Free Advice MiCA Questionnaire

If you want to get free initial advice on CASP licensing according to MiCA – please fill in the questionnaire and we will get in touch with you!

MiCA Regulation

The recently adopted MiCA (Markets in Crypto-Assets) regulation overhauls the entire crypto-asset regulation affecting all crypto-assets and crypto companies operating in the European Union and European Economic Area (EU/EEA) and it’s going to be fully implemented by the of 2024.

Crypto-asset Service Providers will need to be authorized to provide their services whereas Issuers of non-stablecoin crypto-assets will have to adhere to certain requirements, and stablecoin issuance will be either reserved to certain entities or allowed upon specific authorization.

However, a single MiCA license will allow CASPs to provide their services and the crypto-asset issuers to offer their crypto-assets or admit them to a trading platform in the EU/EEA without additional national limitations.

Crypto services

We leverage our legal experience by providing consultations and other legal services in relation to the MiCA regulation.

We help crypto companies to navigate the changing environment with ease.

CRYPTO-ASSET ISSUANCE	CRYPTO-ASSET SERVICE PROVIDER (CASP)

AML and Sanctions compliance evaluation Classification of the crypto-asset Admission to a trading platform evaluation White paper drafting/amendment Marketing material compliance evaluation	AML and Sanctions compliance evaluation Gap analysis of current compliance with MiCA Full CASP authorization process Legal entity establishment Capital + financial forecast calculation Governance arrangement evaluation Shareholders’ evaluation Program of operations preparation Policies and procedures preparation

Stablecoine Issuance

MiCA identifies 2 different stablecoins – Asset-Referenced Tokens (ART) and E-Money Tokens (EMT).

ARTs – Can be issued by any entity that is authorized to do so and the tokens’ stable value can be backed up by any assets (stocks, bonds, real estate etc.)

EMTs – Can only be issued by credit or electronic money institutions and the tokens’ stable value can only be backed up by FIAT.

ART ISSUANCE	EMT ISSUANCE

AML and Sanctions compliance evaluation Full authorization process Legal opinion: crypto exemption / not e-money Admission to a trading platform evaluation White paper drafting Marketing material compliance evaluation	AML and Sanctions compliance evaluation Gap analysis of current compliance to MiCA White paper drafting/amendment Capital + financial forecast calculation Governance arrangement evaluation Shareholders’ evaluation Program of operations preparation Policies and procedures preparation

Other Services Related to MiCA

In certain instances the MiCA regulation’s requirements can be rather nuanced, therefore, an independent case-specific evaluation is often necessary to establish what requirements apply to a specific business model—especially the evaluation of possible exemptions or exceptions of the Company’s activities from the regulation.

This is particularly important for businesses operating on DeFi platforms where it’s necessary to establish whether the activities’ decentralization fully exempts the Company from the MiCA regulation.

Furthermore, as the regulation applies to ALL crypto-asset market participants when considering the compliance of crypto-asset services or crypto-asset issuance, it is necessary to evaluate the infrastructure of the crypto company’s activities and whether the outsourcing arrangements adhere to the regulation’s requirements.

Moreover, it is important to consider the suitability of the Companies’ governance arrangements, especially to the suitability of the managerial bodies and managers.

Lastly, it is important to evaluate the shareholders and the corporate arrangements of the company about the AML and Sanctions standards. Shareholders established in offshore jurisdictions may raise suspicion both regarding their suitability and possible inconsistencies regarding the source of wealth.

MICA – Further Information

For further information on the MiCA’s implementation and the different considerations that need to be taken into account please refer to our examining the regulatory regimes of crypto company regulation before the implementation of the MiCA regulation and after its implementation. Read more.

Feel free to subscribe to our free monthly newsletter overviewing crypto regulatory developments in the EU and around the globe. Subscribe.

In addition, you’re welcome to have a look at our video mini-series “MiCA at a glance” which describes the main aspects of the MiCA regulation and the applicable exemptions and exceptions.