ARGA Observatory has participated in four major international regulatory consultations organised by the European Commission, the European Securities and Markets Authority (ESMA), and the Monetary Authority of Singapore (MAS). The submissions reflect the organisation’s views on digital asset regulation, financial market development, digital transformation, and operational resilience.
A key contribution was made to the European Commission’s consultation on the review of the Markets in Crypto-Assets Regulation (MiCA). ARGA advocated a risk-based and technology-neutral regulatory approach that supports innovation while ensuring investor protection and legal certainty. The response addressed issues including decentralised finance (DeFi), staking, NFTs, crypto lending, tokenised deposits, and the legal treatment of digital assets.
Within ESMA’s consultation on European equity market structure, ARGA examined developments affecting liquidity, competition, transparency, and price formation. The organisation supported maintaining a balanced framework that encourages innovation while preserving market integrity and efficient price discovery.
ARGA also contributed to ESMA’s consultation on simplifying interactions between investment firms and professional clients. The organisation supported broader use of electronic communications and digital interfaces, provided that appropriate safeguards, auditability, and data protection measures remain in place. These changes have the potential to reduce administrative burdens and improve market efficiency.
In addition, ARGA submitted comments to the Monetary Authority of Singapore regarding technology risk management and operational resilience requirements for financial institutions. The organisation supported a risk-based approach to IT governance, cybersecurity monitoring, incident management, and business continuity, while highlighting emerging risks associated with artificial intelligence and complex digital infrastructures.
Across all four consultations, ARGA consistently promoted the principles of technological neutrality, proportional regulation, investor protection, legal certainty, innovation, and financial system resilience.
Through active participation in international consultations, ARGA Observatory contributes to the development of balanced regulatory frameworks that foster innovation while maintaining the stability and integrity of global financial markets.