The European Securities and Markets Authority (ESMA) has released its final guidance on Tuesday to help member states implement the impending rules.
ESMA published its final report on reverse solicitation, systems, what crypto may constitute as a financial instrument and draft technical standards on market abuse prevention.
The European Union’s Markets in Crypto Asset (MiCA) rules – bespoke rules for the crypto sector – are meant to come into force by December 30 across the bloc of 27 nations. But some countries are yet to put in place legislation to implement MiCA.
Portugal’s central bank even told CoinDesk on Monday that it is yet to figure out which national competent authority will be responsible for the rules since legislation has not passed.
A part of what caused delays for national competent authorities was the short period between ESMA releasing its final technical standards in October and the implementation date, industry trade associations told CoinDesk.
“Looking ahead, as the transitional period progresses, we will continue to provide guidance and work with all [National Competent Authorities] NCAs to ensure the smooth implementation of MiCA and to support a level playing field through supervisory convergence actions,” Verena Ross, ESMA Chair, said.
Read more: EU Countries Struggle to Implement MiCA as Deadline for Crypto Regulatory Revamp Looms