• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

Here’s Exactly When to Grab the Next Wave of Crypto Altcoins

2025-07-12

Bitcoin’s Next 6 Months—Here’s the Full Map 🧠🟧

2025-07-12

Markets Are Going BONKERS! Friday Firestorm! 🚨🔥

2025-07-11

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What Is Copy Trading in Crypto? A Beginner’s Guide

    2025-07-10

    A Step-by-Step Guide for Risk-Takers

    2025-07-09

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    2025-07-09

    How It Works and What to Watch Out For

    2025-07-09

    Crypto Risk Management Strategies for Trading (2025)

    2025-07-07
  • Videos

    Here’s Exactly When to Grab the Next Wave of Crypto Altcoins

    2025-07-12

    Bitcoin’s Next 6 Months—Here’s the Full Map 🧠🟧

    2025-07-12

    Markets Are Going BONKERS! Friday Firestorm! 🚨🔥

    2025-07-11

    Bitcoin Pushes Higher – $120K Next Milestone in Sight

    2025-07-11

    Bitcoin $118,000

    2025-07-11
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»Regulation»How MiCA affects your company
Regulation

How MiCA affects your company

2024-04-21No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Crypto regulation redefined: How MiCA affects your company
Share
Facebook Twitter LinkedIn Pinterest Email

The following is a guest post by Mark Gofaizen, Senior Partner at Gofaizen & Sherle.

As the MiCA regulation that will reshape the crypto industry approaches, crypto companies need to ensure compliance for a smooth transition.

Crypto-asset market regulation (MiCA), which represents an important step by the European Union (EU) towards regulating the crypto-asset market, is one of the hot topics of 2024. MiCA seeks to infuse the market with clarity and security, addressing the needs of crypto-asset service providers (CASPs) and issuers while safeguarding investors.

For companies operating in the crypto space, MiCA clearly calls for changes to their processes in order to adapt to the new regulatory environment. Covering topics ranging from operational flexibility to consumer protection, MiCA ensures that the crypto asset market is sustainable and compliant with wider financial market regulations.

Industry stakeholders and companies need support and guidance during this transition period. This article will cover how MiCA can impact companies, focusing on processes that need attention, potential cost increases, and staffing needs.

Core Requirements Under MiCA

The crypto industry is on the verge of a regulatory evolution, with the draft Regulatory Technical Standards (RTS) outlined by the European Securities and Markets Authority (ESMA). These forthcoming standards, anticipated to be presented to the European Commission by June 30, 2024, are crucial for CASPs aiming to secure a MiCA license.

Essential aspects of MiCA include:

  • Anti-Money Laundering (AML): CASPs must adhere to a comprehensive suite of laws and procedures to prevent the disguise of illicit funds as legitimate.
  • Combating the Financing of Terrorism (CFT): Crypto-asset service providers are responsible for measures to prevent the flow of funds to terrorist organizations.
  • Authorized Capital: CASPs are required to define the maximum capital they can issue, as stated in their charter.
  • Customer Due Diligence (CDD): Crypto-asset service providers must verify customer identities and assess transactional risks.
  • Suspicious Transaction Reporting (STR): CASPs must have procedures for detecting and reporting suspicious transactions to competent authorities.
  • Cooperation and Information Sharing: Cooperating with competent authorities and sharing necessary information is another obligation for CASPs.
See also  SEC Receives Application From Financial Services Company To Issue New Interest-Bearing Stablecoin

These foundational requirements align CASPs with broader fiscal and regulatory expectations, tailoring to their unique operational frameworks.

Aligning with Wider Financial Regulations

MiCA’s introduction necessitates comprehensive adjustments across CASP operations, underscoring the necessity for a holistic strategy to foster a transparent, secure, and consumer-centric crypto market in sync with broader financial regulations.

Key business process areas for review include:

Personnel Training and Recruitment

To comply with MiCA, companies need to create a team specializing in regulatory compliance specific to financial services or crypto assets. Acquiring risk management experts and legal advisors is crucial to tackling the complexities of MiCA. These professionals will be instrumental in identifying, assessing, and mitigating risks and ensuring all company operations fully comply with the new regulation.

