The European Securities and Markets Authority (ESMA) has issued its final guidance to assist member states in implementing the upcoming Markets in Crypto-Assets (MiCA) regulations. ESMA published its final report on technical standards concerning reverse solicitation, systems, whether cryptocurrencies may constitute financial instruments, and prevention of market abuse. MiCA will come into effect on December 30 in the 27 EU member states, but some countries have yet to establish legislation to implement MiCA. The Bank of Portugal has stated that, as the legislation has not been passed, it has not been determined which national authority will be responsible for enforcing these rules. Industry associations have pointed out that part of the reason for the delay in national authorities is the short time between ESMA's release of technical standards in October and the implementation date. ESMA Chair Verena Ross stated, “As the transition period progresses, 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 aligned regulatory action.” (CoinDesk)