FinTech Regulatory Update: EU MiCA Implementation

MiCA was drafted to end the fragmentation of national crypto-asset regimes. In application, supervisory expectations on governance, reserve composition, and outsourcing vary materially between home states.

Issuers and CASPs choosing a home state are therefore choosing a supervisory culture, a review timetable, and an appetite for novel business models. That choice is difficult to reverse.

Reverse-solicitation arguments have narrowed. Firms serving EU clients from outside the Union should assume that the argument will not survive supervisory scrutiny for anything resembling systematic marketing.

DORA obligations now interlock with MiCA authorisation conditions. Operational-resilience documentation is being read as part of the authorisation file, not as a later compliance exercise.