Adan responds to ESMA's first consultation on MiCA technical standards.

In July 2023, ESMA launched a public consultation on the introduction of a set of Regulatory Technical Standards (RTS) under the EU MiCA Regulation. It focuses on disclosure, transparency, conflict of interest and governance requirements for crypto-asset service providers (CASP). These standards should make the text easier to understand for all stakeholders.

In total, ESMA is expected to launch three consultations, the second of which should be held in October and the third and final in the first quarter of 2024.

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Adan would like to thank the European Securities and Markets Authority for giving industry players the opportunity to express their views through this consultation on the draft regulatory technical standard on the MiCA Regulation. The Association's objectives are to help create the most favourable environment in the EU for the development of a crypto-asset industry that is competitive with other regions of the world.

In summary, the Association supports the proposed technical standards. While there are a number of areas that could be developed further, the Association and its members have not identified any areas of particular concern for the development of the crypto-asset industry.