The European markets regulator has opened a second consultation on its Markets in Crypto Assets Regulation (MiCA), including trade transparency rules for crypto venues.

The European Securities and Markets Authority (ESMA) on Thursday published the consultation, its second since the regulation was voted through in April. The latest consultation, open to December 14, includes proposals for pre and post trade transparency disclosures by venues.

The proposed rules require trading platforms to make public any bid and ask prices, and the depth of trading interests at those prices on a pre-trade basis. The post-trade publication of the price, volume and time of the transactions of crypto assets traded on platforms is required as close to real-time as technically possible.

ESMA needs to submit its technical standards to the European Commission by the end of June next year.

Some native crypto firms have been preparing to expand their certifications with regulators across jurisdictions after a turbulent period for the sector.

Crypto market-maker B2C2 in August acquired French crypto trading firm Woorton in part because of its license with the French regulator, which would be consistent with MiCA rules and allow the firm to expand its client business in continental Europe.

Crypto options market Deribit said it is in the final stages of securing a Dubai license and expects to move its headquarters to the emirate later this year.

Regulated firms are concerned about demonstrating best execution when trading in the increasingly popular over-the-counter crypto derivatives markets, research firm Acuiti said last month.