ESMA Calls For Mandatory External Audits On Crypto Firms' Cyber Defenses

According to Odaily, the European Securities and Markets Authority (ESMA) has recommended that cryptocurrency companies be required to undergo external audits of their cyber defenses. This call for stricter cybersecurity measures is part of the broader regulatory framework under the Markets in Crypto-Assets (MiCA) regulation, which will be fully implemented in December. ESMA has been advocating for the inclusion of a mandate that would require third-party audits to assess the ability of crypto firms to withstand cyberattacks. The agency is currently working on finalizing the implementation of these rules, which were approved by EU lawmakers last year. However, the European Commission has opposed this move, arguing that ESMA is overstepping its legislative authority. Both parties have declined to comment further on the matter.