Details about accelerated registration
To date, licensing is already working in the country, which provides for the division of cryptocurrency companies into two levels. There is a simple registration for organizations, or a more complex one. The latter requires more detailed information about the company's activities. At the same time, the obligations that companies will have to assume within the MICA will be similar to the latter.
To date, about 60 organizations in the register have chosen a more complex registration option. The statement states that the law will be able to increase the competitiveness of local and European players. It will also help to create a coherent structure in the European Union, which will allow achieving higher investor protection.
The commission reported that the adaptation of the rules will be worked out. This will simplify the transition to MIC. To do this, the agency cooperates with EBA and ESMA.
Note that those organizations that are already registered can continue to operate until 2026. Such a period was called transitional.
