Abahlinzeki bezinsizakalo ze-crypto-assets ngaphansi MiCA

Imithetho yemakethe yama-crypto-asset, Imithetho (EU) 2023/1114, iyinqubo yokuqala yokuthola ilayisense elilodwa lebhizinisi lama-crypto-asset ezindaweni ezinkulu zezomnotho. Yafaka indawo ye-patchwork yezinhlelo zobhaliso lwezwe ngegunya elinye elisetshenziswa kuwo wonke amazwe amalungu. Futhi ibeka izimiso kunoma ubani onikeza ama-crypto-asset kubantu noma okhipha ama-stablecoins.

Lo mhlahlandlela uchaza ukuthi ngubani odinga ilayisense, yini ebiza ilayisense emnothweni, indlela isicelo sihlolwa ngayo nokuthi yini eguqukile lapho ushintsho luphelile. Ukukhishwa kwe-Stablecoin kwenziwa lapha kuphela ku-outline; umhlahlandlela ohlukile we-stablecoins kanye ne GENIUS Act ubheka kuyo ngenzulu kakhulu.

Izinga: yini MiCA ifaka nokuthi yini eshiya ngaphandle

Isigaba 3(1)(5) MiCA sichaza i-crypto-asset njengokubonisana kwedijithali kwexabiso noma ilungelo elikwazi ukudluliswa futhi ligcinwe nge-elekthronikhi usebenzisa i-technology ye-ledger ehlukanisiwe noma i-technology efana nayo. Kuleyo, MiCA ihlukanisa izinhlobo ezintathu, ngayinye inemithetho yayo.

Isigaba	Isichazamazwi ku-MiCA	Ongakwazi ukukhishwa noma ukunikezwa
I-E-money token (EMT)	Inhloso ukugcina inani eliqinile ngokubhekisa kulowo mbhangqwana wemali osemthethweni (Isiqendu 3(1)(7)	Izinhlangano zezimali kanye nezinhlangano zemali ye-elekthronikhi kuphela (Isigaba 48)
I-token ehlobene nesistimu (ART)	Inhloso ukugcina inani eliqinile ngokubhekisa kwenye imali noma ilungelo, noma ukuhlanganisa, kufaka phakathi ama-currency amaningi (Isiqendu 3(1)(6)	Ummeli we-EU ogunyaziwe ngaphansi kwesigaba 21, noma inhlangano yezimali (isiqephu 16)
Okuthile kwe-crypto-assets	Zonke izinto ezikhona, kufaka phakathi ama-token asetshenziswayo	Nanoma yimuphi umuntu osemthethweni oshicilela iphepha elimhlophe elihambisanayo (Isiqendu 4)

Ezinye izisetshenziswa zihlala ngaphandle MiCA ngoba ezinye imithetho ye-EU sele izigqugquzela. Isigaba 2(4) si excludes crypto-assets ehlonishwa njengezithuluzi zezimali, amadiphozithi, imali (ngaphandle uma ziyi-EMTs), izimo zokuphepha, inshuwalense kanye nemikhiqizo yepenshini. Ingxenye ethengiswayo, isibonelo, ilawulwa ngaphansi MiFID II, hhayi MiCA. Isigaba 2(3) si excludes crypto-assets ezihlukile futhi ezingaxhunyaniswe nezinye crypto-assets.

The ten crypto-asset services

Umhlinzeki wezinsizakalo ze-crypto-asset (CASP) yinoma iyiphi inkampani enikeza enye noma ngaphezulu kwezinsizakusebenza ezidwetshwe ku Isigaba 3(1)(16) MiCA:

1. Ukugcinwa nokuphathwa kwama-crypto-assets ngenhloso yamaklayenti.
2. Ukusebenza kwe-platform yokuhweba yezimali ezingekho emthethweni.
3. Ukushintshana kwama-crypto-assets ngezimali.
4. Ukushintshana kwama-crypto-assets ngamanye ama-crypto-assets.
5. Ukwenza imiyalo yama-crypto-assets ngesandla samakhasimende.
6. Ukubeka ama-crypto-assets.
7. Ukwamukela nokudlulisa izicelo zezimali ezingekho emthethweni ngesandla samaklayenti.
8. Ukuhlinzeka ngezincomo mayelana nezimali ze-crypto.
9. Ukuhlinzeka ngohlelo lokuphathwa kwempahla yezimali ezifihlakele.
10. Ukuhlinzeka ngezinsizakalo zokudlulisa ama-crypto-assets ngosizo lwamakhasimende.

Uhlu lubonisa ngokuzithandela MiFID II izinsizakalo zokutshala imali.

