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Adan submits response to the MiCA consultation on the detection and prevention of market abuse

Web3/Crypto

Faustine Fleuret, Adan president | Adan website

By Crypto Republique

Jul 15, 2024

Adan has submitted its response to the Markets in Crypto-Assets Regulation (MiCA) consultation on the detection and prevention of market abuse, investor protection, and operational resilience. The response highlights considerations for promoting a proportionate and effective regulatory framework.

According to an Adan press release, the organization supports the fight against market abuse but opposes the classification of miners, validators, and custodians as persons professionally carrying out or arranging transactions (PPAETs). It states that miners and validators fail to meet the requirements established in section 92 of MiCA.

"It is unlikely that the imposition of PPAETs rules on validators/miners will be successful because they are not market operators. Therefore, it is practically impossible for them to meet these requirements effectively. This approach would not make it possible to effectively achieve the political objective of combating market abuse," Adan stated in the press release.

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In addition, Adan emphasized that miners and validators lack the ability to reorganize transactions, which would force them to conform to market abuse rules.

Adan expressed support for a proportional approach when establishing the Suspicious Transaction and Order Reporting (STOR) regime. "This would ensure that the systems can be adapted to the size, nature and scale of the commercial activity carried out by the PEAPT and, consequently, to the risk dimension of the activities carried out," Adan stated. "Proportionality guarantees the implementation of the proposed systems in a way that allows a correct allocation of resources without compromising the ability to prevent and detect market abuse situations."

In its response, Adan also offered clarifications on maximum extractable value (MEV) to prevent it from being automatically deemed as market abuse and provided details on information relating to the "location" of transactions integrated into the STOR model.