The European Securities and Market Authority is seeking public response to the proposed knowledge and merit standards for Crypto service providers.
In February 17 Consultation paperThe ESMA determines the new rules required by Crypto service providers to ensure that their employees have the right qualifications and training to give advice or information on the crypto assets to the public.
With this, the objective of the regulator objectives in the Crypto-asset regulation under the European Union markets within the Crypto markets and the minimum level of employees providing “advice and information for investor protection measures within the Crypto markets and in investor protection measures and foster trusts within the crypto markets. Have to do. “
Under the proposed rules, crypto firms must ensure that their staff meet the knowledge standards, advisors need formal education, supervised experience, and pass the evaluation before giving advice.
Those providing general information must complete at least 80 hours of training and six -month supervised experience, while advisors require a three -year degree or equivalent experience. Employees will also have to undergo annual qualification review and ongoing business development with 10 -hour training and 20 -hour training for advisors for information providers.
Additionally, Crypto service providers will need to document the qualifications of employees, assess regular training effectiveness, and automated advisory services to meet these standards. Meanwhile, new fare will be able to work under supervision only for maximum four years without required qualifications.
“Given the instability of many crypto-stimulation,” continuous construction of new assets, and “market participants, especially retail investors”, sees knowledgeable and competent service providers to achieve regulatory customers. Knowledge and ability “and those firm” act in the best interest of customers, “the paper said.
Parties wishing to submit their feedback on the proposed guidelines have till April 22, 2025. ESMA is expected to finalize the rules in the third quarter of 2025, with new requirements to be effective 60 days after publication in all official European Union languages.
The counseling paper comes as crypto companies, which seek the Mica license, marking the first comprehensive regulatory structure for the European Union territory. Many firms have already received approval as members apply state regulation requirements.
Last month, Singapore -based Crypto.com obtained a Micah license in Malta a few days after receiving provisional approval. The same day, Bitpanda obtained his MICA license from the Federal Financial Supervisory Authority of Germany.
