Blockchain
Crypto’s prep work for a new Europe-wide playbook has kicked off
MiCA Regulation Deadline Approaches for Crypto Industry
The end of this month marks the first significant compliance deadline under the EU’s new Markets in Crypto Assets (MiCA) regulation. Signed off last year, MiCA introduces extensive rules for crypto exchanges and operators to protect investors, enhance consumer protections, and tighten anti-money laundering controls.
From June 30, stablecoin issuers must have an e-money license to operate in the EU and demonstrate adequate reserves. Companies like Binance and Coinbase are preparing to delist non-compliant stablecoins. Coinbase’s Chief Legal Officer, Paul Grewal, emphasized the new stringent standards, which he believes will improve industry transparency and align it with traditional finance regulations.
Nasdaq-listed Coinbase, which has a significant presence in Ireland, has chosen the country as its main regulatory hub for MiCA compliance in the EU. The Central Bank of Ireland will begin accepting applications in Q3 2024 and is prioritizing MiCA implementation and industry engagement.
The Netherlands has already started its application process, potentially attracting companies seeking MiCA approval. A spokesperson for the Central Bank of Ireland confirmed plans to open the “authorization gateway” in early Q3 and to host an industry event in July to clarify application expectations.
While Binance has established a presence in Ireland, it has not yet decided on its regulatory location for MiCA. Binance aims to comply with MiCA requirements and will disclose details in due time.
Consultant Cara Hennessy highlighted Ireland’s reputation for strong regulatory governance but noted concerns about the time required to process MiCA applications. She welcomed the Central Bank’s engagement with the industry, emphasizing the need for clarity on what constitutes a complete application.
MiCA introduces multiple deadlines over the next year, with rules for crypto asset service providers taking effect in December, followed by a 12-month grace period for compliance. Coinbase, Kraken, and Gemini had lobbied for an 18-month grace period but must now adhere to the 12-month timeframe in Ireland.
Achieving consistency across jurisdictions is a challenge, with different countries opening applications at varying times. Cathal Houlihan of Valentia Partners stressed the importance of uniformity in regulatory practices.
Anti-money laundering controls, formalized under MiCA, are less contentious for major crypto firms, which have already strengthened their AML and KYC measures. The regulation is seen as an opportunity for further industry cleanup.
Andrew Forson of The Hashgraph Association views MiCA as providing greater investor confidence, driving them to seek investment opportunities in early-stage crypto and Web3 startups in Ireland. While MiCA presents initial challenges, it will ultimately distinguish compliant companies in the industry.
Source: thecurrency.news
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Blockchain
Switzerland Regulatory Technology Business Report 2024: Market to Surpass $550 Million by 2029, Driven by Collaborative Opportunities and Data Privacy Solutions
Swiss RegTech Market
Following a management buy-out by the management team at TOKO FZE, the business has been rebranded as Scintilla, the revolutionary platform providing on-chain solutions and services to make investments more inclusive, accessible, and efficient. Having been developed within DLA Piper’s Law& innovation portfolio, TOKO – now Scintilla has a fresh brand identity, new leadership, and innovative product offerings. Scintilla is set to reshape the future of finance by enabling businesses to unlock the power of blockchain technology across various asset classes, with DLA Piper remaining as a minority shareholder.
Regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla is one of the first digital asset companies to gain full market licenses, marking a significant milestone in the sector’s landscape. Being a regulated entity underscores Scintilla’s commitment to the highest standards of compliance and security while pioneering new solutions for tokenization in the global market.
Innovating Finance Through Tokenization
Scintilla offers a comprehensive suite of tokenization services designed to bring liquidity, transparency, and efficiency to traditional finance sectors. From tokenized financial products, and real estate all the way to new legal funding products, Scintilla’s digital asset solutions enable clients to tokenize assets that were previously inaccessible to investors or illiquid.
Scintilla’s services include:
Advisory Services: The gateway to successful market entry. From initial opportunity assessment to strategic development of game-changing tokenization-based solutions.
Use Case Development: Bringing products to life. From initial POC development and iteration towards MVP all the way through to the full market launch.
Broker/Dealer Services: Creating new markets. Regulated primary market trading, ensuring the highest levels of trust and security within the tokenization space.
Exchange Services: Universal participation. Seamless, secure secondary trading of tokenized assets, with industry-leading technology and compliance standards.
Scintilla is uniquely positioned to capitalize on the confluence of Dubai’s world-leading regulatory environment, cutting-edge technology, and the burgeoning RWA market.
A New Era for Scintilla
The relaunch of Scintilla represents more than just a rebranding—it signifies the company’s growing ambition to lead in the digital asset space. With an expanded team of industry experts, including continuing Board representation from DLA Piper, and a clear strategic vision, Scintilla is set to drive the adoption of tokenization in traditional financial markets.
“Our relaunch marks the beginning of an exciting new chapter for Scintilla and the wider industry. We are committed to pushing the boundaries of what is possible in digital finance while ensuring our solutions are underpinned by strong regulatory compliance,” said Tim Popplewell, CEO of Scintilla. “With our new suite of products and services, we are empowering investors to transform the way they manage and access value.”
Jean-Pierre Douglas-Henry, Managing Director, Sustainability and Resilience, DLA Piper added: “Innovation is a key strand in our business strategy. As our business focuses on developing and nurturing innovations that add significant value to our clients through our Law& innovation program, it is fantastic to see this solution spun out into the thriving digital asset space for the next stage of its growth and development.”
The post DLA Piper’s crypto tokenization engine TOKO relaunches as Scintilla appeared first on HIPTHER Alerts.
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