According to The Block, the European Securities and Markets Authority ESMA issued the first MiCA proposal and issued a warning to the encryption industry. ESMA Chairman Verena Ross reminded consumers that even if MiCA is implemented, encrypted assets are not safe. The proposal document, titled “Technical Standards to Regulate Certain Requirements for MiCA Regulation,” is seeking the cryptocurrency industry’s opinion on the EU’s MiCA regulatory framework, and the consultation runs until September 20. The agency is asking cryptocurrency companies to provide confidential information about their expected revenue.