The European Securities and Markets Authority (ESMA) has released a consultation paper seeking input on a proposed knowledge assessment for individuals who provide advice or information on crypto-assets or related services on behalf of crypto-asset service providers (CASPs). ESMA aims to extend knowledge requirements beyond advisors to information providers in order to ensure CASPs act in the best interests of their clients. The agency is modeling its requirements on guidelines for staff giving advice on investment products under MIFID II regulations. The knowledge requirements cover various key aspects of crypto-assets, including risks, tax implications, fees, volatility, and differences between MIFID II and MiCA protections. The paper suggests that new hires would need 80 hours of training and six months' supervised work, while current staff with over a year of experience would need to demonstrate their competence. ESMA also sets minimum requirements for hiring, including three years of tertiary education. Comments on the paper are accepted until April 25, and the guidelines will come into force 60 days after publication. MiCA regulations on stablecoins have already been implemented, with ESMA urging national regulators to enforce European stablecoin policies by the end of Q1 2025.
Content Editor ( cryptopolitan.com )
- 2025-02-18
European securities regulator ESMA is preparing a knowledge test for crypto advisers
