The turbulence in the crypto industry show that trading crypto currencies is evolving and associated with high risks. This can result in downside or upside effects. No one really knows which digital assets will come out on top in the long run. In order to protect investors the EU launched the Markets in Crypto-Assets (MiCA) Regulation which is expected to enter into force in early 2023. However, formal approval by EU parliament is not expected before April 2023.
Since digital assets were not covered by the MifiD regulation, MiCA was initiated. Actors in the crypto asset market will also have to provide information on their environmental and climate footprint.
The implementation will be challenging for many CASP’s. CERRIX can support providers of crypto asset related services (CASPs) with tooling that enables full compliance with MICA regulation. A risk management framework can be specified which entails the business processes, (IT) controls assurance, MiCA compliance and governance and policies. First start with Excel? That is strongly discouraged. CERRIX will help you to take gradual steps towards full compliancy.
ICFR (Internal Control over