On December 14th, Adan submitted its response to ESMA's consultation on the Regulatory Technical Standards (RTS) for the MiCA regulation. In this context, the Association submitted two documents: 

I - the first, supported by other industry associations, focuses on sustainability indicators; 

II - while the second addresses other aspects of the consultation.

  • Regarding the sustainability indicators, Adan emphasises the need to adapt them to the unique characteristics of crypto and blockchain technologies. The development of standardised indicators, with a focus on measuring energy consumption and environmental impact, is therefore crucial. Adan also highlights the importance of carbon offset measures and the use of renewable energies, calling for a differentiated approach to better align with the specificities of the crypto-asset sector.
  • The rest of the consultation covers various technical and regulatory aspects related to MiCA : business continuity requirements, trade transparency data and order book record-keeping, record keeping requirements for CASP, classification, template and format of crypto-assets white papers and public disclosure of inside information. Adan details the necessity of regulation adapted to the operational characteristics of crypto-assets, underlining the importance of a flexible and comprehensive regulatory approach. This document focuses on understanding consensus mechanisms and distinguishing between different market players in the crypto-asset sector, highlighting the need for balanced regulation that supports innovation while ensuring investor protection.

Adan thanks ESMA for the work conducted on these technical standards and for the attention given to our recommendations. The Association remains available for further discussions.