Press Release
The European Union's (EU) regulatory framework for cryptocurrencies and digital assets is envisioned to be shaped by the game changer, Markets in Crypto-Assets (MiCA) regulation. This digital historical evolution is constructed to guarantee innovation, to protect consumers but also to create a concrete competitive market, established to provide equal opportunities for both the businesses and the consumers. MiCA is introducing new standards that will play a key role in the solid establishment of a new era in the crypto business world which is also expected to create long-term benefits for everyone that participates in crypto activities.
MiCA will boost the investor’s confidence and enhance the business’s reputation with the implementation of vigorous consumer measures, including mandatory disclosure and transparency requirements for crypto companies, as well as to raise awareness of consumer rights, empowering individuals to understand their protection and obligations when dealing with crypto - assets. With the establishment of this credible framework, businesses can present themselves as credible players in the market. This will build up trust between the businesses and the consumers, as a result attracting a wider customer type, including risk-averse and institutional investors who have in the past avoided the crypto market due to apparent regulatory gaps.
This blooming regulation aims to develop a level playing field for all market participants, including both traditional financial institutions and crypto businesses, creating opportunities for joined ventures and integrated services. With this, unfair competition will be mitigated, market manipulation and fraud will be diminished, and responsible investment will be promoted. Furthermore, businesses compliant with this regulation will have easier access to operating across EU member states, reducing the barriers of local restrictions, hence smoothing cross-border business operations and expansion opportunities, which subsequently will also create a steadier investment environment for consumers.
In a rapidly involving digital economy, the businesses involved in cryptocurrencies must adhere to this new regulation and ensure that they will promptly take the required steps in order to operate in compliance with MiCA’s regulation, thus avoiding any potential penalties but also safeguarding their reputation. Through MiCA, businesses will also be able to enhance their strategic expansion, innovation and investment opportunities, as this regulation also seeks to encourage businesses to explore new technologies and launch innovative products under its safe net.
MiCA will enable consumers to benefit from a more secure, more reliable and more innovative environment in their interactions with digital assets throughout the mature stages of this regulation. Yet, MiCA will also enhance consumer protection in the crypto industry, through the creation of a more stable and prosperous digital environment. On the other side by adhering to MiCA, businesses will be able to boost their operation resilience and navigate through the complex dynamics of the cryptocurrency market with greater effectiveness, thus safeguarding their long-term viability and at the same time providing a lively, sustainable environment for digital assets to thrive.
With MiCA set to fully come into force for Crypto-Asset Service Providers (CASPs) by December 30, 2024, businesses should begin preparing now. Compliance with MiCA will not only help avoid potential penalties but also place companies in a strong position to seize the new opportunities that come with this regulation. For those who embrace MiCA, the benefits are clear: increased trust, new growth opportunities, and a more stable environment in which to operate.
MiCA is ready to reshape the EU’s crypto landscape, creating a market that is safer, more transparent, and fairer for everyone. Its framework will support innovation and steady growth, helping the crypto market flourish in the long run and benefiting both businesses and consumers alike. It remains for the Cypriot Regulators and Supervision Bodies to either embrace and accommodate through constructive monitoring or to restrict as a result of restricted perceptions and fears of the past.
K. Treppides & Co. Ltd is the largest independent consulting company in Cyprus with an established international presence and offices in Great Britain and Malta. Today the company employs approximately 200 professionals. It offers a full range of consulting, tax, and accounting services to groups, companies and investors operating internationally in a variety of financial and business sectors. The Company, which started its operations in 1985, has 40 years of expertise and an elite team of experienced executives who can guide and assist investors and businesses during the establishment process and subsequent investment activity in Cyprus and internationally.
Contact Details:
Chara Acheriotou
Nicosia: Treppides Tower, Kafkasou 9, Aglantzia, CY 2112, Nicosia, Cyprus
Limassol: Andrea Kariolou 38, Ayios Athanasios, CY 4102, Limassol Cyprus
London: Office 920, 15-19 Bloomsbury Way, London WC1A 2TH
Malta: Level 1, Somnium, Tower Road, Swatar, Birkirkara BKR 4012
