The European Securities and Markets Authority (ESMA) has proposed updating the MiCA regulatory framework for cryptocurrencies in the European Union.

ESMA's Position

On October 16, the European Securities and Markets Authority (ESMA) issued an official opinion on the need to update the MiCA regulatory framework. ESMA acknowledges the legal limitations mentioned by the European Commission but emphasizes the importance of the policy objectives behind the initial proposal.

Proposed Changes to MiCA

In the opinion, ESMA specifically considered the amendments proposed to the two regulatory technical standards concerning data disclosures on the intention to provide crypto asset services and applications for authorization as a crypto asset service provider.

Future of Regulatory Framework

This is a developing story, and further information will be added as it becomes available. At this moment, the importance of the proposed change is emphasized by both ESMA and other stakeholders.

Given the evolving nature of the cryptocurrency market, updating MiCA is increasingly relevant for robust industry regulation.