ESMA has responded to the Commission's consultation on reviewing the MiCA regulation, drawing on its early experience of applying it. It notes that the transitional period ended on 1 July 2026. In ESMA's view MiCA offers a solid level of protection but falls short of the rules for traditional financial instruments. It asks for targeted changes to avoid duplicate requirements and legal uncertainty.

What it means: ESMA's response to the Commission's consultation on reviewing MiCA is a reminder that the European crypto framework is not a finished text, but legislation that will keep changing as supervisors gain experience applying it, especially now that the transitional period has ended and every provider must operate with a full licence. The view that MiCA offers significant protection but lags behind the rules for traditional financial instruments points towards stricter requirements in future, while the request for targeted changes to avoid duplicate obligations and legal uncertainty shows supervisors themselves seeing problems in practice. For businesses in the sector, this means compliance is not a one-off project but a process that must be able to adapt to new requirements every few years. Anyone designing products in this area in Greece or elsewhere in Europe should build flexible processes and follow the Commission proposals that will come next, since the review could reshape key obligations.

Read the original on ESMA (via dirittobancario.it)

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