The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today a new supervisory briefing aiming to align practices across the EU member states.
The briefing, developed in close cooperation with National Competent Authorities (NCAs), promotes convergence and prevents regulatory arbitrage, providing concrete guidance about the expectations on applicant Crypto Asset Service Providers (CASPs), and on NCAs when they are processing the authorisation requests.
For example, the briefing contains clear guidance on:
Substance and governance and the ability of CASPs offering their service in the EU to operate autonomously and with sufficient in-country personnel.
Outsourcing and the effective limits to set regarding the externalisation of functions and services.
Suitability of personnel and the importance for CASPs, and particularly its executive management, to demonstrate effective technical knowledge of the crypto ecosystem.
The guidance in the briefing helps NCAs, applicants and the general public to operationalise MiCA and RTS obligations into concrete controls and checks. Consequently, it serves to maintain a strong regulatory framework characterised by a consistent, effective, and forceful supervision.
Next Steps
NCAs are expected to apply the principles in the supervisory briefing during authorisation procedures, as well as ensure continued adherence for CASPs once they have been authorised.
Further information:
Cristina Bonillo
Senior Communications Officerpress@esma.europa.eu
