October 18th, 2024—Gofaizen & Sherle, a leading crypto and fintech consulting firm, has launched a comprehensive full-cycle service to assist CASPs (Crypto Asset Service Providers) in obtaining the Markets in Crypto-Assets Regulation (MICAR) license. The service, designed to support companies in securing MICAR licenses efficiently, is now available in Lithuania, Spain, and Poland.
The full-cycle service offers a complete solution, including selecting the most suitable EU jurisdiction based on business goals, preparing all required documentation for the Financial regulatory authority in the chosen jurisdiction, and providing full-stack local substance solutions — such as core employee search and training. It also covers the establishment of all eight required frameworks, offers continuous communication support with the Central Bank, manages third-party communications (e.g., banks, KYC/KYT service providers), and addresses client inquiries as needed.
Key Advantages of MiCAR License
- Reputation: MiCA establishes an EU-wide framework for crypto-asset service providers and crypto assets. The requirements and supervision under MiCA are stricter, and obtaining a license under this new, complex regulation will create a positive sentiment for your company. It will help raise trust with both your current and potential clients.
- Access to Over 500 Million Clients in the EU: You can easily use internal sales channels in any EU member country, including opening branches without needing to obtain additional licenses. This simplifies your operational processes significantly.
- Cooperation with Third Parties: For banks, payment services, liquidity providers, and others, a MiCAR license serves as a benchmark of trust and stability. It will facilitate cooperation, making dialogue more open and accessible. Additionally, starting from June 1st, 2025, a MiCAR license will be mandatory for CASPs (Crypto-Asset Service Providers) to stay listed in the AppStore for the EU region.
- Sustainability: The MiCA Regulation provides a unified and transparent framework for the EU region. All the rules are clear and stable across every country in the EU. Operating under MiCAR allows you to develop your business in a stable and trusted environment, without the risk of extreme regulatory changes.
“MICAR is a complex regulatory framework. While it unifies crypto regulations across the EU, each jurisdiction comes with its own unique details. It’s crucial for CASPs not only to choose the right jurisdiction for their project but also to manage all the nuances. Gaining the necessary expertise for such a transition can be time-consuming. That’s why Gofaizen & Sherle has launched this full-cycle MICAR transition service—to handle the paperwork and operational processes, allowing companies to easily obtain their licenses while adhering to all European regulations,”
– said Mark Gofaizen, Senior Partner at Gofaizen & Sherle.
The service ensures that all regulatory requirements across the EU are met, managing every aspect of the transition so companies can focus on their business strategy and operations.
About MiCA Regulation
16.05.2023 The Regulation of the European Parliament and of the Council on Markets in Crypto-Assets (MiCA), amending Directive (EU) 2019/1937, has been adopted by the European Council. This means the regulation will come into force within the next 18 months and is expected to significantly impact the provision of services related to virtual currencies in EU countries. The purpose of this article is to provide an overview of MiCA and share our perspective on the changes affecting participants in the crypto-assets market. Please note that this is a non-exhaustive review, and we recommend seeking legal advice for any specific questions regarding the topics discussed here.
MiCA establishes an EU-wide framework for crypto-asset service providers (also known as virtual asset service providers, or VASPs) and crypto assets (commonly referred to as virtual currencies or cryptocurrencies). It sets rules for certain types of crypto assets, including those backed by fiat currencies or other assets, as well as e-money based on distributed ledger (blockchain) technology.
About Gofaizen & Sherle
Gofaizen & Sherle specializes in providing top-tier legal and business consulting services for FinTech projects, digital assets, investment funds, and financial organizations. With a focus on compliance and efficiency, our experts are dedicated to helping clients achieve their business objectives in the ever-evolving financial landscape.
Contact: Gofaizen & Sherle
Email: [email protected]
Website: www.gofaizen-sherle.com
