The first Consultation Package under the Markets in Crypto-Assets Regulation (MICA) was released on July 20 by ESMA and seeks feedback on proposed rules for crypto-asset service providers (CASPs).

Comments should be provided on the following aspects:

• Notification by certain financial entities to provide crypto-asset services

• Information to be provided with an application for authorisation as a crypto-asset service provider (e.g. identity of the applicant CASP, programme of operations, setting out the types of crypto-asset services that the applicant CASP intends to provide, description of the applicant CASP’s governance arrangements and internal control mechanisms, description of the procedure for the segregation of clients’ crypto-assets and funds, description of the applicant CASP’s complaints-handling procedures;...)

• Proposals on standard forms, templates and procedures for the information to be included in the application for authorisation as a crypto-asset service provider

• Proposals to specify the requirements, templates and procedures for the handling of client complaints by crypto-asset service providers

• Possibility for clients of CASPs to file their complaints by post, in addition to electronic means

• Identification, prevention, management and disclosure of conflicts of interest by CASPs

• Acquisition of a qualifying holding in a CASP

Interested stakeholders must respond by 20 September 2023.