The regulator will publish a final report based on feedback received and submit the draft technical standards to the European Commission by June 2024.
The European Securities and Markets Authority (ESMA), the European Union’s markets regulator, released a second consultative paper on Markets in Crypto-Assets (MiCA) mandates on Oct. 5.
In the 307-page document, the ESMA seeks stakeholders’ input on five areas of MiCA, including sustainability indicators for distributed ledgers, disclosures of inside information, technical requirements for white papers, trade transparency measures and record-keeping for crypto-asset service providers (CASPs).
Among the sustainability indicators, the Authority counts quantitative metrics on the consumption of energy, greenhouse gas emissions and the production of waste, together with a qualitative statement on the impact of the use of equipment by blockchain network nodes on natural resources.
As for post-trade transparency, the ESMA proposes requiring CASPs to report trading and publication date and time, identification of the crypto-asset, pricing information, quantity, venue of execution and transaction ID.
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The ESMA also suggests allowing CASPs to store transaction data in “the format they consider most appropriate,” provided they are able to convert it into a specified format should the authorities request it.
The regulator will publish a final report based on feedback received and submit the draft technical standards to the European Commission by June 30 2024. However, before that, it will also publish a third consultation package in Q1 2024.
The ESMA released the previous consultation paper in July. In it, the ESMA proposed to require the crypto companies, who would be registered under MiCA, to still provide additional information in the form of notifications to the national competent authorities (NCAs) of the country they would be registered in.
Read More from David Attlee on cointelegraph.com