European Securities Regulator ESMA Seeks to Obtain Crypto Transaction Data – Regulation Bitcoin News

The European Securities and Markets Authority (ESMA) is preparing to introduce stricter oversight when it comes to crypto-related transactions. The agency is now looking to hire trade data providers, as monitoring major market players falls under its responsibilities.

ESMA launches public marketplace for crypto trading data providers

European Union securities watchdog ESMA is preparing to step up oversight of transactions involving cryptocurrencies, a public tender has shown. On Tuesday, the authority launched a procurement procedure for providers of trading data on crypto transactions, including spot transactions and derivatives, Reuters reported.

The move comes after EU institutions agreed on a draft proposal to comprehensively regulate the digital asset space known as the Markets in Crypto Assets (MiCA) package. While under the legislation smaller firms will be licensed by national regulators, ESMA will be tasked with overseeing big players in the ‘Wild West’ sector, as some officials have described it. In a notice, the regulator detailed:

Coverage should encompass all major crypto exchanges and assets to provide a fair representation of the crypto market landscape.

The report further notes that regulators around the world use trade data to identify market abuse, find out who is on either side of a trade, and look for buildups of risky positions that could undermine markets.

ESMA’s announcement emphasized that the data should be available daily. The watchdog also wants access to order books where it can see spreads and liquidity across exchanges and trading pairs, both in fiat and cryptocurrency. The contract for these services must not be worth more than €100,000 ($101,000).

The MiCA legislation designates the European Securities and Markets Authority as one of the main cryptocurrency watchdogs in the 27-nation bloc with certain powers above those of national regulators. ESMA will also be responsible for determining the scope of the law regarding various crypto assets.

Keywords in this story

Crypto, crypto assets, crypto transactions, Cryptocurrencies, Cryptocurrency, EU, Europe, European, European Union, Supervision, regulator, Control, Securities, transaction data, watchdog

Do you think ESMA will be able to thoroughly monitor crypto-related transactions in the European Union? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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