Blockchain Analytics Firm Chainalysis Urges Crypto Firms to Start MiCA Preparations Now
The past week saw the forthcoming Markets in Crypto Assets (MiCA) regulation formally published in the EU's official journal, marking a significant milestone for regulation in the crypto space.
Consequently, Chainalysis’ head of policy for Europe has urged cryptocurrency companies to start preparing for it as soon as possible.
Head of Policy, Janet Ho, warned both businesses and regulators in Europe not to waste any time and instead, to start readying for MiCA as soon as possible.
She noted that there is still time since the new policy will not come into effect until the end of next year.
However, preparing for regulatory compliance with the new rules will also take a lot of time and effort.
Crypto companies might have to introduce significant changes to their business models to be fully compliant, which will take time and planning.
The regulation is about to become law in only a few weeks — specifically on June 29th. The first rules will only come into effect on the same date next year, in 2024.
After that, the rules will be fully implemented by the end of next year.
Ho said,
These are the preparations you want to start now – maybe even yesterday.
To stress the importance of preparations, Ho cited the timeframe set out in MiCA during the recent webinar.
According to her, a good-case scenario would require anywhere from four to five months for applicants to secure a license from the relevant authorities.
Operating without a license in the EU would not be possible, and each company would have to apply for authorization in its chosen member country.
After they apply, the authorities will have up to 25 working days to provide a response and let the applicants know if any information is missing.
Following that, applicants would
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