The post EU Warns Crypto Firms Ahead of MiCA Implementation appeared first on Coinpedia Fintech News
In light of the impending Markets in Crypto Assets Regulation (MiCA), the European Union (EU) has expressed concerns over potential regulatory loopholes. The EU is wary of global crypto firms exploiting differences between member states, possibly operating overseas through EU-based fronts.
ESMA’s Call to Action
The European Securities and Markets Authority (ESMA), the EU’s chief financial markets regulator, issued a notice on its official news page this Tuesday. Titled “ESMA encourages preparations for a smooth transition to MiCA,” the notice includes a letter and a statement.
ESMA’s statement urges major global crypto firms to kickstart their MiCA preparations immediately. This comes as national regulators still establish procedures for exchanges and wallet providers to secure the much-desired crypto license.
In essence, the statement highlights:
Many entities providing crypt
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