MiCA: ESMA publishes SMSG advice on the role and competence of NCAs in supervising crypto markets

Article summary

The European Securities and Markets Authority (ESMA) has published the advice it has received from the Securities and Markets Stakeholder Group (SMSG) regarding ESMA’s Consultation Paper on the EU Markets in Crypto Assets Regulation (MiCA), published on 11 September 2024. The SMSG supports ESMA's initiatives and emphasises the need for National Competent Authorities (NCAs) to have sufficient training and competence in regulating cryptoassets. It suggests that NCAs should coordinate supervision with consumer protection authorities and address rule of law concerns when sanctioning crypto markets.