The European Securities and Markets Authority (ESMA) released the final guidelines for the implementation of MiCA crypto regulations. According to Golden Finance, ESMA published its final guidance on Tuesday to assist member states in implementing the upcoming regulations. ESMA unveiled the final report on reverse solicitation, systems, the potential classification of cryptocurrencies as financial instruments, and technical standards for preventing market abuse. The dedicated regulations for the cryptocurrency industry in the EU, known as the Markets in Crypto-Assets (MiCA), are set to take effect on December 30 across 27 member states. However, some countries have yet to establish legislation for implementing MiCA. The Bank of Portugal stated on Monday that it has not yet been determined which national authority will be responsible for these rules, as the legislation has not yet passed. 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 in October and the implementation date.
