The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has published the second Final Report under the Markets in Crypto-Assets Regulation (MiCA).

This report covers eight draft technical standards aimed at providing more transparency for retail investors and clarity for providers on the technical aspects of disclosure and record-keeping requirements. Additionally, the standards include data protocols to facilitate supervision by National Competent Authorities (NCAs).

ESMA's MiCA Technical Standards

The final report includes the following draft technical standards: sustainability indicators for crypto-asset consensus mechanisms, business continuity measures for crypto-asset service providers (CASPs), trade transparency, content and format of orderbooks and record-keeping by CASPs, machine readability of white papers and the register of white papers, and public disclosure of inside information.

The draft standards provide market participants with technical requirements to ensure both human and machine readability of crypto-asset white papers. They also establish templates and formats for CASP order and transaction records.

MiCA Standards Await Adoption

The rules detail how CASP trading platforms should publish the data required for pre-and post-trade transparency. This measure ensures that NCAs have access to the necessary information for effective supervision of the EU crypto-asset market.

The report also addresses public disclosures, aiding investors in understanding the environmental impact of the consensus mechanisms underpinning the crypto-assets they hold. It outlines how issuers should disclose price-sensitive information to the public to prevent market abuses, such as insider dealing.

Once finalised, the draft technical standards will be submitted to the European Commission for adoption. The European Commission will decide whether to adopt them within three months.