The European Securities and Markets Authority urges the inclusion of cybersecurity audit requirements in the MiCA legislation

ChainCatcher news, the European Securities and Markets Authority (ESMA) stated on Wednesday that cryptocurrency companies should be required to undergo external audits of their network defenses, and urged lawmakers in Brussels to amend the region's flagship regulatory framework for the crypto industry to better protect consumers.

The agency believes that stricter cybersecurity rules are an important component of the EU's regulation of the crypto asset market (MiCA), which will come into full effect in December.

ESMA has been advocating for the inclusion of a requirement for cryptocurrency companies to have their ability to withstand cyberattacks audited by a third party, as the agency works to finalize the implementation of these rules. These rules were passed by EU lawmakers last year.

However, the European Commission opposed this move, stating that ESMA is overstepping its authority and going beyond the legislative mandate. Both sides declined to comment.