On 4 July 2024, ESMA published its Second Final Report under MiCAR. The report covers 8 draft technical standards that aim to provide more transparency for retail investors, clarity for providers on the technical aspects of disclosure and record-keeping requirements, and data standards to facilitate supervision by National Competent Authorities (NCAs).

The draft technical standards concern, among others, sustainability indicators for crypto-asset consensus mechanisms, business continuity measures for crypto-asset service providers (CASPs), trade transparency, content and format of orderbooks and record-keeping by CASPs, machine readability of white papers and the register of white papers, public disclosure of inside information. There are technical requirements for market participants to ensure human and machine readability of crypto-asset white papers and templates and formats for CASP order and transaction records. The draft technical standards clarify how CASP trading platforms should publish the data required for pre-and post-trade transparency. The report also covers public disclosures to help investors understand the impact on the climate and the environment of the consensus mechanisms underpinning the crypto-assets they hold and descriptions on how issuers should disclose price-sensitive information to the public to prevent market abuses like insider dealing.

The draft technical standards are to be submitted to the European Commission (EC) for adoption. The EC must decide whether to adopt the technical standards within 3 months.