Preparing for Market in Crypto Assets (MiCA)

Thought Leadership

27 Sep

Written By Reg Jurkevicius

Approaching the Consultation Packages.

Preparing for MiCA

Name

First Name

Last Name

Job Title

Company

Authors

Author Profiles Database

Cathal Houlihan

Partner

Vincent Giltinan

Consultant

Hannah-Jane Headon

Analyst

James Beattie

Analyst

Preparing for MiCA

As the Markets in Crypto Assets (MiCA) Regulation continues to come into focus, firms should adopt a proactive and purposeful approach to harness the invaluable insights and guidance within each of MiCA’s consultation packages. This is not only crucial for managing implementation and compliance risk effectively and identifying existing gaps, but also presents an opportunity to exert a meaningful influence on MiCA’s emerging regulatory guidance. In this article, we present four key recommendations to help firms optimise their path to achieving full compliance with the release of each MiCA consultation package.

The publication of Consultation Package One for the Markets in Crypto Assets (MiCA) regulation reveals the next level of detail in the evolving picture of European crypto regulation. Issued by the European Banking Authority (EBA) and European Securities and Market Authority (ESMA), it is the first of three scheduled consultation packages supplementing the original MiCA legislation issued in May 2023. With the release of each package comes an opportune moment for firms to provide their feedback on the regulation and take the next step on their journey towards MiCA compliance.

The first package consists of draft Regulatory Technical Standards (RTS) and Information Technical Standards (ITS) providing specific guidance on a range of compliance considerations; including complaints handling, authorisation application procedures and notification formats to National Competent Authorities (NCAs).

Building upon the insights shared in our previous article on MiCA, Preparing for the landmark EU regulation, we now present four key recommendations for firms to bear in mind when approaching the MiCA consultation packages.

Preparing for MiCA.

Name

First Name

Last Name

Job Title

Company

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Programme management and oversight of the Central Bank's licensing process including both E-Money Institution (EMI) license and Virtual Assets (VASP) registration.
Ensured a full comprehensive set of documentation to support the EMI License and VASP Registration.
Developed a complete set of business requirement documents for passporting licences across the EU and identified distinct requirements per member state.

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To discover, more or talk to us about anything you've read here please don't hesitate to get in touch.

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