From the unique supervisory to the head to the centralization of the management of token offers: these are some of the proposals presented by three European supervisory authorities-Italy, France and Austria-to improve the regulation on crypt-activity and exceed some limits of the mica, the European regulation governing the sector. The modification proposals have been announced by the Italian Consob, together with the French autorité des Financiers (AMF) French and the FinanzmarkTaufsichtsbohorte (FMA) Austrian.
The proposals in question aim to guarantee a more effective supervision on the markets of crypt-activities, strengthening the competitiveness of European operators and providing better protection to investors, and were drawn up on the basis of the experience acquired in the first months of implementation of the Mica Regulation, which regulates the emerging sector of crypt-activities. It is a series of targeted changes, also in order to further align with the recommendations formulated by the Financial Stability Board and the International Organization of Supervisory Commissions on securities (IOCO).
Mica and its limits
In force from 30 December 2024, the European Regulation Mica represents an important step forward in the regulation of the crypto-activity market in Europe, placing it at the forefront of the supervision of this new asset class. Mica imposes a clear regulatory framework and requires operators who wish to offer a preventive authorization in Europe relating to crypto-activities.
Despite the coordination efforts of the ESMA European Authority, the first months of application highlighted significant differences in supervision between national authorities and therefore the need to quickly strengthen supervision to guarantee the correct functioning of the European internal market.
Otherwise, the national authorities who host operators authorized by another authority could be forced to resort to precautionary measures to prevent risks for national investors. In addition, some provisions do not provide sufficient protection against the specific risks of the sector, such as cyber risks, or adequate protections in cases where European intermediaries access platforms located outside the European Union.
The proposals of the three Authorities
The three authorities presented four proposals for improvement. For example, these proposals, which do not resolve the “Stablecoin” issues, include:
- Direct supervision by the ESMA of the main Cripto-Saset service providers to guarantee uniform application of the rules at national level and therefore a more effective supervision;
- strengthening of the rules for those who work outside the European Union but are aimed at European investors crossed a platform in accordance with the regulation mica or equivalent regulations;
- Better supervision of the platforms to limit cyber risk through an independent verification of the security of IT systems before the release of the authorization and its periodic renewal;
- Centralization of the presentation of Token offers (excluding Stablecoin), attracts the possible creation of a single access point for the presentation and management of offers.
