Masu ba da sabis na crypto-assets a karkashin MiCA

The Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114, shi ne farkon tsarin lasisin lasisin don kasuwancin crypto-asset a duk faɗin yankin tattalin arziki mai girma. Ya maye gurbin wani ɓangare na tsarin rajista na kasa da izinin ɗaya wanda za'a iya amfani da shi a kowane Tarayya. Yana kuma sanya dokoki ga kowa wanda ke ba da crypto-asset ga jama'a ko fitar da stablecoins.

Wannan jagora ya bayyana wanda yake buƙatar lasisin, abin da lasisin ke kashewa a hannun jari, yadda ake tantance aikace-aikacen da kuma abin da ya canja lokacin da canjin ya ƙare. Stablecoin fitarwa an rufe shi nan kawai a cikin tsari; wani jagora daban akan stablecoins da GENIUS Act yana kallo a kai a kai.

Shiri: abin da MiCA ke rufewa da abin da yake barin waje

Sashe na 3 (1) (5) MiCA ya bayyana crypto-asset a matsayin wakiltar dijital na wani daraja ko da hakkin da za a iya canjawa da kuma adana ta hanyar lantarki ta amfani da fasahar ledger rabawa ko fasaha mai kama da. A cikin wannan, MiCA ya raba uku nau'i, kowane tare da dokokinsa.

Kategori	Fassara a cikin MiCA	Wanda zai iya fitar da ko bayar
E-money token (EMT)	An yi niyyar a kiyaye darajar da ta dace ta hanyar ambaton wata kuɗin kuɗi na hukuma (Art. 3(1)(7))	Jami'o'in bashi da kuma jami'o'in kudi na lantarki kawai (Art. 48)
Asset-referenced token (ART)	An yi amfani da shi wajen kiyaye darajar daidaitacce ta hanyar ambaton wata daraja ko haƙƙi, ko kuma haɗawa, ciki har da wasu kuɗaɗe (Art. 3(1)(6))	An EU hukuma mutum da aka amince a karkashin Art. 21, ko wata cibiyar bashi (Art. 16)
Other crypto-assets	Duk wani abu a cikin fannin, ciki har da alamun amfani	Duk wani mutumin doka wanda ya wallafa wata takarda mai launin shuɗi (Art. 4)

Wasu na'urori suna zaune a waje MiCA saboda wasu dokokin EU sun riga sun rufe su. Sashe 2(4) ya ƙunshi crypto-assets waɗanda ke da damar zama kayan aikin kuɗi, ajiyar kudi, kuɗaɗe (kuma sai dai idan sun kasance EMTs), wuraren saka hannun jari, inshora da samfuran biyan albashi. A tokenised raba, misali, an tsara a karkashin MiFID II, ba MiCA. Sashe 2(3) kuma ya ƙunsa crypto-assets waɗanda suke na musamman kuma ba su da amfani da sauran crypto-assets.

The ten crypto-asset services

A crypto-asset sabis mai ba da (CASP) shi ne duk wani kamfanin da ke bayar da daya ko fiye daga cikin ayyukan da aka lissafa a Sashe na 3(1)(16) MiCA:

1. Custody da kuma gudanarwa na crypto-assets a madadin abokan ciniki.
2. Ayyuka na wani dandamali na kasuwanci ga crypto-assets.
3. Canji na crypto-asset ga kuɗaɗe.
4. Mai musanya na crypto-assets ga wasu crypto-assets.
5. Ayyuka na umarni ga crypto-assets a kan sunan abokan ciniki.
6. Ajiye crypto-assets.
7. Karɓar da kuma canja wurin umarni ga crypto-assets a madadin abokan ciniki.
8. Ba da shawara a kan crypto-assets.
9. Mai ba da kulawa da asusun ajiya akan crypto-assets.
10. Ba da sabis na canja wurin crypto-assets a madadin abokan ciniki.

Wannan jerin yana nuna MiFID II ayyukan zuba jari.

Hanyoyi biyu cikin: izinin ko sanarwa

Sashe na 59 yana ba da izinin nau'ikan biyu kawai na kamfani don samar da sabis na crypto-asset a cikin EU. Na farko shine mutumin doka wanda aka amince da shi a matsayin CASP bisa ga Sashe na 63. Na biyu shine kamfani mai kulawa da ake ciki wanda ke amfani da tsari na sanarwar a cikin Sashe na 60.

