MiCA licence is the only way for a crypto company to legally operate across the European Union. It allows to operate in all EU member states, which opens one of the biggest crypto markets available. Being in a highly trusted well regulated market allows to stand out in front of competitors.
Do all companies need a licence? Is there a need to register in all member states? What paperwork is required? Those questions may not be easy to answer without a local consultant. Knowing the local specifics and having the ‘on the ground’ presence can shorten and simplify the process of getting a MiCA licence.
First, it’s important to evaluate business activities, i.e. determine which aspects of your business are covered by MiCA.Regulatory research can help you understand the specific requirements and obligations under MiCA.
Choosing the right country for MiCA is the next step and it’s the crucial one. Assess application fees, compliance costs, and processing times are different in different EU countries. Your business should also evaluate the clarity and stability of local regulations.
The next step is to adapt your product to MiCA and prepare the documentation to demonstrate compliance with MiCA requirements, such as risk management policies and security measures.
After submitting the application the company will wait until the regulatory authority conducts an initial review. The applicant should be prepared to provide additional information or clarification if requested by the regulator. After all checks, the regulatory authority will make a final decision on your application. If approved, you will receive your MiCA licence, allowing you to operate legally across the EU.
However, your compliance work doesn’t end here. Make sure you ensure ongoing compliance with MiCA requirements, including regular reporting and audits.
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