PANews, December 17 - 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 technical standards drafts regarding reverse solicitation, systems, the potential classification of cryptocurrencies as financial instruments, and market abuse prevention.
The European Union's specialized regulation for the cryptocurrency industry, known as the Markets in Crypto-Assets (MiCA), is set to come into effect on December 30 across 27 member states. However, some countries have yet to develop the legislation to implement MiCA. The Bank of Portugal stated on Monday that, as the legislation has not yet been passed, it is currently unclear which national authority will be responsible for these rules. Industry associations indicated that part of the delay for national authorities is due to the short time gap between ESMA's release of the final technical standards and the implementation date in October.
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 coordinated regulatory action."
