European Securities and Markets Authority Chair Verena Ross | Gints Ivuskans/Shutterstock modified by Blockworks
The European Securities and Markets Authority has drafted guidelines that give priority to crypto firms within the European Union.
The consultation paper published Monday seeks to clarify the Markets in Crypto Assets rules (MiCA), which were passed in 2018.
“In order to make sure that clients of [crypto asset service providers] benefit from full rights and protections afforded to them under MiCA and that EU CASPs are not put at a competitive disadvantage compared to third-country firms vis-à-vis EU clients,” The paper said.
“It is important to actively protect EU-based investors and MiCA-compliant CASPs from undue incursions by non-EU and non-MiCA compliant entities.”
Companies outside the EU will be prohibited from soliciting. In the guidelines, solicitation includes ads, sponsorships deals, and even celebrity or influencer solicitation.
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