A national competent authority is a government body or regulatory agency responsible for overseeing and enforcing specific laws and regulations within its jurisdiction. In the digital asset sector, these authorities play a crucial role in licensing, supervising, and setting rules for cryptocurrency businesses and activities. They ensure compliance with financial regulations and consumer protection mandates.
Context
National competent authorities are actively shaping the regulatory landscape for digital assets, issuing guidance and enforcing rules that impact market operations and innovation. A key debate involves harmonizing regulations across different nations to avoid regulatory fragmentation and promote global market stability. Future developments will likely include these authorities developing more specialized expertise and frameworks to address the unique challenges and opportunities presented by evolving digital asset technologies.
Decentralized MiCA authorization has created supervisory arbitrage, compelling ESMA to advocate for centralizing all CASP oversight to ensure single-market integrity.
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