ESMA Calls for Opinions on Crypto Regulation Game Changer

<p>The
European Securities and Markets Authority (ESMA) published two consultation
papers today (Monday) seeking input from stakeholders on guidelines regarding reverse
solicitation and the classification of crypto-assets as financial instruments
under the Markets in Crypto Assets Regulation (MiCA).</p><p>ESMA Seeks Input on Regulations
under MiCA</p><p>The first
consultation paper covers proposed guidance on the conditions and supervision
of the reverse solicitation exemption under MiCA. Reverse solicitation refers
to situations where a client independently seeks out and initiates services
from a third-country crypto-asset service provider that is not authorized <a href="https://www.financemagnates.com/tag/mica/" target="_blank" rel="follow">under
MiCA</a>. </p><p>“This
exemption should be understood as very narrowly framed and must be regarded as
the exception. A firm cannot use it to bypass MiCA,” <a href="https://www.financemagnates.com/terms/e/esma/">ESMA</a> explained.</p><p>Reverse solicitation refers to situations where a client independently seeks out and initiates services from a third-country crypto-asset service provider that is not authorized under the EU's MiCA regulation.</p><blockquote><p lang="en" dir="ltr">