For its 2020 resolution, the European Securities and Markets Authority (ESMA) wants to regulate cryptocurrencies and the products in the industry more.

The organization has published its list of priorities for the 2020-2022 time period on Thursday, mentioning that capital markets in the EU are facing some new risks as a result of digitalization. It wants market players to be prepared for anything, as the document reads:

“The dangers of cyberthreats to the financial system as a whole and a sound legal framework for crypto-assets are increasingly becoming areas of focus for ESMA together with the other ESAs, the ESRB, the ECB and the European Commission.”

ESMA has been trying to come up with new regulations for the crypto and securities space for a few years already, time in which it has developed rules for derivatives and initial coin offerings. This is what the paper released on Thursday has to say about the organization’s 2020-2022 activity:

“ESMA will [..], together with NCAs, also require EU market participants to acknowledge the risks that may stem from digitalization by ensuring business continuity and the use of adequate and up-to-date technology, as well as adequate protection against cyberthreats, and through proper data protection and data quality management.”

As mentioned by ESMA, its plan for the coming years is based on what challenges the EU together with its capital markets and citizens are facing. Furthermore, it will develop a large base of investors in order to offer support to the CMU, this way promoting markets that are long-term oriented and sustainable finance, all while dealing with both the risks and opportunities brought on by digitalization. This will clear the EU’s mission in international finance and ensure regulation is proportionate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

157 +