MiCA (Markets in Crypto-Assets) regulation provides a unified licensing regime for the entire European Union. Crypto businesses which are currently classified as VASPs (Virtual Asset Service Providers) will be classified as CASPs (Crypto-Asset Service Providers) under MiCA. MAXCORP is well prepared to once again support for a successful licensing outcome.
The estimated opening of MiCA license application submissions is January 1st 2025. Every company holding a VASP license must re-apply for a new MiCA CASP license. The regulator handling the application and monitoring will also change in our jurisdictions. VASPs will have a transition period (length depending on Member State) and they can operate during the review of the MiCA license application.
A CASP license is passportable and it covers operations in any EU country (e.g. same as for an EMI license). The first set of regulations will take effect on June 30th 2024 (stablecoin issuers) and the second set on December 30th 2024 (crypto exchanges). As of March 2024 our specialization jurisdictions (Lithuania, Poland, Estonia) legislators have not yet published the final laws to identify the country specific requirements, but the expectation for MiCA licensing to open is on January 1st 2025. Still, even though there are further guidelines per jurisdictions to expect, the core principles of MiCA are known and steps towards full compliance should be started now.