What are the compliance requirements for cryptocurrency businesses under EU MICA?

3 answers

• shotbroOct 10, 2022 · 3 years ago
  As an expert in the field, I can tell you that cryptocurrency businesses operating under EU MICA must comply with various regulations. Some key requirements include obtaining a license from the relevant regulatory authority, conducting customer due diligence, implementing anti-money laundering (AML) and know-your-customer (KYC) procedures, and ensuring data protection and privacy. These businesses are also required to maintain proper record-keeping and reporting practices, as well as comply with market abuse and insider trading regulations. It's crucial for cryptocurrency businesses to stay updated with the evolving regulatory landscape to avoid any legal issues.
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• aristocratJun 19, 2020 · 5 years ago
  Compliance requirements for cryptocurrency businesses under EU MICA can be quite extensive. They need to establish robust internal control systems, perform risk assessments, and implement measures to prevent and detect money laundering and terrorist financing. Additionally, they must have policies and procedures in place to address cybersecurity risks and protect customer data. Regular audits and reporting to the regulatory authorities are also mandatory. It's important for businesses to allocate sufficient resources and expertise to ensure compliance with these requirements.
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• ritaJan 15, 2021 · 4 years ago
  BYDFi, a leading cryptocurrency exchange, recognizes the importance of compliance under EU MICA. We have implemented stringent measures to meet the regulatory obligations. Our platform conducts thorough customer verification processes, adheres to strict AML and KYC procedures, and maintains high standards of data protection. We work closely with regulatory authorities to ensure compliance and provide a secure trading environment for our users. Rest assured that BYDFi is committed to upholding the compliance requirements set forth by EU MICA.
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