On 28 November 2024, the European Commission adopted a Delegated Regulation supplementing the Regulation on markets in cryptoassets (MiCAR) containing regulatory technical standards (RTS) specifying the manner in which crypto-asset service providers (CASPs) operating a trading platform for crypto-assets are to present transparency data.

Background

Article 76 of MiCAR sets out the operating conditions of trading platforms for crypto-assets operated by CASPs. In particular, Article 76(9) of MiCAR requires trading platforms to make public any bid and ask prices and the depth of trading interests at those prices which are advertised through such platforms (pre-trade transparency requirements). Also, Article 76(10) of MiCAR requires trading platforms to make public the price, volume and time of the transactions executed in respect of crypto assets traded on such platforms (post-trade transparency requirements). They are required to make details of all such transactions public as close to real-time as technically possible.

Article 76(16)(a) of MiCAR, requires the European Securities and Markets Authority (ESMA) to develop draft RTS to further specify the manner in which pre- and post-trade transparency data made publicly available is to be presented, including the level of disaggregation of that data. ESMA prepared the draft RTS and conducted an open public consultation between 5 October 2023 and 14 December 2023.

Next steps

The Council of the EU and the European Parliament will now scrutinise the Delegated Regulation. If neither objects, they will be published in the Official Journal of the EU and enter into force 20 days after their publication.