The European Securities and Markets Authority (ESMA) has proposed new guidelines for evaluating the qualifications of crypto asset service providers under the Markets in Crypto-Assets Regulation (MiCA) to enhance better services in Europe.
Europe to Evaluate Qualifications of Crypto Service Providers
The draft guidelines, open for public consultation until April 22, 2025, and call for crypto service providers to assess the knowledge and competence of their staff regularly.
The guidelines require employees to have a solid understanding of crypto asset features, blockchain technology, market operations, and the regulatory and tax landscape. Service providers must maintain records of staff qualifications, perform annual assessments, and ensure staff continue their professional development.
Notably, ESMA’s aim is to establish clear, consistent standards for those advising clients on crypto investments, enhancing investor protection and trust in the market. These guidelines emphasize the importance of staff awareness of risks related to complex and volatile crypto assets.
At present, ESMA is seeking feedback on the draft guidelines, with final recommendations expected by the third quarter of 2025. This move is part of the broader EU effort to regulate the crypto sector, as companies are seeking to secure licenses to comply with MiCA rules. In fact, OKX and Bitpanda recently announced on their X accounts that they both have secured their MiCA licenses. OKX announced that it is the first global crypto exchange to obtain this license.
Last week, it was Crypto.com, a popular cryptocurrency exchange, that obtained MiCA Regulation approval from the European Union.
Also Read: MiCA in Effect in Europe, but Tether’s USDT Future Remains Uncertain
Source: https://www.cryptonewsz.com/europe-qualifications-crypto-service-providers/