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The European Securities and Markets Authority (ESMA) has published the last report on Markets in Crypto Assets (<a href="https://coingape.com/stablecoin-regulation-eu-drafts-complaints-rules-under-mica/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">MiCA</a>) regulation, which has brought ESMA to the final stage of its endeavor to make the environment for crypto assets well-structured and safe in the EU. In addition to this key report, ESMA will also start the third consultation phase when participants are invited to make their comments on the rules and guidelines ESMA has developed.
<h2 id="detailed-overview-of-esma-s-final-report">Detailed Overview of ESMA’s Final Report</h2>
ESMA’s final report on the regulation of MiCA gives a detailed overview of the regulatory framework for crypto assets. This also consists of exhaustive recommendations concerning the information needs of firms seeking permission under MiCA, stressing the need for firms to show intention to provide <a rel="noopener noreferrer nofollow" href="https://t.me/coingape/30074">crypto services</a> and hold crypto assets.&nbsp;
Moreover, the report specifies the process the service providers should use to handle complaints properly, thus ensuring a greater level of customer protection in the crypto asset area. This final report has been delivered to the European Commission and paves the way for ensuring of these regulations in all 27-member bloc.
With the publishing of the final report, ESMA has initiated the public consultation on its third set of draft technical standards and guidelines.&nbsp;
This new consultation package is focused on various key areas, such as the identification and reporting of suspected market abuse in crypto assets, the development of comprehensive policies and procedures for crypto-asset transfer services, and ensuring ICT operational resilience for <a href="https://coingape.com/mica-regulation-how-eu-regulatory-regime-impact-stablecoin/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">MiCA-regulated entities</a>. These proposed actions are indicative of the proactive approach taken by ESMA to address the peculiar challenges that come with the digital nature of crypto assets and their transfer services.
<h2 id="strengthening-market-integrity-and-consumer-protection">Strengthening Market Integrity and Consumer Protection</h2>
The implementation of the MiCA regulation is a big step towards the creation of a uniform regulatory system for crypto assets in the <a href="https://coingape.com/eu-expands-crypto-foothold-as-new-players-enter-the-digital-asset-landscape/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">EU</a>. ESMA, as such, aims to strengthen the integrity of the crypto asset market and improve consumer protection by setting clear standards for authorization, market abuse detection, and operational resilience.&nbsp;
Such measures are especially relevant against the background of the swift development and growing complexity of the crypto asset segment, which requires a flexible and adaptive regulatory approach.
<h2 id="strong-engagement-and-feedback-from-stakeholders-strong">Engagement and Feedback from Stakeholders</h2>
<a href="https://coingape.com/europes-crypto-embrace-slowed-watchdog-faces-resource-crunch/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">ESMA’s </a>commitment to an inclusive regulatory process is evident in its invitation for public comment on the newly proposed rules and guidelines. 
By engaging with a broad spectrum of stakeholders, including industry participants, consumer advocacy groups, and the general public, ESMA seeks to gather diverse perspectives and insights that will inform the finalization of the MiCA regulations. This collaborative approach ensures that the regulatory framework is both comprehensive and attuned to the realities of the crypto asset market.
Read Also: <a href="https://coingape.com/markets/bitcoin-price-can-btc-take-off-to-80k-as-weekly-outflows-reach-904m/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Bitcoin Price: Can BTC Take Off To $80K As Weekly Outflows Reach $904M?</a>
The post <a href="https://coingape.com/esma-releases-final-mica-report-opens-new-consultation/" rel="noopener noreferrer nofollow">ESMA Releases Final MiCA Report, Opens New Consultation</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

ESMA Releases Final MiCA Report, Opens New Consultation

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