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ESMA

The ECB president stressed the importance of coalescing around a single unifying project and rulebook as the EU faces a ‘critical juncture'
The move indicates the creation of unified management standards for asset-referenced token issuers and crypto asset service providers
Limited scope of the pilot could be holding back actors from applying to the sandbox regime
The frequent conflation of the acronym with the idea of sustainability has become a big reputational risk for large companies
From payment for order flow to consolidated tape, developments in specific Mifir review areas will be watched with interest
Further investigation is required to understand if the crypto exchange collapse could expose weaknesses in MICA
Payment for order flow divides opinion not just within markets but also across borders, revealing contrasting attitudes to risk
As the UK and EU review the trading venue perimeter, sources stress the importance of getting scope right
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