on the draft technical standards regarding reverse solicitation, the system, whether cryptocurrencies may qualify as financial instruments, and the prevention of market abuse. MiCA will take effect on December 30 in the 27 EU member states, but some countries have yet to establish legislation for the implementation of MiCA. The Bank of Portugal has stated that, as the legislation has not yet been passed, it is still unclear which national authority will be responsible for enforcing these rules. Industry associations have pointed out that part of the delay by national authorities is due to the short time frame between ESMA's publication of technical standards in October and the implementation date. ESMA Chair Verena Ross stated, “As we move through the transitional period, we will continue to provide guidance and work with national competent authorities (NCAs) to ensure the smooth implementation of MiCA and support a level playing field through regulatory convergence actions.” (CoinDesk)