The European Securities and Markets Authority (ESMA) has proposed guidelines for assessing the knowledge and competence of employees at cryptocurrency service providers and is seeking comments on the proposal.
On the 17th (local time), ESMA announced in a public consultation document that it will review the knowledge and competence of individuals who provide advice or communicate information on crypto assets (virtual currencies) and services.
The European Union announced in June 2023 that it is gathering input from stakeholders with the goal of formulating guidelines for evaluating cryptocurrency.
In accordance with the "Cryptocurrency Market Regulation Act (MiCA)," employees who provide advice and information on cryptocurrencies to customers must meet certain competency standards in order to protect cryptocurrency investors and improve market confidence.
According to the proposed guidelines, employees should understand the main characteristics and risks of cryptocurrencies, market mechanisms, and price formation processes, and should have knowledge of blockchain technology, regulatory regimes, and taxes.
Minimum employee qualifications include a degree in a relevant field, previous work experience, and continuing professional education. Cryptocurrency service providers must annually appoint employees with the following qualifications:
They must conduct competency reviews, supervise unqualified employees, maintain employee qualification records and conduct regular competency evaluations.
2025/02/20 09:47 KST
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