According to Foresight News, the European Securities and Markets Authority (ESMA) proposed on Monday that cryptocurrency firms based outside the European Union (EU) should only be allowed to provide services to customers within the EU under very limited conditions to avoid unfair competition. The proposal will be open for public consultation until the end of April, and the final text will be published no later than the end of 2024.
The move aims to create a level playing field for both EU and non-EU based cryptocurrency companies, ensuring that all firms operating within the region adhere to the same regulatory standards. This proposal is expected to have significant implications for the global cryptocurrency industry, as it may lead to stricter regulations and increased scrutiny of non-EU based firms looking to expand their operations within the European market.