The European Securities and Markets Authority (ESMA) has published a series of detailed proposals on how to authorize crypto firms within the European Union, the first use of new powers under the EU Markets in Cryptoassets (MiCA) law.
The EU agency is also seeking confidential information on the cryptocurrency firm’s expected revenue, the number of white papers and the use of on-chain and off-chain transactions in a consultation running until Sept. 20.
ESMA said further consultations on sustainability and record-keeping will take place in October, with the final set to be completed in early 2024, and will consider when cryptocurrencies are considered a security and how foreign companies will Serving EU customers.