The European Securities and Markets Authority (ESMA) has released suggested rules that will help crypto industry workers learn more and get better at what they do. As part of the Markets in Crypto-Assets (MiCA) regulations, these suggested standards are meant to make sure that people who give advice on crypto assets have the right skills to protect investors.
In a recent consultation paper, ESMA asked people in the business to give their thoughts on the criteria it wanted to be used for staff members of crypto asset service providers. To ensure that all crypto asset advisors are knowledgeable, the rules were created. According to ESMA, these rules are needed to protect investors and keep people trusting the crypto market.
One important part of the proposed guidelines is that staff must have deep knowledge of cryptographic assets, their risks, how markets work, blockchain technology, and the laws that apply. To keep their qualifications, employees must also have a degree in a related area and show that they are continuing to learn and grow as professionals. The suggestions also stress the need for regular evaluations of staff skills, yearly evaluations of development needs, and close supervision of those who don’t have the necessary experience.
ESMA has stated that it is crucial to clearly document skills and prioritize ongoing training. Before making these rules official, the governing body wants to hear from people with an interest, like financial institutions and crypto service providers. The date for feedback is April 22, 2025.
Several big crypto companies, like Crypto.com and Bitpanda, are looking for MiCA licenses to do business in the EU at the same time as the plan. These rules show that the EU wants to set up strong rules for crypto services that will protect businesses and customers and make the market more stable.
