The European Securities and Markets Authority (ESMA) has published its final report to guide member states in the transition to Crypto Asset Markets (MiCA) regulation. The MiCA laws will come into force in June 2024 and are scheduled for full implementation on December 30. ESMA’s guidance aims to help member states facing regulatory uncertainty.

The stablecoin market has grown under MiCA guidance. However, countries such as Belgium, Italy, Poland, Portugal, Luxembourg and Romania are struggling to meet year-end targets. Member states are concerned that MiCA laws may be interpreted differently.

ESMA provided illustrative scenarios for digital asset regulation but refrained from providing real-world examples. Should the MiFID II guidance also be updated? Share your views in the comments.