ESMA’s New Guidelines for Crypto Asset Service Providers: Ensuring Competence in the Era of MiCA

On February 18th, COINOTAG News reported that the European Securities and Markets Authority (ESMA) has issued a consultation paper aimed at gathering public input on competency guidelines for employees of crypto asset service providers. This initiative is designed to align with the Markets in Crypto-Assets Regulation (MiCA), which is crucial for ensuring regulatory compliance within the cryptocurrency sector. The proposed guidelines emphasize that personnel must possess extensive knowledge of essential characteristics of crypto assets, comprehensive market dynamics, and a solid grasp of blockchain technology, along with an understanding of relevant regulatory and tax frameworks. Service providers are encouraged to conduct annual appraisals of employee competencies, keep detailed records of qualifications, and perform consistent assessments. The consultation period will remain open until April 22nd, with ESMA intending to publish the final directives by the third quarter of this year.