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The European Securities and Markets Authority acknowledged the legal limitations raised by the European Commission but emphasized the importance of the framework’s initial objectives.
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The European Union’s markets watchdog believes that the bloc’s cryptocurrency regulatory framework, the Markets in Crypto-Assets Regulation (MiCA), needs to be modified.
On Oct. 16, the European Securities and Markets Authority (ESMA) released an official opinion on MiCA, encouraging the European Commission to move forward with its proposal to update several aspects of the framework.
“ESMA acknowledges the legal limitations raised by the Commission but emphasizes the importance of the policy objectives behind the initial proposal,” the regulator wrote.
In the opinion, the ESMA specifically considered the amendments proposed to the two regulatory technical standards (RTS) related to data disclosures on intention to provide crypto assets services and the application for authorization as a crypto asset service provider.
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
