The European Securities and Markets Authority drafted guidelines prioritizing crypto firms in the European Union over outside firms. 

The consultation paper, published Monday, seeks comments on the proposed guidelines that aim to offer clarity under the Markets in Crypto Asset (MiCA) rules passed last year. 

“In order to make sure that clients of [crypto asset service providers] benefit from full rights and protections afforded to them under MiCA and that EU CASPs are not put at a competitive disadvantage compared to third-country firms vis-à-vis EU clients,” the paper said.

“It is important to actively protect EU-based investors and MiCA-compliant CASPs from undue incursions…

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