MiCA Explained: the EU’s new crypto-asset law

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January 17, 2023

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The second edition of our MiCA report outlines what crypto-asset businesses need to know to prepare for forthcoming requirements.

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Editor’s Note: This report was updated on 13 June 2023 to note MiCA's final text was published on 10 June 2023 in the Official Journal of the EU.

The second edition of our concise, comprehensive report on Europe’s new crypto-asset law is here.

Since the Markets in Crypto-assets Regulation (MiCA) was proposed by the European Commission more than two years ago and we issued the first edition of our report, the crypto-asset market has evolved, and so have the scope, requirements and implications for crypto-asset issuers and service providers.

If your crypto-asset business is based in Europe (with or without a license or registration) or based elsewhere (and interested in establishing an EU presence or servicing EU customers), it will be fundamental to understand the 400+ pages of MiCA in order to effectively tap into the EU market, the world’s largest crypto economy.

Meet the Authors

Ernest Lima

Partner

Ernest Lima

Ernest is one of the founding Partners at XReg Consulting and a qualified lawyer with over 17 years of experience working in financial services regulation. As XReg’s legal and regulatory policy lead, he is highly experienced in the design, development and implementation of crypto legislative frameworks that meet both global and local policy objectives.

At XReg, Ernest leverages in-house expertise on Europe’s Markets in Crypto-assets (MiCA) Regulation to advise clients in Europe or those looking to enter the European market. He also leads engagement with European public sector officials and National Competent Authorities in their transition to MiCA compliance.

Ernest has also spoken at industry conferences and trained international regulatory authorities on Europe’s MiCA regulation and how it will shape the future of crypto’s international regulatory landscape. He also sits on the Financial Markets Law Committee to address issues arising from the use of cryptoassets and DLT.

Prior to XReg, he was the Head of Policy at the Gibraltar Financial Services Commission, where was instrumental in the design and implementation of the Distributed Ledger Technology regime. He also led and managed the Legislative Reform Program, the single largest financial services legislation reform in the jurisdiction, and worked to transpose several EU Directives into Gibraltar law.

David Mazzucchi

Senior Consultant

David Mazzucchi

As a Senior Consultant for XReg Consulting, David leads on client engagements for licensing and registration applications, independent audits and assists in the development of risk management frameworks. He also plays a pivotal role in the onboarding of prospective clients. While at XReg, he has worked with regulatory authorities to draft virtual asset rules and guidance and other public sector bodies to draft legislation. He also made a significant contribution to Crypto UK’s working group on virtual asset financial promotions.

David began his career at the Guernsey Financial Services Commission where he was responsible for the ongoing supervision and risk assessment of a portfolio of banks and insurance companies. He later joined the Commission’s Enforcement team, where he undertook investigations into potential regulatory breaches by licensed financial services companies and individuals. During his time at the Commission, David also worked with the Intelligence team, identifying and preventing fraudulent financial conduct.

Following his time at the GFSC, David joined EY Gibraltar as a Senior Consultant where he undertook a range of client consultancy work including internal audits and AML risk assessments, the development of policies and controls, and assistance with regulatory compliance. Whilst at EY, David completed a number of secondments to financial services firms and public sector bodies in Gibraltar.

FAQs

Our most relevant 
and frequent questions and answers.

What industries does XReg Consulting specialise in?
Can XReg Consulting assist with international regulatory requirements?
What sets XReg Consulting apart from other regulatory consulting firms?
What is the typical duration of a consulting engagement with XReg Consulting?
Can XReg Consulting assist with obtaining the necessary crypto regulatory licenses and permits?
What are the potential penalties for non-compliance with crypto regulation?
What are MiCA’s Standards and Guidelines?