9 key steps for ensuring compliance with incoming MiCA regulations

cointelegraph.com:

In May 2023, the European Union signed its landmark Markets in Crypto-Assets legislation into law. Crypto businesses operating in the EU now have a fixed timeline to comply with MiCA’s wide-ranging guidance and regulations, which address everything from defining a crypto asset to establishing reserve requirements for stablecoins.

While MiCA is impacting crypto at a challenging time, many insiders welcome this groundbreaking legislation and expect it to lead to a stronger, more vibrant industry. Below, nine members of Cointelegraph Innovation Circle share their insights to help crypto companies ensure they’re compliant with MiCA once it’s in full effect.

Change is always difficult, but progress is something to be celebrated. After prolonged periods of uncertainty in the EU regulatory space, MiCA is offering clarity and legal definitions that participants have long been seeking. These common-sense guardrails aim to cultivate equilibrium among all actors in the space. In turn, leaders should work closely with regulators to embrace this transition. – Oleksandr Lutskevych, CEX.IO

Establish a robust compliance program. This involves staying updated on regulatory changes, implementing clear internal policies and procedures, ensuring staff training on MiCA requirements, and adopting transparent communication with regulators. Proactively addressing compliance will minimize potential risks and help you maintain a strong reputation in the market. – Tomer Warschauer Nuni, Kryptomon

Figure out now if your business is getting caught by MiCA (get legal advice). If it is, engage with relevant regulators in the EU. They are working just as hard to figure out how to implement MiCA as you are trying to comply with it. You must develop a plan