CASPs should have at least one person from senior management (director) located in the country of establishment and organize activity through the place of business in the EU.

Collection and Use of Personal Data

MiCA mandates the protection of consumer information and the segregation of customer assets. Companies must ensure compliance with privacy and data protection by developing secure systems for collecting and using personal data. Additionally, the regulation requires implementing customer separation systems to protect customer assets, a measure aimed at improving consumer protection in the crypto market.

Reporting and Accounting

Companies must improve their reporting and accounting practices to meet MiCA’s transparency and accountability standards. These standards include accurately reporting financial transactions and keeping company records compliant with regulatory requirements.

Advisory Services for Crypto Assets Users

MiCA significantly emphasizes the quality of advisory services provided to crypto asset users. Companies offering advisory services must ensure that advice is personalized, transparent, fair, and not misleading, considering the client’s personal circumstances, investment objectives, and risk appetite.

See also  eNaira is ‘crippled‘: Nigeria in talks with NY-based company for revamp

Crypto Exchange Services and Related Policies

For companies providing crypto exchange services, MiCA seeks to ensure fair and orderly trading, set rules for order execution, and provide clear information on the exchange of crypto assets. The regulation aims to improve the integrity and stability of crypto exchange services by promoting a safer trading environment for consumers.

MiCA: An Opportunity, Not a Challenge

The launch of MiCA is a milestone for the cryptoasset market in the European Union and sets a precedent for regulatory frameworks worldwide. As we approach a new era of compliance and regulation, companies in the crypto sector are being given a transition period until June 2025. With the proposed changes being submitted to institutions for coordination and feedback by March 28, the regulatory changes are expected to create a more secure and reliable crypto environment.

As companies seek to comply with regulations, focusing on strategic planning, investing in compliance infrastructure, and developing a knowledgeable compliance team becomes extremely important. Embracing MiCA not just as a compliance challenge but as an opportunity to increase operational integrity and consumer trust can position companies for success in the increasingly regulated global crypto market.

Latest Alpha Market Report
affects Company MiCA
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

How To Stop A Bitcoin Treasury Company

2025-07-07

Will This Company Buy 18% of Bitcoin’s Supply?

2025-05-06

Robinhood to pay $3.9 million to settle California crypto investigation

2024-09-05

Kamala Harris turns to Coinbase for crypto campaign donations, CFO reveals

2024-09-04
Add A Comment

Leave A Reply Cancel Reply

Top Posts
NFT

Gunther’s Rich Dog Collection Adopts Chainlink VRF for Transparent and Fair NFT Rarity Selection

2023-06-02

NFT Gunther’s Rich Dog Collection, the exclusive NFT collection providing unparalleled glimpses into the opulent…

Bitcoin

Bitcoin: What you need to know about BTC’s race to $50K

2023-12-06

Around 48 new whale wallets returned as Bitcoin climbed over $43,000. New addresses continue to…

Blockchain

Micro3 Partners with FantomFDN, Pioneering Web3 and Creator Economy

2024-02-29

Micro3, a Decentralized SocialFi Mint-To-Earn leader, recently partnered with FantomFDN, generating buzz. This partnership advances…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

Here’s Exactly When to Grab the Next Wave of Crypto Altcoins

2025-07-12

Bitcoin’s Next 6 Months—Here’s the Full Map 🧠🟧

2025-07-12

Markets Are Going BONKERS! Friday Firestorm! 🚨🔥

2025-07-11

Bitcoin Pushes Higher – $120K Next Milestone in Sight

2025-07-11
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 117,091.37
ethereum
Ethereum (ETH) $ 2,988.25
xrp
XRP (XRP) $ 2.86
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 681.93
solana
Solana (SOL) $ 160.62
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.19202
tron
TRON (TRX) $ 0.299436
staked-ether
Lido Staked Ether (STETH) $ 2,984.79
bitcoin
Bitcoin (BTC) $ 117,091.37
ethereum
Ethereum (ETH) $ 2,988.25
xrp
XRP (XRP) $ 2.86
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 681.93
solana
Solana (SOL) $ 160.62
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.19202
tron
TRON (TRX) $ 0.299436
staked-ether
Lido Staked Ether (STETH) $ 2,984.79