Oh joy, another day, another warning from a regulator 🙄. Europe‘s securities watchdog ESMA has told crypto companies to stop bragging about their MiCA-regulated status to lure in investors. Because, let’s be real, it’s just not that impressive 🤣.
On Friday, the European Securities and Markets Authority issued a warning to crypto companies, urging them not to use their regulated status under the EU’s MiCA framework as a marketing tool. Because, you know, that’s just not what it’s for 🙅♀️. Reuters initially reported the story.
So, what’s MiCA all about? Well, it’s a regulation that aims to protect investors by imposing strict rules on how client assets are safeguarded and how complaints are handled. Sounds good, right? Under MiCA, companies offering crypto services must obtain a CASP license from a national regulator to operate across the EU. Simple enough.
But, here’s the thing: some crypto companies might use their regulated status under MiCA as a marketing argument and encourage confusion between regulated and unregulated products and services. Sneaky, right? 🤑 ESMA stated, “Some CASPs may even use their regulated status under MiCA as a marketing argument and encourage confusion between regulated and unregulated products and services.”
Let’s break it down: some crypto companies might brag about being MiCA-regulated to attract customers, but at the same time, they offer other products that aren’t regulated. This can confuse people into thinking all their products are safe and protected when that’s not true 🤦♀️. Not cool, crypto companies. Not cool.
ESMA’s warning comes after a recent peer review in which it criticized Malta’s Financial Services Authority for its lax approach in granting crypto licenses 🤔. The review found that while Malta has the expertise and resources to supervise crypto firms, its authorization process only “partially” met expected standards, raising concerns about regulatory consistency across the EU 🌟.
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2025-07-11 16:27