MICA: second set of technical standards published by ESMA
On 5 October 2023, ESMA launched the second public consultation under Markets in Crypto-Assets Regulation (MICA Regulation) which closed on 14 December 2023.
MICA will be applicable in its totality from December 30, 2024; however, the requirements set for asset-referenced tokens and e-money tokens will be applicable as early as June 30, 2024. MiCA requires ESMA to develop a series of regulatory technical standards (RTS), Implementing Technical Standards (ITS) and Guidelines, for many of them in close cooperation with the EBA. ESMA’s first consultation – covering 5 draft RTS and 2 draft ITS relating to Crypto-Asset Service Providers took place between July and September 2023. This second set of technical standards contains 6 draft RTS and 2 draft ITS which covers many topics such as :
sustainability indicators for distributed ledgers;
disclosures of inside information;
technical requirements for white papers;
trade transparency measures; and
record-keeping and business continuity requirements for crypto-asset service providers.
A third set of technical standards is expected for Q1 2024. ESMA will submit the draft technical standards to the European Commission for approval by 30 June 2024.