A karkashin Sashe na 60, wata cibiyar bashi, ajiyar kudi ta tsakiya, kamfani mai zuba jari, mai gudanar da kasuwa, kamfani mai sarrafa kudi na lantarki, kamfani mai kula da UCITS ko ma'aikacin kuɗin zuba jari na musayar za su iya ƙara sabis na crypto ba tare da lasisin sabon ba. Cibiyar bashi dole ne ta sanar da mai kula da gidanta aƙalla kwanakin aiki 40 kafin ya fara. Kamfanin saka hannun jari zai iya samar da sabis na crypto kawai wanda ya dace da sabis na saka hannun jari da aka amince da shi, kuma wani kamfani na kuɗi na lantarki yana bayar da sabis na tsare-tsaren da kuma canja wurin e-wayoyin kudin da yake fitarwa.

A newly authorized CASP must have its registered office in a Member State where it carries out at least part of its services. Article 59(2) also requires its place of effective management to be in the Union and at least one director to be resident in the Union. A letterbox entity does not meet these conditions.

Ka'idojin tattalin arziƙi: sassa uku

Sashe na 67 buƙaci a CASP don gudanar da tsaro prudential daidai da mafi girman biyu adadi: da m kasafin kudi a Annex IV, ko wani kashi uku na shekara ta gabata's fixed overheads, sake dubawa kowace shekara. A sabon kamfanin amfani da projected overheads a cikin shirin kasuwancinta ga shekararta ta farko.

Daga	Aikin (atomatik)	Ƙarshe
Class 1	Ayyukan gudanar da umarni, sanyawa, aika-aika, karɓar da isar da umarni, shawarwari, kula da asusun ajiya	50,000
Class 2	Duk wani sabis na Class 1 tare da kulawa da gudanarwa, musayar kuɗaɗe, ko kuma musayar wasu crypto-assets	125,000
Class 3	Kowane sabis na Class 2 tare da aiki na dandalin kasuwanci	150,000

The safeguards can be own funds in the form of Common Equity Tier 1, an insurance policy covering the Member States where services are provided, or a combination of both. In practice, the overheads test often produces the higher figure for any firm with a real operating team, so the Annex IV amount is a floor rather than a budget.

Ƙarƙashin

Sashe na 62 yana nuna abin da shirin ayuka ya kamata ya ƙunsa. Ayyukan farko sune:

• wani shirin ayyukan, ciki har da inda da yadda za a sayar da ayyuka;
• shaidar tsaron da ake bukata a karkashin Sashe na 67;
• tsarin mulki da kuma shaidar cewa kwamitin gudanarwa yana da aminci mai kyau kuma yana da ilimi, kwarewar aiki da ƙwarewa;
• a) Sanin duk wani mai mallakar hannun jarin da ya cancanta, kai tsaye ko ba tare da wata hanya ba, tare da shaidar amincewarsu;
• Ƙirƙirar da kuma gudanar da tsarin kulawa na cikin gida, kula da haɗari, AML/CFT hanyoyi da kuma shirin ci gaba da kasuwanci;
• • takardun fasaha na tsarin ICT da kuma tsare-tsaren tsaro;
• hanyoyi don raba kuɗaɗen da aka yi amfani da su wajen cinikayya da kuma kudaden, gudanar da korafe-korafen da kuma, inda ya dace, dokar tsare-tsaren.

Sashe na 63 ya sanya agogo na doka. Mai kula yana tabbatar da karɓar cikin kwanakin aiki biyar kuma yana bincika cikakkun bayanai cikin kwanakin aiki 25. Lokacin da fayil din ya cika, yana da kwanakin aiki 40 don ba da ko hana izini, kuma dole ne ya sanar da hukuncin cikin kwanakin aiki biyar bayan haka.

Lokacin 40-ranar yana tafiya ne kawai daga wata fayil mai cikakke. Sashe 63(10) ya lissafa dalilai na rashin amincewa, ciki har da wani kwamitin gudanarwa wanda ke barazanar gudanarwa mai kyau da tabbas ko kuma ya bayyana kamfanin ga haɗarin lalata kudi mai tsanani, da masu saka hannun jari waɗanda suka kuskura su yi nasara a kan gwajin aminci mai kyau.

