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ESMA Proposes Stricter Rules for Non-EU Crypto Firms: What You Need to Know

2024/01/30 04:40

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The European Securities and Markets Authority (ESMA) has unveiled new guidelines that could reshape the landscape for non-EU Bitcoin and crypto companies operating within the European Union.

ESMA's Proposal Overview

ESMA's proposal, open for public comment until April's end, focuses on refining the application of the CryptoAsset Markets (MiCA) framework introduced by the EU last year. The MiCA framework marked a pivotal move in regulating the complex cross-border nature of the online crypto sector.

Preventing Unfair Competition

To prevent unfair competition, ESMA proposes strict restrictions on non-EU crypto companies offering direct services to EU customers. The proposal emphasizes the concept of 'reverse demand,' where non-EU firms can only provide services if initiated exclusively by the customer. ESMA underlines that this exemption should be an exception rather than the norm, potentially compelling foreign crypto firms to establish a physical presence within the EU.

Protecting Investors and MiCA-Compliant Firms

ESMA, alongside EU national regulators, is steadfast in safeguarding EU-based investors and ensuring compliance for MiCA-regulated crypto asset service providers. The proposals explicitly prohibit direct solicitation of business within the EU by non-EU entities, including marketing campaigns, reinforcing the commitment to uniform standards.

Guidelines for Crypto Asset Classification

ESMA also introduces guidelines for classifying crypto assets as "financial instruments," akin to shares or bonds. If categorized in this manner, these assets would fall under the regulatory purview of the EU's Markets in Financial Instruments Directive (MiFID), adding an extra layer of oversight.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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