This final guidance calls for a commonly adopted application of the definition of “financial instrument” across EU member states.
The European Securities and Markets Authority (ESMA) has released its final guidance report for member states making the final transition to the Markets in Crypto-Assets (MiCA) regulation.
Laws formed under MiCA regulations began taking effect in June 2024 with final implementation scheduled for Dec. 30. The latest and final guidance from ESMA is meant to help member states still seeking regulatory clarity with their final implementations ahead of the deadline.
As Cointelegraph reported, the stablecoin market has surged under MiCA guidance. However, as recently as Dec. 10 at least six EU member states, Belgium, Italy, Poland, Portugal, Luxembourg, and Romania, were reporting difficulties in meeting the end-of-year-deadline due to uncertainty and a lack of regulatory clarity in the initial MiCA documents.
