Officials from the European Securities and Markets Authority (ESMA) say they are working to ensure that the landmark cryptocurrency law is implemented uniformly across the 27-nation bloc.
Binance’s corporate structure poses a challenge to traditional regulatory procedures in Europe. ESMA is focusing on ensuring that the conflict of interest highlighted in the FTX case does not arise after MiCA goes live in 2024.
Now, EU regulators are facing the next big task of ensuring that giants like Binance do not ignore MiCA regulations.
Benjamin Burlat, senior policy officer at ESMA’s digital finance and innovation team, said, “When it comes to a large company like Binance, one aspect of our focus is to ensure that the MiCA rules are implemented in a consistent manner across member states.”