EU Securities and Markets Authority urges MiCA to include cyber defence audit requirements

The European Securities and Markets Authority (ESMA) said on Wednesday that crypto companies should be forced to undergo external audits of their cyber defenses, urging lawmakers in Brussels to amend the region's flagship regulation of the industry to better protect consumers. The agency believes that stricter cyber protection rules are an important part of the EU's Markets in Crypto Assets (MiCA) law, which will fully come into effect in December. ESMA has been pushing for the inclusion of a requirement for cryptocurrency companies to undergo third-party audits of their ability to withstand cyber attacks, and the agency is working to finalize the implementation of the rules. The rules were adopted by EU lawmakers last year. However, the European Commission opposed the move, saying ESMA overstepped its authority and exceeded the scope of the legislation. Both parties declined to comment. (FT)