Regulations can be complicated, especially when it comes to KYC and digital identity. That doesn’t mean explanations need to be.
At IDnow, our experts believe even the most nuanced, indecipherable and complex of legislation can be broken down and explained, within 90 seconds or less.
In this episode, our Head of Crypto Sales, Jason Tucker-Feltham explains all about the the Markets in Crypto Assets (MiCA) regulation.
Contents of this video:
0:00 - Intro
0:22 - What is the name of the regulation and when does it come into effect?
0:44 - Which countries and industries will MiCA affect?
1:05 - Why is MiCA important, and what will change?
1:36 - What is your advice?
1:51 - Outro
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Transcript:
1. What is the name of the regulation and when does it come into effect?
The Markets in Crypto Assets regulation (also known as MiCA), was provisionally agreed-upon by the European Parliament in June 2022 and is expected to come into force early 2024. MiCA takes a balanced approach to crypto regulation; one that better protects consumers and investors, whilst not significantly hampering innovation.
2. Which countries and industries will MiCA affect?
This regulatory framework will impact all Crypto Asset Service Providers, offering services to clients in the EU. This includes crypto exchanges, custodians and issuers of initial coin offerings. MiCA will affect every industry that accepts or trades in crypto, and every provider that wants to trade from or in the EU.
3. Why is MiCA important, and what will change?
MiCA will establish rules for the issuance, admission to trading, and operation of crypto assets. It will also set requirements for providers of crypto asset services.
This regulatory framework will require exchanges to implement AML measures, such as Customer Due Diligence and the reporting of suspicious transactions.
MiCA will also allow national authorities to exchange information on suspected money laundering or terrorist financing activities involving crypto assets.
4. What is your advice?
Prepare yourself for a level of transparency and accountability that you’ve never experienced before. If you’ve not already, it’s time to get your crypto ship in order and strengthen your digital identity verification technology stack.
