The EU will consult on crypto complaints and conflict of interest rules in July.

The European Union’s securities market agency, ESMA, plans to consult in July on new complaint handling and conflict-of-interest rules that will be mandatory for crypto companies operating within the bloc. This information was published on the regulator’s website. The European Securities and Markets Authority will present proposals next month on how the Markets in Crypto Assets (MiCA) rules will operate practically. This includes the forms and notifications that crypto companies and established funds will have to follow to offer services within the EU. In October, a second round of consultations will consider environmental impact disclosures, trading transparency, and governance requirements. ESMA will publish a third set of consultations in early 2024, which will focus on market abuse and investor protection. MiCA was published in the EU’s official journal on Friday, and from the end of next year, it will allow crypto exchanges to operate across the bloc with a single license. The rules requiring stablecoin issuers to hold appropriate reserves will take effect in June 2024. Industry lobbyists have highlighted that the implementation of subsidiary legislation could be crucial in practice. ESMA’s counterpart, the European Banking Authority, is expected to release further procedural rules and will be responsible for setting capital requirements and supervising significant stablecoins.

Read more: EU’s ESMA Raises Alarm Bells Over Growing Crypto Use as It Prepares for New Powers

Edited by Aoyon Ashraf.

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