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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.