Ka'idojin aiki bayan izinin shiga

Wasu alkawurran da ke gudana suna samar da sifar kasuwanci:

• Client mallakar karewa. Sashe na 70 bukata da matakai da ke kare hakkin mallakar mai amfani a cikin wani rashin iya biya da kuma hana amfani da dukiyar mai amfani ga kamfanin' s kansu asusun. Client kudi daban-daban daga EMTs dole ne a sanya tare da wata cibiyar bashi ko banki ta tsakiya a ƙarshen ranar kasuwanci mai zuwa, a cikin wani daban-daban ganewa asusun.
• Custody. Sashe na 75 ya buƙaci wata yarjejeniya ta rubutacciyar takarda da kuma rajista na wuraren da aka buɗe a cikin sunan kowane mai amfani.
• Ba da riba a kan stablecoins. Sashe na 40 da 50 haramta CASPs daga bayar da riba, ko wani amfani dangane da lokaci da ke rike, a cikin alaka da ARTs da EMTs.
• Outsourcing. Article 73 leaves the CASP fully responsible for outsourced functions. ESMA has stressed that custody cannot be delegated to entities that are not authorized CASPs.

White papers for other crypto-assets

Wani mutum yana ba da crypto-asset daban daga ART ko EMT ga jama'a, ko neman shigarsa don kasuwanci, dole ne ya tsara, ya sanar da kuma ya wallafa takardar fari a ƙarƙashin Aikace-aikacen 4 zuwa 9 MiCA. Wannan takardar baki dole ne a sanar da mai kula da gida aƙalla kwanaki 20 na aiki kafin bugawa. Masu kulawa ba su amince da shi gaba ɗaya ba, amma sanarwar dole ne ta bayyana dalilin da yasa alamar ba wani kayan aikin kuɗi ba ce, EMT ko ART.

Sashe na 4(2) ya hana wasu bayarwa daga albashin takarda mai launin shuɗi: bayarwa ga mutane kaɗan fiye da 150 a kowace kasa, bayarwa tare da duk wani la'akari ba sama da EUR 1,000,000 a cikin watanni 12, da kuma bayarwa kawai ga masu zuba jari masu inganci. Ga tokens da suka yi ciniki kafin 30 ga Disamba, 2024, Sashe na 143(2) yana ba wa masu gudanar da dandalin kasuwanci har zuwa 31 ga Disamba, 2027 don tabbatar da cewa wata takarda mai launin shuɗi tana nan.

Stablecoins a cikin hoton

Masu fitar da Stablecoin suna fuskantar bukatun banki-kamar waɗanda ke wucewa CASP A ART mai fitarwa ya kamata a rike da kudin kansu na aƙalla mafi girman na EUR 350,000, 2% na matsakaicin ajiyar dukiya, ko kuma wani ɓangare na daidai overheads (Sashe na 35). The ajiya dole ne a hukuma raba daga mallakar mai fitarwa (Sashe na 36).

EMTs an yi amfani da su kamar kudi na lantarki. Masu mallaka suna da wani bukatar a kan mai fitarwa, tokens dole ne a fitar da shi a matsayin daidai akan karɓar kuɗaɗe, kuma biyan kuɗi dole ne ya kasance yana samuwa a kowane lokaci, a matsayin daidai kuma ba tare da wani harajin (Sashe 49 ). Aƙalla 30% na kuɗaɗen da aka karɓa dole ne a riƙe su a cikin asusun daban-daban a cibiyoyin bashi (Sashe 54). Tokens da suka zama muhimmanci ana kula da su ta hanyar EBA kuma suna fuskantar bukatun mafi girma.

The transition is over

MiCA’s stablecoin sunaye yi amfani da daga 30 Yuni 2024 da kuma sauran na Dokar daga 30 Disamba 2024 (Sashe 149). Sashe 143(3) bari kamfanonin da aka riga bayar da sabis a karkashin doka ta kasa ci gaba har zuwa 1 Yuli 2026 ko har zuwa lokacin da su shigar da shi aka yanke hukunci, wanda ya zo farko. Member States za a iya rage wannan lokaci.

Lalle ne, mãsu yawa sun yi ĩmãni. ESMAQDialogButtonBox, Latvia, Hungary, Netherlands, Poland, Slovenia da Finland suka zaɓi watanni 6, Sweden watanni 9, da Jamus, Ireland, Lithuania, Austria da Slovakia watanni 12. Faransa, Luxembourg, Malta, Cyprus da mafi yawan wasu sun yi amfani da dukkan watanni 18.

