The crypto sector within the 27-nation European Union bloc is undergoing significant changes as countries prepare for the implementation of the Markets in Crypto-Assets (MiCA) regulation.
The recent Bitcoin rally is adding fuel to the fire, heating the cryptocurrency market.
It is not just a testament to the growing interest and confidence in digital assets but also underscores the urgency for robust regulatory frameworks like MiCA.
Poland leads with new crypto laws
In February, Poland emerged as the latest EU member to enact legislation facilitating the transition to MiCA, impacting the 1,187 businesses registered within its borders.
This move marks a significant step towards aligning with the bloc’s forthcoming regulations for virtual asset service providers (VASPs), slated for full compliance by the end of 2024.
Transition to MiCA begins
The transition process is a crucial phase for VASPs in the EU, with Poland, the Czech Republic, and Lithuania hosting the highest number of crypto entities registered with local financial authorities.
However, MiCA introduces stricter requirements for crypto product providers, while also offering the advantage of accessing the entire EU market with a single member state license.
Leading countries in VASP registrations
The Czech Republic boasts the highest number of registered individuals and firms in the crypto space, with 9,372 registrations as of May 2023.
Despite the high number, the Czech Republic’s approach to MiCA compliance remains less clear compared to Poland, which is actively working towards implementing the new regulations.
Capital requirements and regulatory changes
Lithuania ranks third in terms of registered entities, largely due to its €125,000 minimum share capital requirement for registrants.
The country is also in the process of tightening its national laws on crypto, aiming to surpass the MiCA standards with its draft laws introduced in December.
The cost of compliance
The attractiveness of these countries to crypto entities partly stems from their low-cost and efficient registration processes.
For instance, the Czech Republic offers a nominal €40 notification fee, contrasting sharply with Italy’s €8,300 registration fee.
Poland’s new draft law under MiCA suggests a minimum licensing fee of €4,500 for crypto ventures, a significant increase from the current cost of less than €150 and a two-week registration process.
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