The European Securities and Markets Authority (ESMA) has published its report on trends, risks and vulnerabilities in the European Union markets during the first half of 2021 (1H21). Its takeaways included the argument that crypto markets’ extraordinary volatility and growth make a compelling case for the need for a targeted regulatory regime, as sketched out in the European Commission’s proposed Markets in Crypto-Assets regulations. Much has been riding on the EU and global market’s recovery during 1H21 amid the ongoing impact of the COVID-19 pandemic. ESMA’s report notes that the economic outlook has continued to ... (full story)