The European Securities and Markets Authority issued a statement on Thursday directing financial firms operating in the EU to proactively inform their customers of the regulatory status of the products they offer, with crypto a particular area of concern.
MiCA is a comprehensive and far-reaching piece of legislation, but its implementation will be carried out in phases. While provisions related to stablecoins could come into force by July 2024, many of the other provisions won’t take effect until January 2025 at the earliest. The ESMA recommends that investment firms “take all necessary measures to ensure that clients are fully aware of the regulatory status of the product/service they are receiving,” and that they “clearly disclose to clients when regulatory protections do not apply to the product or service provided.”
Reactions from regulators since MiCA’s passage in April have been largely positive, with some focusing on the ways it can be implemented while others see inspiration in it for their own jurisdictions.
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