Second evaluation of crypto legislation from the European Union

The European Securities and Markets Authority (ESMA), the European Union's market regulator, published a second advisory on CryptoAsset Markets (MiCA) guidelines on October 5.
In the 307-page document, ESMA requested views from MiCA on sustainability indicators for distributed ledger technologies, disclosure of internal information, technical requirements for presentation documents, commercial transparency measures and record keeping obligations for crypto asset service providers (CASPs).
For sustainability indicators, the Authority will require quantitative measurements on energy consumption, greenhouse gas emissions and waste production, as well as qualitative measurements on the impact of equipment used by blockchain network nodes on natural resources.
Regarding post-transaction transparency, ESMA will also recommend that CASPs provide information such as transaction and publication date and time, identity of the crypto asset, price information, amount, location of execution and transaction identification number.
ESMA will also propose that CASPs be allowed to store transaction data “in the format they consider most suitable”, provided that it can be converted to a specific format when requested by the authorities.
The regulator will publish a final report based on the feedback and submit the draft technical standard to the European Commission by 30 June 2024. Before that, it will issue a third advisory in the first quarter of 2024.
ESMA published its previous consultation document in July. In this document, crypto companies to be registered under MiCA were required to provide additional information in the form of notifications to the competent authorities (NCAs) of the country in which they will be registered.
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