On October 16th, according to the Financial Times, the European Securities and Markets Authority (ESMA) said that crypto companies should be required to conduct external audits of their cyber defenses, and urged lawmakers in Brussels to amend the region's regulations on the crypto industry to better protect consumers. The agency believes that stricter cyber protection rules are an important part of the European Union's Crypto Asset Market Regulation (MiCA) Act, which will come into full effect in December.