Preparing for Market in Crypto Assets (MiCA)

Thought Leadership

27 Sept

Written By Reg Jurkevicius

Approaching the Consultation Packages.

download full article

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.

continue to read full article

Discover our track record of client success by exploring some of our credentials.

Featured

BUSINESS ADVISORY, TECHNOLOGY & DATA, DIGITAL

Tier 1 UK Bank

BUSINESS ADVISORY, TECHNOLOGY & DATA, DIGITAL

Youth Banking Fintech Acquisition

Delivered a review of Youth and Family banking strategy. Worked to assess the existing capabilities against market demand.
Identified an opportunity to acquire a disruptive fintech and integrate its capabilities within the incumbent bank's existing product set.
Provided delivery assurance as the acquisition was made and drew up the implementation and integration plan for onboarding of the technology capabilities and personnel included in the acquisition.

BUSINESS ADVISORY, TECHNOLOGY & DATA, DIGITAL

BUSINESS ADVISORY

Crypto

BUSINESS ADVISORY

Operating Model & Resilience

Developed a comprehensive operating model including organisational structures, governance, reporting processes and control functionality.
Defined critical processes and teams impacted, performed a gap analysis and developed a Performance Management Framework.
Defined and implemented operational resilience plans including, risk appetites, tolerance levels for disruption of services to customers, internal stakeholders and business continuity.

BUSINESS ADVISORY

Crypto

BUSINESS ADVISORY

Regulatory Licensing & Passporting

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.

BUSINESS ADVISORY

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

Featured

Thought Leadership

Review of Sustainability Regulations

Thought Leadership

Valentia Partners takes a closer look at recent sustainability requirements that may have implications for Financial Services businesses and their clients. On the 28th of November 2023, the UK Financial Conduct Authority (FCA) published the Sustainability Disclosure Requirements (SDR). This policy aims to address risks of ‘greenwashing’ and enhance transparency across sustainable investments.

Thought Leadership

Crypto Pathfinding

Thought Leadership

Entry Strategies for Traditional Firms.

Thought Leadership

Emerging Applications of DLT in Financial Services

Thought Leadership

Three tokenization solutions attracting investment.

Thought Leadership

Preparing for Market in Crypto Assets (MiCA)

Thought Leadership

Approaching the Consultation Packages.

Thought Leadership

Signposting Digital Asset Adoption

Thought Leadership

Six indicators that signal the direction of digital asset adoption.

Thought Leadership

Markets in Crypto Assets

Thought Leadership

Preparing for the landmark EU regulation.

Thought Leadership

Crypto exchanges and regulation - a hinderance or an opportunity?

Thought Leadership

With regulation beginning to encompass cryptocurrency and crypto exchanges we look at the doors that are opening as well as closing within this marketplace.

Thought Leadership