Markets
MiCA: Crypto Companies Adapt to Compliance, Only 9% Fully Prepared
A recent report highlights the imminent impact of the European Union’s Markets Regulation on Cryptoassets (MiCA) on cryptocurrency trading surveillance. Commissioned by Eventus, the report, “The Impact of MiCA on Cryptocurrency Market Surveillance: Insights and Challenges,” is based on interviews with senior executives from 68 companies involved in crypto trading, conducted by Acuiti.
MiCA, a pioneering regulatory framework within a major financial jurisdiction, is sparking a surge in efforts to establish comprehensive industry-wide market surveillance systems. Regulation, similar to the EU’s Market Abuse Regulation (MAR), imposes strict requirements on market participants, inaugurating new operational standards.
Ross Lancaster Head of Research at Acuiti, Source: LinkedIn
According to the findings, only 9% of companies surveyed fully comply with MiCA requirements, with a significant 25% yet to begin preparations. As MiCA’s As the implementation deadline approaches at the end of the year, companies are urged to promptly determine their regulatory scope and initiate compliance measures.
Despite challenges such as identifying suitable third-party software providers and managing compliance costs, the report notes a growing sophistication in market surveillance practices. Even among companies initially excluded from the scope of MiCA, 57% already employ robust surveillance systems.
“For companies not yet operating under MIFID II, MiCA will provide a significant operational boost to becoming compliant, and it is no surprise that we found that companies were looking for third-party vendors to help them with their preparations,” said Ross Lancaster, Head of Research at Acuiti.
“There is a relative lack of awareness among some areas of the market about who is in scope, which will need to be addressed if companies are to have time to prepare for compliance.”
Outsourcing Trends and Compliance Costs
Travis Schwab, CEO of Eventus, Source: LinkedIn
The study highlights consultations on MiCA’s final technical standards, revealing that 25% of affected companies have not yet started preparations, while others are at various stages of preparation. Notably, 64% of companies intend to outsource systems development, anticipating challenges in supplier selection and resource allocation.
Key concerns among companies anticipating the impact of MiCA include
conformity costs and ensure qualified personnel, reflecting broader industry adjustments to regulatory mandates. As regulations change, industry leaders must adjust to the new MiCA rules.
Eventus CEO Travis Schwab said: “We invested significantly several years ago to ensure we could meet the needs of this industry, including the ability to handle real-time alert generation, covering billions of messages per day, 24 hours a day. day, 7 days a week. Regulation in the EU is just the beginning of new regulatory guidelines that we hope to see in jurisdictions around the world in the coming years.”
A recent report highlights the imminent impact of the European Union’s Markets Regulation on Cryptoassets (MiCA) on cryptocurrency trading surveillance. Commissioned by Eventus, the report, “The Impact of MiCA on Cryptocurrency Market Surveillance: Insights and Challenges,” is based on interviews with senior executives from 68 companies involved in crypto trading, conducted by Acuiti.
MiCA, a pioneering regulatory framework in a major financial jurisdiction, is driving increased efforts to establish comprehensive market surveillance systems across the industry. The regulation, similar to EU market abuse Regulation (MAR), imposes strict requirements on market participants by introducing new operational standards.
Ross Lancaster Head of Research at Acuiti, Source: LinkedIn
According to the findings, only 9% of companies surveyed fully comply with MiCA requirements, with a significant 25% yet to begin preparations. As MiCA’s As the implementation deadline approaches at the end of the year, companies are urged to promptly determine their regulatory scope and initiate compliance measures.
Despite challenges such as identifying suitable third-party software providers and managing compliance costs, the report notes a growing sophistication in market surveillance practices. Even among companies initially excluded from the scope of MiCA, 57% already employ robust surveillance systems.
“For companies not yet operating under MIFID II, MiCA will provide a significant operational boost to becoming compliant, and it is no surprise that we found that companies were looking for third-party vendors to help them with their preparations,” said Ross Lancaster, Head of Research at Acuiti.
“There is a relative lack of awareness among some areas of the market about who is in scope, which will need to be addressed if companies are to have time to prepare for compliance.”
Outsourcing Trends and Compliance Costs
Travis Schwab, CEO of Eventus, Source: LinkedIn
The study highlights consultations on MiCA’s final technical standards, revealing that 25% of affected companies have not yet started preparations, while others are at various stages of readiness. Notably, 64% of companies intend to outsource system development, anticipating challenges in supplier selection and resource allocation.
Key concerns among companies anticipating the impact of MiCA include
conformity costs and ensure qualified personnel, reflecting broader industry adjustments to regulatory mandates. As regulations change, industry leaders must adjust to the new MiCA rules.
Eventus CEO Travis Schwab said: “We invested significantly several years ago to ensure we could meet the needs of this industry, including the ability to handle real-time alert generation, covering billions of messages per day, 24 hours a day. day, 7 days a week. Regulation in the EU is just the beginning of new regulatory guidelines that we hope to see in jurisdictions around the world in the coming years.”