Italian, French, and Austrian regulators—Consob, AMF, and
FMA—have proposed changes to the EU Markets in Crypto-Assets Regulation. The
regulators cited early inconsistencies in supervision across member states as a
key concern. The proposals aim to align supervision of crypto-asset service
providers, improve cybersecurity, and centralize white paper submissions.
Retail investors could experience indirect effects.
Platforms targeting EU clients will need to comply with MiCA or equivalent
rules. The measures may also impact CFD providers offering crypto derivatives
via EU-authorized intermediaries, promoting uniform regulatory standards and
reducing operational risks.
MiCA came into effect on 30 December 2024. It requires
market participants offering crypto-related services in Europe to obtain prior
authorisation. The regulation provides a framework for supervising the crypto
market.
Digital
assets meet tradfi in London at the fmls25
Early implementation, however, revealed significant
differences in how national authorities enforce the rules. These gaps could
affect investor protection and the functioning of the European internal market.
Concerns About Non-EU Platforms
Authorities also raised concerns about platforms outside the
EU that serve European clients through intermediaries not covered by MiCA. Such
activity may expose investors to unregulated risks and create uneven
competition for EU-based service providers.
To address these issues, Consob, AMF, and FMA proposed
targeted improvements. Recommendations from the Financial Stability Board and
IOSCO informed the proposals.
You may find it interesting at FinanceMagnates.com: CFTC
to “Explore” Allowing MiCA-Authorized Platforms to Serve U.S. Markets.
Key measures include direct supervision by the European
Securities and Markets Authority of major crypto-asset service
providers. This aims to ensure consistent rule application and could reduce
supervision costs.
Stricter Rules for Non-EU Platforms
The proposals also address non-EU platforms. Intermediaries
executing orders for European clients should only use platforms compliant with
MiCA or equivalent regulations.
Regulators recommended independent
cybersecurity audits before granting authorisation and periodically thereafter.
Audits would cover asset protection, resilience to cyber-attacks, and incident
management.
White Paper Filing Changes
Finally, the regulators suggested clarifying the scrutiny
process for white papers and establishing a single access point for managing
token offerings, excluding stablecoins. This is intended to improve legal
certainty for issuers and centralize filings, reflecting the pan-European reach
of most offerings.
Authorities said the measures aim to provide consistent
oversight, reduce investor risks, and support the competitiveness of European
market participants.
Italian, French, and Austrian regulators—Consob, AMF, and
FMA—have proposed changes to the EU Markets in Crypto-Assets Regulation. The
regulators cited early inconsistencies in supervision across member states as a
key concern. The proposals aim to align supervision of crypto-asset service
providers, improve cybersecurity, and centralize white paper submissions.
Retail investors could experience indirect effects.
Platforms targeting EU clients will need to comply with MiCA or equivalent
rules. The measures may also impact CFD providers offering crypto derivatives
via EU-authorized intermediaries, promoting uniform regulatory standards and
reducing operational risks.
MiCA came into effect on 30 December 2024. It requires
market participants offering crypto-related services in Europe to obtain prior
authorisation. The regulation provides a framework for supervising the crypto
market.
Digital
assets meet tradfi in London at the fmls25
Early implementation, however, revealed significant
differences in how national authorities enforce the rules. These gaps could
affect investor protection and the functioning of the European internal market.
Concerns About Non-EU Platforms
Authorities also raised concerns about platforms outside the
EU that serve European clients through intermediaries not covered by MiCA. Such
activity may expose investors to unregulated risks and create uneven
competition for EU-based service providers.
To address these issues, Consob, AMF, and FMA proposed
targeted improvements. Recommendations from the Financial Stability Board and
IOSCO informed the proposals.
You may find it interesting at FinanceMagnates.com: CFTC
to “Explore” Allowing MiCA-Authorized Platforms to Serve U.S. Markets.
Key measures include direct supervision by the European
Securities and Markets Authority of major crypto-asset service
providers. This aims to ensure consistent rule application and could reduce
supervision costs.
Stricter Rules for Non-EU Platforms
The proposals also address non-EU platforms. Intermediaries
executing orders for European clients should only use platforms compliant with
MiCA or equivalent regulations.
Regulators recommended independent
cybersecurity audits before granting authorisation and periodically thereafter.
Audits would cover asset protection, resilience to cyber-attacks, and incident
management.
White Paper Filing Changes
Finally, the regulators suggested clarifying the scrutiny
process for white papers and establishing a single access point for managing
token offerings, excluding stablecoins. This is intended to improve legal
certainty for issuers and centralize filings, reflecting the pan-European reach
of most offerings.
Authorities said the measures aim to provide consistent
oversight, reduce investor risks, and support the competitiveness of European
market participants.
