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Summary:
The European Securities and Markets Authority (ESMA) has published a letter and statement to encourage the smooth transition to the Markets in Crypto-Assets (MiCA) regulation. The letter to the Economic and Financial Affairs Council (ECOFIN) urges Member States to designate competent authorities responsible for supervising crypto-asset services and considers limiting the optional grand-fathering period to 12 months. The statement outlines expectations for entities providing crypto-asset services and national competent authorities, emphasizing the need for effective supervision and planning for a smooth transition. The grand-fathering period allows entities to continue providing services until 1 July 2026.
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