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European Commission policy officer Ivan Keller highlights high-profile centralized exchange shortcomings as key reasons for the implementation of MiCA regulations in Europe.
The country said EU crypto rules will come into force in December 2025, ahead of the general deadline for implementing MiCA for all 27 member states of the EU.
The joint guidelines include granting authorization for ART and CASP issuance and conducting prudential assessments for potential acquisitions.
Crypto asset service providers may not benefit from full rights and protections afforded to them under MiCA until as late as July 2026, the ESMA said.
The regulator will publish a final report based on feedback received and submit the draft technical standards to the European Commission by June 2024.
Mário Centeno praised the European Union’s first comprehensive crypto framework, MiCA, but insisted on further international consolidation of regulatory efforts.
The company cites the inability to meet regulators’ requirements but says it intends to return to the Dutch market.
Potential implications around financial stability, lower market appeal and mainstream use of stablecoins were the main concerns highlighted by the author of the report.
Malta has joined France and other EU nations in revising its existing crypto regulatory policies to align with MiCA, which comes into effect in December 2024.
The crypto exchange’s focus on non-U.S. markets is part of a next phase in its expansion plans, said the firm.