According to news from PANews on July 12, the European Securities and Markets Authority (ESMA), the European Union's financial market regulator, has released the first consultation plan under the "Encrypted Assets Market Supervision (MiCA)" and invited stakeholders to participate in it in September 2023. Comments are due by the 20th. In the first of three consultation packages, ESMA is seeking input on proposed rules for crypto asset service providers (CASPs), in particular in relation to their authorization, the identification and management of conflicts of interest, and how CASPs should handle complaints Views. According to the consultation paper, MiCA will be the cornerstone of crypto asset regulation in the European Union (EU). It specifies, among other things, the authorization and supervision of crypto asset service providers (CASPs), the requirements for offering crypto asset services and activities, the authorization and supervision of trading platforms and the requirements for crypto asset trading activities across the EU. The entry into force of MiCA will require market participants to undertake extensive preparatory activities to prepare for the new rules.

Furthermore, ESMA aims to collect more information on the current and planned activities of the respondents as a fact-finding exercise to better understand the EU cryptoasset market and its future development. The questions involved factors such as respondents' expected turnover, the number of white papers they plan to release, and the use of on-chain versus off-chain transactions. Comments from this part of the consultation will be kept confidential and will be used to fine-tune certain proposals inserted in the second and third consultation packages. ESMA will consider the feedback received from this consultation and expects to publish a final report and submit a draft technical standard to the European Commission for approval by 30 June 2024 at the latest.