regulation and policy

ESMA calls for expanded powers to enforce EU crypto regulations

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2 new reports

ESMA has asked for more powers to enforce EU crypto rules, and it has also proposed a MiCA category for firms that give customers access to DeFi protocols. The second proposal focuses on the access points into DeFi rather than the underlying code.

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Key claims & sources

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ESMA has asked for more powers to enforce EU crypto rules.
ESMA calls for expanded powers to enforce EU crypto regulations
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ESMA’s push for stronger enforcement powers is framed as part of its approach to EU crypto regulation.
ESMA calls for expanded powers to enforce EU crypto regulations
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ESMA has proposed a new regulated crypto-asset service under MiCA for firms that give customers access to DeFi protocols.
ESMA proposes regulating DeFi access points under MiCA
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The proposal is aimed at the gateways into DeFi rather than the code that runs those protocols.
ESMA proposes regulating DeFi access points under MiCA

What it means

Crypto firms operating in the EU are the main group that would notice this first, because ESMA is seeking stronger enforcement powers and a new regulated service for businesses that route customers into DeFi protocols. That means firms handling DeFi access could face a clearer supervisory perimeter tomorrow morning if the proposal moves forward.

It is still not clear how far ESMA’s requested enforcement powers would go or how the new DeFi access category would be defined in law. The open question is what final MiCA language would be adopted and how supervisors would apply it once the rulemaking is finished. (per cryptobriefing.com)

Market reaction i

SOONSOON the event is about this asset
first headline
-2.0% 2 h before
+1.6% 4 h after
$0.4830price at publication
12data points

The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.

Coverage timeline

Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.

first
Oct 1 00:44
+2 h 13 m
Oct 1 02:57
CR Cryptopolitan context
Its angle: intermediaries, permissionless, distinguishing

Has this happened before?

WhenWhat happenedFigure
38 days ago Greece gets first MiCA entrants as watchdog denies Binance-Lagarde claim event 1 actors in common · 5 news media
39 days ago ESMA Sets 2027 MiCA Supervision Priorities for Crypto Firms event 1 actors in common · 9 news media
43 days ago EU banking watchdog calls for crypto lending rules under MiCA event 1 actors in common · 4 news media
44 days ago Tether Rejected This MiCA Rule. Now the ECB Wants It Gone event 1 actors in common · 2 news media
44 days ago ECB, EU cenbanks seek changes in MiCA’s minimum bank deposit for stablecoins event 1 actors in common · 2 news media