Since December 30, 2024, REuropean mica (Market in Crypto-Sets) It distributes the rules relating to cryptocurrencies in the European Union. This regulatory framework aims to strengthen the transparency, protection of investors and integrity of the market and requires new obligations for service providers in the field of digital assets (writing). Find out what this means for the players in this industry.
This article offers you in cooperation with Law4Code.
Harmonization of National Managers: Slída, the European Revolution
L“The European Union it ends Regulatory segmentation that had previously dominated in the field cryptomeraThanks to the recent implementation of regulations called Mica. Previously, each Member State used its own regulatory framework, which varied from permissive to strict, which complicated the expansion of stakeholders on the market in the scale of cross guarantee. SIDA regulation now creates a uniform regulatory basis, which eliminates national differences.
The Writing regime in FranceCurrently, under the supervision of AMF will be gradually replaced. Service providers recorded or approved in France before 30 December 2024 a temporary phase of 18 months and offer them the opportunity to follow new European rules and continue their operations. After this term and Complete membership in the regulation of the mica There will be the only way to continue its operations at the European Union (EU).
Even if necessary, this Standardization opens new options. Companies that respect regulations Access to the European PassportThis will allow them to carry out their activities in 27 EU Member States according to a single approval. This common framework not only increases legal certainty, but also stimulates the competitiveness of companies in the single market.
New requirements for the service provider for crypto-active
According to The regulationNew obligations are deposited to the providers of the Krypto-active (PSCA) service to improve transparency and security. Now they are obliged to obtain a European approval This includes the implementation of a certain number of procedures.
Providers will also take place Post specific information regarding their pricesThe volume of their exchanges and their transactions, which must be available to the general public to ensure transparency. To avoid losses, the regulation of the sheath imposes and strict department between funds and service providers in the area of crypto-active protection.
These obligations, Although they store restraintsThey strengthen the security and confidence in the market and at the same time grant participants in accordance with a competitive asset in a harmonized European scale.
Cyber safety and risk management: reinforced standards
Therefore, with Sica regulations, cyber safety is promoted as a key element in the regulation of cryptocurrency. Crypto-active services (PSCA) providers (PSCA) will be obliged to create a system of information security (SMSI) in accordance with recognized standards such as ISO 27001. The aim of this tool is to ensure strict risk management associated with the safety of digital data and goods. users.
At the same time, contracts signed with partners must be revised in order to include strict provisions on the security and management of incidents in accordance with Digital Operational Resistance Act (Dora). These criteria are focused onAvoid vulnerability and consolidate the operational robustness of the parties involved In response to growing threats.
The preparation of audits is also essential for ensuring compliance. Although SIDA regulation does not store certain audits such as Passi audit (providers of security of qualified information systems) in France, it is strongly recommended that they detect deficiencies and prevent expensive disagreements. Despite their complexity and high costs, these procedures help strengthen the credibility of providers from regulatory bodies and investors.
These bonds Recently stored form a An important challenge for companiesEspecially for those who are small in size. However, they also represent a chance for actors to differ in the context where security and transparency are deposited as basic confidence criteria.
Treatment of chips based on assets and electronic currency
The elevation regulation sets strict standards for issuers Tokens supported by active ingredients (art) And tokens of electronic currencies (EMT) to increase transparency and safety. Imiters will take place to submit detailed assessments regarding the composition and scope of their asset reservesThus, it ensures the value of chips and minimization of risks from denniting or lack of liquidity. Careful monitoring -UP will also be carried out for transactions associated with these tokens, with the requirement to take into account the number and value of the payments made.
The the chips considered “significant” It will be subject to stricter monitoring organized by universities led by the European Banking Office (EBA). The purpose of these shares is to consolidate the security of investors and at the same time avoid systemic risks. Although this requires significant investments in issuers reporting systems, these requirements contribute to improving their credibility while ensuring the trust of regulatory or users.
Impacts on Cross Border Services
The regulation of the mica contributes significantly by simplification Operation of Service Providers About the cryptocurrency thanks to the implementation of the European passport. This system entitles a company certified in a Member State to offer its services to the extent of the European Union without having to obtain different local approval. This reduces expenditures and simplifies the extension of companies on a single market.
However, this normalization is accompanied by strict conditions. To use the passport, companies will have to Complete exclusively the regulation conditions of the mica. Subjects that are still active according to national regimes, such as French providers registered as writing, will have to close their transition before completing the 18 -month transitional phase to maintain their services outside their country.
In addition, the regulation of the mica requires restrictions on entities that benefit from the so -called “grandfather” provision. These entities that work temporarily under the old national regime will not be able to perform cross operations until they reach the approval of the mica. Member States also retain some flexibility in limiting or removing this phase of transition, which could brake the planning of companies.
The aim of these rules is to ensure high safety and agreement through the European Union and at the same time prevent circumventing rules through less strict jurisdictions. For PSCA this is an exceptional opportunity to Fixed on a unified European marketSubject to the new standards. This transition will require significant expenditures in terms of compliance, while offering increased expansion possibilities for companies prepared for this challenge.
Tips for a successful transition to mica
PUSH consistency with the regulation of the mica It is the main problem for the parties involved in crypto-active fields, but adequate preparation can transfer this restriction to chance. It is therefore necessary for service providers to determine the requirements of the Regulation and regulate their internal procedures to ensure compliance with the regulations without clashes.
The first advice would therefore be Start steps as soon as possible. Given the transitional period of only 18 months for participants recorded before December 2024, any delay could potentially endanger the acquisition of SIDA approval.
Then it would be necessary to combine all teams involved. PUSH Consistency should not be limited to legal services : Technical, Operating and Security Department must also be in line to meet complex requirements, especially in the field of cyber security and reporting. It is also important to train employees because the regulators will explore their knowledge of new procedures.
In the end it is necessary constantly maintain a pragmatic approach. SIDA regulation implements the principle of proportionality and offers small entities the possibility of taking measures adapted to their scope and their operations. The aim is not to focus on complete adherence from the beginning, but on progress in an organized way to prevent fines or expensive delay.
By providing team starts and adjusting action plans according to needs, suppliers have the ability not only to meet regulatory requirements, but also to improve their presence on the European harmonized market. Although this transition is difficult, it is essential for strengthening our credibility and opening to a larger market.