The European Securities and Markets Authority (ESMA) has published its final guidance report to assist Member States in their transition to Markets in Crypto-Assets (MiCA) regulation.
The MiCA regulation came into force in June 2024 and is scheduled to be fully implemented by December 30.
This final ESMA guidance aims to provide regulatory clarity to member states as they finalize their implementations ahead of the deadline.
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The stablecoins market has experienced growth under MiCA. However, as of December 10, several EU member states-Belgium, Italy, Poland, Portugal, Luxembourg and Romania-faced difficulties in meeting the deadline due to uncertainty and lack of clarity in the initial MiCA documents.
ESMA's final guidance report noted that stakeholders generally appreciated the clarity and comprehensive approach of the draft guidelines.