The European Securities and Markets Authority (ESMA) has published its first consultation package on the Markets in Crypto-Assets Regulation (MiCA). In a press release announcing the consultation, the authority states that it is seeking input on the rules proposed under MiCA for crypto asset service providers (CASPs).

The focus will be on rules regarding the authorisation and identification of CASPs, their management of conflicts of interests, and their handling of complaints. In addition, ESMA is treating the consultation as a fact-finding exercise that will provide a better understanding of EU crypto asset markets and their future development. As the first of three planned consultation packages, it will inform the proposals that will be included in the second and third exercises.

Verena Ross, chair of ESMA says that the consultations were implemented to “ensure entities involved in crypto asset related activities understand that the EU is not a place for forum-shopping” and to “remind consumers that, even with the implementation of MiCA, there will be no such thing as a safe crypto-asset”.

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The consultation will close on 20 September 2023. The second consultation will open in October this year.