ESMA Warns MiCA Regulation Is "No Safe Haven"

<p>The European Securities and Markets Authority (ESMA)
is gearing up for the implementation of the Markets in Crypto-Assets (MiCA) regulation. This regulation marks an important step in ushering in a new era of
oversight for digital assets.</p><p>As the ESMA prepares for the implementation of the MiCA
regulation, the regulator has established a comprehensive plan to tackle
crypto-related risks and establish a regulatory framework for the digital asset
space. However, the watchdog has warned that the MiCA regulation is not a
foolproof safe haven for investors.</p><p>The <a href="https://www.financemagnates.com/tag/mica/" target="_blank" rel="follow">MiCA</a>, effective from June 2023, brings with it
several measures in three levels of implementation within a
timeframe of 12 to 18 months. The ESMA, working closely with the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the
Europen Central Bank, is engaged in a public consultation process. The regulator has unveiled a
sequence of technical standards in three comprehensive packages. </p><p>MiCA's Regulatory Roadmap</p><p>These measures, encompassing authorization,
governance, conflict resolution, and complaint-handling procedures, form the
backbone of a regulatory architecture aimed at fortifying the crypto ecosystem.
The first package, set to launch in July 2023, dives into the nitty-gritty of
mandates such as notification content, application for authorization, and complaint-handling
procedures. </p><p>The subsequent packages, scheduled for October 2023 and
Q1 2024, gradually cover a spectrum of critical mandates, each
contributing to the holistic regulation of crypto-assets. As the <a href="https://www.financemagnates.com/tag/esma/" target="_blank" rel="follow">ESMA</a>'s
consultation process unfolds, market participants anticipate the clarity and
certainty the MiCA will bring.</p><blockquote><p lang="en" dir="ltr">Markets in Crypto-Assets Regulation