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Austria, France, Italy Propose Four Key MiCA Regulation Improvements

The trio suggests direct ESMA supervision of significant crypto providers and tougher rules for non-EU platforms. They also propose mandatory security tests and a European review authority for crypto whitepapers.

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Austria, France, Italy Propose Four Key MiCA Regulation Improvements

Financial authorities from Austria, France, and Italy have joined forces to propose four key improvements to the Markets in Crypto-Assets (MiCA) regulation. The aim is to ensure a coherent and effective application of the rules across Europe.

The trio, consisting of the Austrian Financial Market Authority (FMA), the French Autorité des Marchés Financiers (AMF), and the Italian Commissione Nazionale per le Società e la Borsa (CONSOB), have suggested several enhancements. Firstly, they propose direct supervision by the European Securities and Markets Authority (ESMA) of significant providers of crypto-asset services. This move is supported by FMA board members Mariana Kühnel and Helmut Ettl, who stress the need for uniform supervision of large providers to prevent a 'regulatory race to the bottom'.

Without these reforms, national authorities may resort to precautionary measures to safeguard domestic investors, which could lead to a patchwork of regulations. The proposed reforms also include tighter rules for platforms outside the EU that target European investors, addressing the risk of European intermediaries accessing platforms located in third countries. Additionally, the authorities suggest mandatory security tests for crypto platforms to manage cyber risks and the creation of a European authority for reviewing crypto whitepapers.

The proposed reforms aim to strengthen the supervision of crypto-asset services, prevent a 'race to the bottom' among national authorities, and enhance investor protection. The next steps will involve discussions among European regulators to potentially integrate these proposals into the MiCA framework.

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