What considerations must be taken into account by companies that have obtained authorization as a cr

For over a month now, the MiCA Regulation has been in force – what should be the focus going forward?

For companies that have already obtained a MiCA license, the work does not end with the receipt of authorization. There are several aspects that must be observed even after the license is granted in order to avoid losing it.

“If an authorization has been issued on the basis of incomplete or inaccurate information, then after six months or a year – for example, in the course of supervisory measures – the Bank of Latvia may determine that the company’s actual activities differ significantly from the original plan, such as by serving clients outside the EU. In such cases, the authorization would most likely not be withdrawn immediately; however, if deficiencies are not promptly remedied, the company’s long-term viability in the crypto-asset sector will be jeopardized,” emphasizes Jānis Ciguzis, Head of BDOLatvia’s AML and Sanctions Practice Group.

In the image gallery, we have summarized the most important aspects that companies must take into account after obtaining a MiCA authorization. These will not only help ensure compliance with requirements but also provide assurance that their activities will not be challenged by the regulator.

Authorization is not the final destination, but rather the starting point. Sustainable operations can only be ensured if compliance with regulatory requirements is not merely formal but is effectively implemented in day-to-day processes. Otherwise, revocation of the license is only a matter of time.

Crypto-asset service providers should engage with, and view, the Bank of Latvia as a trusted partner in the supervisory process. The regulator is your ally.