The European Securities and Markets Authority (ESMA) has published its final report on the guidelines on supervisory practices for National Competent Authorities (NCAs) to prevent and detect market abuse under the Market in Crypto Assets Regulation (MiCAR), together with a press release. The guidelines are based on Article 92(3) of MiCAR and outline general principles for supervisory practices, drawing on the experience gained under the Market Abuse Regulation. They require supervisory activity to be risk-based and proportionate, aiming for NCAs to foster a common supervisory culture specific to cryptoassets through open dialogue with the industry and collaboration among other NCAs. The guidelines also consider the specific features of crypto trading, such as its cross-border nature and the intensive use of social media. The guidelines will be translated into all EU languages and published by ESMA, becoming effective three months later. ESMA advises NCAs to begin implementing the principles immediately. Competent authorities must notify ESMA within two months of the guidelines being published in all EU languages, on whether they (i) comply, (ii) do not comply, but intend to comply or (iii) do not comply and do not intend to comply with the guidelines.
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