The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator, has proposed stricter rules for crypto firms based outside the EU, limiting their ability to directly serve customers within the bloc to ensure fair competition.
ESMA Proposes Stricter Rules for Non-EU Crypto Firms
The European Securities and Markets Authority (ESMA), responsible for regulating and supervising EU financial markets, published consultation papers on two sets of proposed guidelines under the Markets in Crypto-Assets Regulation (MiCA) earlier this week.
The first set of guidance concerns the rules for the reverse solicitation exemption and the supervision practices national competent authorities (NCAs) may take to prevent its circumvention. To ensure a level playing field for companies within the EU, foreign crypto assets service providers (CASPs) will only be able to directly serve customers within the bloc under very limited conditions. “There is only one exemption, if the cli
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