Digital Currencies Governance Group (DCGG), together with four other European and national crypto industry associations, Adan, Blockchain for Europe, Crypto Council for Innovation and the European Crypto Initiative, published a joint letter in response to the European Securities and Markets Authority (ESMA) consultation on reverse solicitation.
Whilst the industry agrees that MiCA circumvention should be avoided, we criticised that the European Securities and Markets Authority (ESMA) draft:
🔻 goes beyond the level 1 MiCA mandate,
🔻 effectively bans all possible forms of reverse solicitation in the EU and the right of European customers to actively seek services elsewhere,
🔻 has not undertaken the necessary cost-benefit analysis.
We suggest that European Securities and Markets Authority (ESMA):
🔼 considers a more proportionate approach,
🔼 differentiates more clearly between solicitation and marketing and educational practices, e.g. fight against criminal activities,
🔼 reverts to a strict application of what actually constitutes direct solicitation.
Read our industry joint letter: dcgg.eu/wp-content/upl