Odaily News The European Securities and Markets Authority (ESMA) defines maximum extractable value (MEV) as a clear example of illegal market abuse in its draft technical standards under the proposed Markets in Crypto-Assets (MiCA) regulation. Patrick Hansen pointed out that almost all EU-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 standards raise concerns about the feasibility of managing reports for every instance. ESMA also recommends that authorities inside and outside the EU cooperate to sanction market abuse, and actors involved in MEV may face investigations and enforcement by international regulators. The deadline for consultation feedback set by ESMA is June 25, and the final standards are expected to have a significant impact on the EU crypto regulatory environment.