What is MiCA?
MiCA stands for "Markets in Crypto-Assets Regulation" and is a new European regulation designed to ensure transparency, stability and security in the crypto asset market. The goal? To protect consumers and curb the proliferation of unregulated practices. As of December 2024, companies involved in crypto assets must comply with these rules.
Who is covered by MiCA?
MiCA applies to different types of companies within the crypto asset sector:
- Crypto-asset issuers: Companies that issue tokens, stablecoins or other digital assets.
- Crypto service providers: crypto asset trading platforms, wallet service providers and custody services.
- Financial institutions: Banks and asset managers that include crypto assets in their service offerings.
Do you operate in any of these sectors? If so, MiCA has a direct impact on your business operations.
Why is MiCA important?
1. Protection of consumers and investors
MiCA requires companies to be transparent about the risks of their products. This allows consumers and investors to make more informed decisions.
2. Market access within the EU
MiCA offers companies a so-called European passport. This allows you to operate the after compliance in all EU member states, without having to apply for separate licenses per country.
3. Mitigation of risks.
By implementing strict IT security measures and risk management practices, MiCA helps protect companies from cyber threats and operational disruptions.
4. Prevention of sanctions
Failure to comply with MiCA can result in large fines and reputational damage. Early compliance prevents these risks.
How do you comply with MiCA?
Complying with MiCA requires a strategic approach. Here are some steps:
- Analyze the impact: Research which MiCA rules apply to your organization.
- Implement security and compliance measures: Ensure robust IT systems and processes comply with MiCA requirements.
- Train your team: Guide your employees to understand and implement the components of MiCA.
- Apply for the appropriate permits: Prepare the necessary documentation and submit your permit application in a timely manner.
How we can help
We specialize in assisting companies with MiCA compliance. Our services include:
- Compliance programs: from analysis to implementation.
- Risk assessments: identify and mitigate potential risks.
- Training and awareness: getting your employees fully informed about MiCA.
- Permit applications: everything needed for a successful application.
Want to know more?
Wondering how MiCA affects your organization and how to become compliant? Visit our MiCA standards page for detailed information or schedule a no-obligation meeting. Together, we'll make sure you're ready for the future of crypto.
