MiCA Licensing EU Explained: Key Compliance & Cybersecurity Requirements for CASPs
- GRC Partners
- Oct 6
- 3 min read
With the Markets in Crypto-Assets Regulation (MiCA) taking effect across the European Union, crypto firms are entering a new era of compliance. Whether you're based in Cyprus, Greece, or elsewhere in the EU, preparing for CASP licensing under MiCA goes beyond legal registration, it requires robust operational readiness in two critical areas:
· Anti-Money Laundering (AML) / Counter-Terrorism Financing (CFT)
· Cybersecurity and safeguarding of client assets
At GRC Partners, we work with crypto-asset firms across the EU navigating MiCA licensing - helping them align with regulatory obligations, DORA compliance, and international best practices.
1. AML Compliance for CASPs: A Core Requirement Outside MiCA
Although MiCA does not directly cover AML/CFT, all crypto-asset service providers (CASPs) must comply with:
· The 5th and 6th EU Anti-Money Laundering Directives (AMLD)
· Local AML laws (e.g., Cyprus Law 188(I)/2007, Greece Law 4557/2018)
· Rules imposed by national regulators like CySEC and HCMC
What Every CASP Must Do for AML Compliance
· Appoint a Money Laundering Reporting Officer (MLRO): The MLRO must be experienced, independent, and report directly to the Board. They act as the liaison with the Financial Intelligence Unit (FIU).
· Develop and Maintain AML/CFT Policies: This includes risk-based customer onboarding, KYC procedures, enhanced due diligence, and continuous monitoring.
· Implement Real-Time Monitoring and STR Filing: CASPs must identify unusual behavior and file suspicious transaction reports via platforms like GoAML.
Why It Matters
National authorities view AML compliance for CASPs as a decisive factor in CASP licensing under MiCA. Inadequate AML documentation is one of the most common reasons for licensing delays - especially in countries like Cyprus.
2. MiCA Cybersecurity Obligations and Safeguarding of Client Assets
While AML remains outside MiCA’s direct scope, cybersecurity and operational resilience are explicitly addressed within the regulation.
Who It Applies To
· Crypto trading platforms and exchanges
· Custodians of wallets
· Token issuers and managers
Key MiCA Requirements for Cybersecurity
· Safeguarding of Client Assets: CASPs must segregate client and corporate assets, and implement mechanisms to prevent misuse, loss, or theft.
· Operational Resilience & Incident Management: MiCA mandates that CASPs prepare and document protocols for incident response, including security breaches, system outages, and smart contract issues.
· Cyber Risk Assessments & Penetration Testing: MiCA promotes alignment with the Digital Operational Resilience Act (DORA). CASPs are expected to:
o Conduct threat modeling and vulnerability scans
o Perform independent penetration tests
o Continuously monitor system performance and data protection
3. GRC Partners: A One-Stop Solution for MiCA Licensing Support
Whether you’re pursuing CASP licensing in the EU or evaluating jurisdictions like Cyprus or Greece, GRC Partnersprovides full-scope support, including:
· Strategic licensing advisory and regulatory planning
· AML framework design and MLRO onboarding
· Transaction monitoring setup and GoAML integration
· Cybersecurity reviews aligned with MiCA cybersecurity obligations
· Internal audit and policy documentation for regulators
To explore how we can help, visit our Crypto Compliance Services page.
4. Final Thoughts: Don’t Let AML or Cybersecurity Delay Your MiCA Licensing in EU
MiCA licensing in the EU isn’t just a legal exercise - it’s a test of your firm’s operational maturity. Your ability to meet AML and MiCA safeguarding requirements will significantly influence your success in securing CASP authorization.
Failure to prepare in these areas can result in licensing delays, regulatory pushback, and reputational damage.
Let’s Talk
Contact us today to begin your CASP licensing journey under MiCA with expert support in AML, cybersecurity, and full regulatory readiness.
Comments