A cikin sanarwar ta 17 ga Afrilu, 2026, ESMAta tabbatar da cewa bayan 1 ga Yuli, 2026 duk wani ɓangare mai ba da sabis na crypto-asset ga abokan cinikin EU ba tare da lasisin MiCAba ne a cikin laifi na doka ta EU. An yi tsammanin CASPs waɗanda ba a amince da su sun aiwatar da ayyuka masu kyau na shirin tsawaita lokaci zuwa wannan ranar. ESMAta kuma gaya wa masu amfani da su bincika Interim MiCARegistry kuma don tabbatar da abin da hukuma a cikin ƙungiya ke samar da sabis ɗinsu.

Ƙananan Hukumomi

A CASP da aka amince a cikin daya Member State na iya aiki abokan ciniki a duk sauran. A karkashin Sashe 65, ya aika da gidansa regulator wani jerin target Member States, da sabis ɗin da yake shirin bayarwa da kuma ranar farawa. Gida regulator forwards the information to host authorities, ESMA and the EBA within 10 working days.

The company may start in the host Member State once informed of that communication, or at the latest on the 15th calendar day after its submission. No local license is needed. The choice of home regulator still matters, because supervision approach and processing capacity differ between national authorities.

Reverse solicitation: a narrow exception

Sashe na 61 Ya yarda da wata ƙungiya ba ta EU ba ta yi aiki ga wani abokin ciniki na EU ba tare da izini ba kawai idan abokin ciniki ya fara sabis ɗin bisa kan shi kaɗai.

Sashe na 61 (2) kuma ya hana kamfanin daga sayar da nau'ikan crypto-asusun ko sabis ga wannan mai amfani. ESMA ya wallafa dokokinsa na karshe a kan 17 ga Disamba, 2024, bayyanar da tsare-tsaren kamar Mai tsananin ƙuntata da kuma wani ɓangare na, kuma jawabinsa na Afrilu 2026 ya tabbatar da cewa wannan yana aiki a cikin yanayin kasuwanci-zuwa-kamfani.

Don kungiyoyi na kasa da kasa, sakamakon aiki ya bayyana. Aikin abokan cinikin EU a kan ma'aunin yana buƙatar wani ɓangare na EU wanda aka amince da shi, kuma ya kamata ya zama tare da wannan ɓangaren.

Dokar tafiya: Dokar (EU) 2023/1113

Tare da MiCA, an sake fasalin Shirin Gudanar da Kudi, Regulation (EU) 2023/1113, an yi amfani da shi tun daga 30 Disamba 2024. Yake fadada "tayin tafiya" zuwa crypto-asset canja wurin. A cikin sharhinsa 30 ya bayyana cewa musayar crypto za ta kasance a karkashin ka'idojin da suka dace ba tare da la'akari da adadinsu ba kuma ko su na gida ne ko na waje.

Sashe na 14 ya buƙaci mai farawa CASP ya aika, tare da ko kafin kowane canja wurin:

• sunan mai farawa, adireshin ledger raba da kuma lambar asusun inda aka yi amfani da;
• adireshin mai farawa, lambar takardar shaidar mutum ta ofishin da lambar tantance abokan ciniki, ko kuma ranar haihuwa da wuri;
• sunan mai amfana, adireshin ledger da aka raba da kuma lambar asusun inda aka yi amfani da shi;
• LEI ko wani mai ganewa na kwangilar, idan akwai.

Canja wurin zuwa wayoyin da aka yi da kansu suna da wani mataki na musamman. Ga duk wani adadin da ya fi Euro 1,000 zuwa adireshin da aka yi da kansa, CASP dole ne ya dauki matakan da suka dace domin tantance ko an mallaki ko kuma an kula da adiresoshin ta hanyar mai amfaninta.

Ta yaya MiCA ya bambanta da sauran tsarin mulki

MiCA shi ne wani ma'ana wuri ga masu kula da wuraren, amma MiCA lasisin ba ya bayar da damar zuwa wasu kasuwanni. The UK runs its own regime, with FCA rules set to come into force on 25 October 2027. Hong Kong, Singapore and the UAE also license crypto activities under separate national frameworks, so a firm active in several regions should expect to hold several licenses.

Ayyukan da aka yi

• Map the services first. The Annex IV class follows the most demanding service, so adding custody or exchange later means a change of class.
• Plan for real substance. Effective management in the EU and an EU-resident director are conditions of authorization.
• Ku yi tattali da ma'abũta. Duk wanda ya cancanci, to, sai ya yi shaidar wani suna mai kyau.
• Buda AML da tafiyar doka stack kafin shigarwa. Regulators auna waɗannan tsarin kamar wani ɓangare na shirin ayuka.
• Budget for overheads-based capital. A quarter of fixed overheads often exceeds the Annex IV minimum.