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Our digital risk team is made up of a combination of subject matter experts and technical specialists who can help your business comply with the GDPR.
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While business goals and strategies evolve, our services support you wherever you are in your business cycle. The digital economy is simultaneously increasing the magnitude of new business opportunities while increasing the difficulty of getting it right.
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Getting Ready for MiCAR (Markets in Crypto Assets Regulation)
The Markets in Crypto Assets Regulation (MiCAR) came into force on June 30, 2023. This regulation requires crypto asset firms to obtain a license to provide their services in the European Economic Area (EEA). To ensure readiness for MiCAR and avoid any surprises, it is important to consider certain factors over the next 18 months.
A Practical Guide to MiCAR
- Familiarize Yourself with MiCAR: Start by understanding the key aspects of MiCAR and its implications for your business. MiCAR aims to establish a comprehensive regulatory framework for crypto assets in the EU (European Union). It covers areas such as the issuance and trading of crypto-assets, licensing of crypto-asset service providers, and regulatory obligations for issuers of asset-referenced tokens and electronic money tokens.
- Review Key Requirements: Familiarize yourself with the key requirements imposed by MiCAR. This includes transparency and disclosure requirements for the issuance and admission to trading of crypto-assets, as well as licensing requirements for crypto-asset service providers.
- Assess Applicability: Determine if your business falls within the scope of MiCAR. MiCAR applies to providers of services in crypto-assets that are not financial instruments under MiFID (Markets in Financial Instruments Directive) II and to persons seeking to issue crypto-assets in Europe. It also applies to investment firms and credit institutions providing investment services or performing investment activities in crypto assets.
- Understand Key Concepts: Gain a clear understanding of key concepts defined under MiCAR. These include terms like crypto assets, asset-referenced tokens (ARTs), e-money tokens, and utility tokens. Crypto asset services are also defined and cover activities such as custody, trading platforms, exchange services, and order execution.
- Plan for Compliance: Develop a plan to ensure compliance with MiCAR within the specified timeframe. Compliance efforts may be significant, so it is essential to start early. Review your current operations and identify any gaps or areas that require adjustment to meet MiCAR's requirements.
- Stay Updated: Keep track of updates and developments regarding MiCAR. Monitor the publication of MiCAR's post-trialogue text in the Official Journal of the European Union for the final approved version. Stay informed about technical standards and guidance that will be issued in the coming months.
- Seek Legal Advice: Consider seeking legal advice from professionals knowledgeable about MiCAR and its implications. They can provide guidance tailored to your specific business and help ensure compliance with the regulation.
By following these steps, you can prepare your business for MiCAR and ensure compliance with its requirements. Remember that this guide provides a general overview, and it is important to consult official sources, legal professionals, and relevant regulatory authorities for accurate and up-to-date information. Having recognized early on the disruption this technology will cause to the way traditional industries go about their business, Grant Thornton Cyprus set up a specialized business unit offering a series of services to companies that are interested in exploring a whole new world of opportunities opening for them through the implementation of blockchain technology. We service a multiple of industries such as Property Development and Financing, Supply Chain Management, Renewable Energy, E-commerce, Entertainment, Occupational Health and Safety, Finance, among others.
Access our practical guide and find out more.
