INATBA PUBLISHES RESPONSE TO ESMA THIRD PACKAGE RTS ON MARKET ABUSE AND OPERATIONAL RESILIENCE, CONCLUDING LEVEL 2 WORK ON MICA - INATBA
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INATBA PUBLISHES RESPONSE TO ESMA THIRD PACKAGE RTS ON MARKET ABUSE AND OPERATIONAL RESILIENCE, CONCLUDING LEVEL 2 WORK ON MICA

On June 25th, 2024, the International Association for Trusted Blockchain Applications (INATBA) Finance Working Group submitted a comprehensive response to the European Securities and Markets Authority’s (ESMA) public consultation on the third package of Regulatory Technical Standards (RTS) under the Markets in Crypto-Assets (MiCA) Regulation. This consultation addresses the preamble of regulatory guidance on Market Abuse and Operational Resilience. The third package is the final installment of six packages—three issued by ESMA and three by the European Banking Authority (EBA)—that together constitute the complete Level 2 regulatory activity for MiCA, which stands as the most advanced regulatory framework for crypto-assets globally.

Level 2 regulations carry significant regulatory weight, detailing how specific and emerging market phenomena should be regulated in accordance with the broader principles established in the Level 1 text of MiCA. These regulations provide detailed technical standards and implementing measures on various aspects, including prudential requirements, governance, and disclosure obligations for crypto-asset service providers and issuers. The goal is to ensure a precise and practical application of the overarching MiCA legislative framework, enhancing the clarity and uniformity of crypto-asset regulation across the EU.

The third package of Level 2 regulations proposed several expansions and definitions. Notably, it suggested including on-chain activities such as those performed by miners and validators within the MiCA framework. It does so by introducing a new definition for “persons professionally arranging or executing transactions” (PPAETs) and offered guidance on reporting requirements, the identification and flagging of suspicious activities, the potential incorporation of location information in these reports, and the necessity of providing clear and accurate market information to clients and investors. INATBA’s response meticulously addressed all these topics, reflecting their commitment to contributing to a robust regulatory environment for crypto-assets.

To access the detailed response and engage in the ongoing dialogue shaping the future of crypto-asset regulation, interested parties are encouraged to review the submission. For professionals wanting to contribute to drafting impactful responses, INATBA offers an excellent platform for collaboration and shaping the evolving regulatory landscape.

 

We invite you to explore the full response by downloading it via the form below:

 

Press Contact

Email: pr@inatba.org

About INATBA

Launched in 2019 by the European Commission, INATBA – International Association for Trusted Blockchain Applications is a highly influential Association in advocating for Blockchain and DLT adoption in Europe and globally. INATBA is mainly known for its credibility with regulatory authorities and policymakers and is appraised for its contributions to Markets in Crypto Asset Regulation (MICA), Transfer of Funds Regulation (TFOR), electronic Identification, Authentication and Trust Services (eIDAS), CHAISE Project, EU Pact for Skills, Academic & Governmental Advisory Bodies, and its passionate diverse global community of CEOs, CTOs, Heads of Policy, Public/Institutional Relations, Legal, Marketing & BizDev, Developers, Policymakers. To learn more, visit www.inatba.org.