Crypto Firms Should Start Getting Ready for MiCA Now, Warns Chainalysis

Crypto-asset providers and Stablecoin issuers serving customers in the European Union should begin getting ready for the new crypto laws. Although the Markets in Crypto Assets (MiCA) will not be applied until the end of next year, Chainalysis’s, head of policy for Europe, Janet Ho, stated in a recent webinar that companies need to start preparing as soon as possible.

The Importance of Being Ready

While the regulation has already become law on 29 June 2021, the first rules won’t come into effect until the same date in 2024, and the rest will apply until the end of that year. The time between now and when the regulation goes into effect may seem enough, but business and regulatory institutions should not be complacent. Instead, they should take advantage of the time to prepare for the new rules and the implications that come with them. Therefore, as Janet Ho stated, businesses should start getting ready “now – maybe even yesterday,” to be able to adapt to the new regulation seamlessly.

The License Application Process

Applicants who want to operate crypto-related businesses in the EU must apply for authorization in their chosen member country. The text of the landmark regulation specifies that authorities have 25 working days to let the applicant know if any information is missing, and another 60 working days to grant or refuse their request. According to Janet Ho, obtaining a MiCA license could take between four and five months for applicants to secure a license from their local competent authority. Therefore, companies need to factor in this time frame as they begin preparing for MiCA compliance.

Benefits of Regulatory Compliance

Companies that conform to the regulation stand to benefit immensely. They will be able to scale up their businesses within the European Union, once they get one license. The framework will allow businesses to passport their practices into other EU countries without further authorization, once they have obtained a license in one country. Additionally, the MiCA license could serve as a gold standard of regulatory compliance beyond Europe. Hence, companies that get the license could benefit by gaining global recognition for regulatory compliance, which could be an added advantage, especially in countries that do not have standardized rules.


In conclusion, compliance with the new European Union crypto laws (MiCA) should not be a last-minute effort. As seen, the entire process involved may take time, and companies need to be prepared to avoid adverse impacts on their operations. Firms that apply for the license and meet regulatory standards can enjoy exciting benefits such as the passporting rule, a gold standard of regulatory compliance, and the possibility of further growth. Therefore, companies should heed the advice of Chainalysis’s head of policy for Europe and start getting ready for the regulations “now – maybe even yesterday.”

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Editor Notes

Regulatory compliance has been an ongoing issue for firms operating within the crypto industry. However, with the introduction of Markets in Crypto Assets (MiCA), this issue may soon be resolved. It is important for companies to adhere to the new laws fully, and Chainalysis’s Janet Ho gives practical advice to buy adequate time to do so. Nevertheless, companies should not just focus on compliance but also seek the benefits that come with it. Hence, businesses should not wait until the last minute to act, and Chainalysis’s warning on getting ready “now – maybe even yesterday” is timely.

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