European Union Market Authority Consults Details Of MiCA Mandates For Crypto Assets "

MiCA asks for a more detailed crypto set trading report. (photo: dock. pexels)

JAKARTA - On October 5, the European Markets and Securities Authority (ESMA), the European Union's market regulator, released a second consultation report regarding the mandate for Markets in Crypto-Assets (MiCA).

In the document containing 307 pages, ESMA seeks input from stakeholders regarding five MiCA areas. This includes sustainability indicators for distributed ledger technology, disclosure of internal information, technical requirements for white paper, trade transparency measures, and data recording for crypto asset service providers (CASPs).

In terms of sustainability indicators, authorities calculate quantitative metrics on energy consumption, greenhouse gas emissions, and waste production, along with a qualitative statement on the impact of the use of equipment by blockchain network nodes on natural resources.

Regarding post-trade transparency, ESMA proposed that CASP report trading dates and times as well as publications, crypto asset identification, price information, numbers, places of implementation, and transaction IDs.

ESMA also proposes to allow CASPs to store transaction data in "the format they deem the most appropriate," provided they are able to convert it into a specified format if the authorities request it.

This regulator will issue a final report based on the feedback received and submit a technical standard draft to the European Commission on June 30, 2024. However, before that, ESMA will also issue a third consultation package in the first quarter of 2024.

ESMA released a previous consultation paper in July. In the paper, ESMA proposes that crypto companies that will be listed under MiCA continue to provide additional information in the form of notification to authorities in the country they will be registered with.