New proposal for European crypto regulation: requiring assessment of relevant qualifications of crypto practitioners

On February 18th, according to Cointelegraph, the European Securities and Markets Authority (ESMA) released a draft for public opinion on the competency assessment guidelines for employees of cryptocurrency service providers. This guide aims to implement the relevant requirements of the Crypto Asset Market Regulation Act (MiCA). According to the proposal, practitioners need to possess professional knowledge in key characteristics of encrypted assets, market operations, blockchain technology, and understand regulatory frameworks and tax impacts. ESMA requires service providers to conduct annual assessments of employee development needs, maintain qualification records, and conduct regular assessments. The draft for soliciting opinions is open for consultation until April 22nd, and ESMA plans to release the final guidelines in the third quarter of this year.