ESMA provides guidance on MiCA best practices

On March 31, 2023, the European Securities and Markets Authority published a supervisory briefing to align practices across EU member states. The briefing, developed with National Competent Authorities, promotes convergence and prevents regulatory arbitrage by providing concrete guidance on applicant Crypto Asset Service Providers (CASPs) and National Competent Authorities processing authorisation requests. It contains clear expectations on substance and governance, outsourcing, and suitability of personnel.