European crypto-asset markets' framework: proposals from de French, the Austrian and the Italian Financial Markets Authorities

The entry into application of the MiCA regulation marks a major step forward for the regulation of crypto-assets in Europe. However, the AMF, the FMA and the Consob note that its application remains fragmented and that certain provisions do not adequately prevent risks that are specific to the sector, thereby threatening the competitiveness of European players and investor protection. In view of these limitations, the AMF, the FMA and the Consob are proposing a number of adjustments to ensure consistent and effective application of the regulation and strengthen investor protection to match the standards established for traditional investment products.