European Union draft treats MEV as market abuse, sets strict regulatory standards
2024-05-27 21:02:57
The European Union Securities and Markets Authority (ESMA) has defined maximum extractable value (MEV) as a clear example of illicit market abuse in its draft technical standard under its proposed Markets in Crypto Assets (MiCA) regulation. Patrick Hansen noted that almost all European Union regulated crypto businesses, including exchanges and brokers, are required to detect and report MEV instances through comprehensive "Suspicious Transaction or Order Reports" (STORs). The new standard raises concerns about the feasibility of managing each instance report. ESMA also recommends that authorities within and outside the European Union cooperate to sanction market abuse, and that actors involved in MEVs may face investigation and enforcement by international regulators. ESMA has set a June 25 deadline for consultation feedback, and the final standard is expected to have a significant impact on the European Union crypto regulatory environments.
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