ESMA Unveils Guidelines for Crypto-Asset Services
The European Securities and Markets Authority (ESMA) has unveiled comprehensive guidelines aimed at establishing the essential qualifications and experience needed for staff in crypto-asset services and providers (CASPs). These guidelines outline the fundamental competencies expected of personnel who provide information and advice in the rapidly evolving landscape of cryptocurrency.
Enhancing Investor Confidence
In an effort to bolster investor confidence and safeguard interests, the document highlights significant aspects tied to the unique characteristics and risks associated with crypto-assets, such as their inherent volatility and threats to cybersecurity. This structured approach aims to help CASPs fulfill their responsibilities effectively while also aiding regulatory bodies in evaluating CASPs’ adherence to these standards.
Public Consultation and Stakeholder Engagement
To ensure the guidelines were well-informed, ESMA engaged in a public consultation, soliciting input from various stakeholders, including members from the Securities and Markets Stakeholder Group (SMSG). This interactive process allowed ESMA to incorporate relevant feedback into the final report, which reflects the insights collected.
Implementation and Compliance
Looking ahead, the guideline documentation will be translated into all official EU languages and made available on the ESMA website. These new standards are set to take effect six months post-publication. Furthermore, within two months following the release of the guidelines in all EU languages, the relevant competent authorities will be required to inform ESMA of their compliance status—whether they fully comply, intend to comply, or do not intend to comply with the new guidelines.
