ESMA Urges EU to Guard Against Non-Compliant Global Crypto Firms

IconCryptoNewsTerminal Staff01 Aug, 2024

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ESMA Urges EU to Guard Against Non-Compliant Global Crypto Firms

The European Securities and Markets Authority (ESMA) has issued a stern warning to EU countries, urging them to remain vigilant against attempts by global crypto companies to evade the jurisdiction of the Markets in Crypto Assets (MiCA) regulation. ESMA emphasizes the need for a thorough assessment of these companies during the authorization process to ensure full compliance with MiCA. This decisive move underscores ESMA's unwavering commitment to safeguarding consumers and fostering a level playing field for EU-based firms. The authority's proactive stance reflects its recognition of the potential risks associated with non-compliant global crypto companies, including the erosion of investor protection and the disruption of fair competition. By taking this bold step, ESMA sends a clear message that MiCA will not be undermined by entities seeking to bypass its regulatory framework. This assertive approach reinforces the EU's position as a global leader in crypto asset regulation, setting a high standard for consumer protection and financial stability in the rapidly evolving digital asset landscape.

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