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Crypto

Gate Europe CEO says even MiCA-licensed crypto firms may leave EU if they cannot bear costs

Some companies that have secured licences under the European Union’s MiCA crypto regime may still leave the market because they cannot bear high compliance costs, Gate Europe CEO Giovanni Cunti said. He said tougher requirements make it increasingly difficult for new entrants to compete and may reduce room for innovation compared with less regulated regions. ESMA has continued to add authorised firms, bringing the total to 294.

Crypto

ESMA adds 14 CASPs to MiCA register, slowing pace of licence growth

The European Securities and Markets Authority added 14 crypto asset service providers to the MiCA register, bringing the total number of registered firms to 294. Cointelegraph reported the update was the second to the register since the end of MiCA’s transition period. The previous update on July 3 added 37 CASPs. Cointelegraph said the pace of licence expansion appears to be slowing after an initial surge.

Crypto

ESMA warns many prediction market event contracts may be banned for sale to EU retail investors

The European Securities and Markets Authority warned that many prediction market contracts may already fall under an EU ban on selling certain products to retail investors. ESMA said firms cannot avoid EU financial rules by marketing such products as “event contracts”. It reaffirmed that event contracts classed as financial instruments cannot be marketed, distributed or sold to retail investors under national rules implementing ESMA’s 2018 restrictions on binary options.