ESMA issues guidance against cryptocurrency abuse

The European Securities and Markets Authority (ESMA) has published the "Final Guidelines on the Regulation Against Market Abuse in the Crypto Market." This document supports the MiCA regulation, which will officially come into effect three months after its announcement. The regulation requires regulators in 27 EU countries to establish a unified market surveillance system, focusing on preventing insider trading, disclosing illegal information, and market manipulation.

In particular, it is necessary to enhance the monitoring of the spread of misinformation on social networks and online platforms. Professional trading organizations must use automated monitoring tools and have mechanisms in place to handle reports of suspicious transactions.

Regarding cross-border supervision, ESMA requires the sharing of supervisory information from cryptocurrency companies outside the EU and regular reporting on barriers to cross-border cooperation. ESMA emphasizes that the guidance is intended only for regulators, not market participants, and therefore does not require public consultation. Regulators must commit to complying with ESMA within two months, and if exempted, must specify the specific reasons.

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