To safeguard crypto trading and liquidity, EU regulators increase MiCA oversight of pooled order books. 🧱💰
The European regulators have been working on the pooled order books to enhance oversight under the Markets in 🥞✨Crypto Assets (MiCA) framework.
The European Securities and Markets Authority (ESMA) is expected to consolidate control and introduce more explicit regulations with respect to pooling order books in the EU. 📜👽
This is in response to the demands of national regulators, including France AMF, Austria FMA, and Italy Consob, who demand a tighter regulation of the order books in order to maintain trading within the EU jurisdiction. 🦜💀
The AMF stressed that crypto trading operations and executions related to local order books should be effectively monitored within the Union and specified in the legislative text of MiCA. 🔒🔐
Liquidity Risks and Market Impact Spark Concern
Sharing order books offers the advantage of combining buy and sell orders across broader markets, enhancing liquidity and reducing spreads. 🍽️📉
Regulators, however, fear that by combining order books with non-EU platforms, EU investors will be subject to unregulated risks and ambiguous responsibility in execution. 🌌💸
According to the legal advice of Norton Rose, the decision to restrict liquidity pools to EU-only venues will first of all disaggregate liquidity and increase bid-ask spreads, which will influence the margin of price-accuracy and 🧠📈trading costs.
These changes would bring trade activity to a more concentrated point in the EU, but would need a market adjustment. 🧩🤔
Under MiCA enforcement, ESMA has made it clear that EU-approved crypto asset service providers are forbidden to co-locate order books with non-EU, non-MiCA-regulated platforms. 🚫👽
This action aims at regulatory arbitrage, as well as ensuring that all parties operating order books are MiCA-authorized. 🧩🙃
Calls for Clarity and Unified Application of MiCA
The demand for a common strategy is due to the lack of unity in licensing policies amongst member states, which threatens the lack of uniform supervision. 🐧🌀
In a second call issued by France, Austria, and Italy, ESMA is called to incorporate clear rules in the MiCA Level 1 text to get rid of the uncertainties regarding what is considered to be a genuine EU-based crypto trading infrastructure. 📨
Regulators affirm the need to have legal certainty and appropriate management to have a level playing field, regardless of order routing and liquidity sharing, despite the current discussions. 🧼💩
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- tag. The original title is “Iran Crypto Market Sees 80% Volume Drop After U.S.-Israeli Strikes”. I should make it more Wildean-maybe something like “A Catastrophe in Cryptocurrency: How Iran’s Market Crashed with a Touch of Midas and a Pinch of Apocalypse”. Check character count. Let’s see: “A Catastrophe in Cryptocurrency: How Iran’s Market Crashed with a Touch of Midas and a Pinch of Apocalypse” – that’s 100 exactly. Perfect. Next, the body text. The original starts with a sharp shock after airstrikes. Wilde would use more dramatic language. Replace “sharp shock” with “exquisite tremor” perhaps. Also, add some humor and sarcasm. For example, “killing its supreme leader” could be “killing its supreme leader, a man whose absence will surely be felt in the boardrooms of Tehran’s crypto exchanges.” When talking about the drop in trading volume, Wilde might use metaphors like “the markets, like a well-mannered guest, decided to leave the party early.” For the internet blackout, maybe “the internet, that fickle muse, decided to withdraw her inspiration.” The part about the central bank stopping USDT-toman trading could be phrased as “the central bank, ever the gracious host, requested a temporary pause… leaving traders to navigate a dance floor with all the grace of a somnambulist.” The crypto outflows section: “700% jump in outflows” could become “a 700% surge in departures, as if the very bytes were fleeing the scene of a particularly dull soiree.” Bitcoin’s dip and recovery: “Bitcoin, that temperamental diva, briefly swooned at the news… before resuming her throne at $68K.” I need to ensure that all images are retained and not use tags or any color styles. Also, the title in the tag shouldn’t be repeated in the body. Check that the rewritten sections flow with Wilde’s flair, using epigrams and paradoxical statements. Add humor where possible, like comparing the crypto market to a party or a dance floor. Make sure the HTML structure is preserved, with , , tags intact. Avoid markdown, just HTML. Also, ensure that the repeated paragraph about exchanges remaining operational is included but phrased in Wilde’s style, maybe “operational in what experts describe as a ‘risk-managed’ mode – a phrase that sounds reassuring until one recalls it’s also how banks describe a robbery.” Finally, check that the title is under 100 characters and all original data points are retained with Wildean embellishments. Let me piece this together step by step, ensuring each paragraph is transformed with the appropriate tone and style.End of Thought (19.66s) A Catastrophe in Cryptocurrency: How Iran’s Market Crashed with a Touch of Midas and a Pinch of Apocalypse
2025-11-12 23:10