Izindlela ezimbili ngaphakathi: ukugunyazwa noma umbiko

Isigaba 59 sivumela kuphela izinhlobo ezimbili zenkampani ukuhlinzeka ngezinsizakalo ze-crypto-asset e-EU. Okuqala umuntu osemthethweni ogunyaziwe njenge CASP ngaphansi kwesigaba 63. Okulandelayo yinkampani ekhona elawulwayo esebenzisa indlela yokwazisa kwisigaba 60.

Ngokuya ngesigaba 60, inhlangano yemali ekhokhelwayo, inkampani yokugcina imali esemqoka, inkampani yokutshala imali, umphathi wemakethe, inhlangano yemali ye-elektroniki, inkampani yokulawula ama-UCITS noma umphathi wezimali zokutshala imali ohlukile angangeza izinkonzo ze-crypto ngaphandle kwelayisense entsha. Inhlangano yemali ekhokhelwayo kufanele imemezele umqondisi wayo wasendlini kuze kube yizinsuku ezingu-40 zokusebenza ngaphambi kokuba iqale. Inkampani yokutshala imali ingahlinzeka kuphela ngezinsizakusebenza ze-crypto ezilinganayo nezinsizakalo zokutshala imali ezigunyaziwe, futhi inhlangano yemali ye-elektroniki ingahlinzeka kuphela ngokuvikelwa nokudluliswa kwezinsizakusebenza ze-e-money tokens ayikhiphayo.

Inhlangano egunyazwe kabusha CASP kumele ibe nekheli layo elibhalisiwe ezweni lelungu lapho isenza khona ingxenye encane yezinsizakalo zayo. Isigaba 59(2) sidinga futhi indawo yayo yokulawula esebenzayo ukuba yi-Union futhi okungenani umqondisi owodwa abe ngumhlali we-Union. Isisebenzi sebhokisi leposi alihlangabezani nalezi zimo.

Izidingo zezimali: izifundo ezintathu

Isigaba 67 sidinga i CASP ukuthi igcine iziqinisekiso zokuphepha ezilinganayo nezinga eliphakeme lezinto ezimbili: um kapitali omncane ohlala njalo ku-Annex IV, noma isiqingatha esisodwa sonyaka odlule wezindleko eziqinile, ezibuyekezwa ngonyaka. Inkampani entsha isebenzisa izikweletu ezilindelekile kwinqubo yayo yebhizinisi yonyaka wayo wokuqala.

Ikilasi	Izinsizakalo (eziqoqiwe)	Imali engenayo encane (Isiqephu IV)
Isigaba 1	Ukwenza imiyalo, ukubekezela, izinsizakalo zokudlulisa, ukuthatha nokudlulisela imiyalo, incazelo, ukulawula ama-portfolio	i-EUR 50,000
Isigaba 2	Nanoma iyiphi insizakalo yesigaba 1 kanye nokuvikelwa nokuphatha, ukushintshana kwemali, noma ukuguqula ezinye izimali ze-crypto	EUR 125,000
Isigaba 3	Nanoma iyiphi insizakalo yohlobo lwe-2 kanye nokusebenza kwepulatifomu yokuhweba	EUR 150,000

Ukuvikelwa kungase kube yimali yomuntu siqu ehlobo lwe-Common Equity Tier 1, iphothifoliyo ye-inshurensi ehlanganisa amazwe amalungu lapho amasevisi ehlinzekwa khona, noma ukuhlanganisa kwazo zombili. Kuze kube manje, ukuhlolwa kwezindleko eziphezulu kuvame ukuletha inani eliphakeme kunoma iyiphi inkampani eneqembu lokusebenza elingokoqobo, ngakho-ke inani le-Annex IV liyindawo yokuphumula hhayi imali engenayo.

Isicelo kanye nesikhathi sokuhlolwa

Isigaba 62 sikhombisa ukuthi yini okufanele isisebenziso siyiqukethe. Izinto eziyinhloko yilezi:

• iphrojekthi yokusebenza, kufaka phakathi lapho nokuthi kanjani izinkonzo zizothengwa;
• ubufakazi bokuvikelwa okunethezeka ngaphansi kwesigaba 67;
• izilungiselelo zokulawula kanye neziqinisekiso ukuthi inhlangano yokulawula inegunya elifanele futhi inelwazi, amakhono nesipiliyoni esifanele;
• ubufakazi bomuntu ngamunye ophethe ngokusobala noma ngokungasoze kwenzeke ibhizinisi elifanele, kanye nobufakazi bezintshisekelo zabo ezingcono;
• ukulawulwa kwangaphakathi, ukulawula umngcipheko, AML/CFT izimiso kanye nohlelo lokuqhubeka kwebhizinisi;
• i-documentation yezobuchwepheshe yezinhlelo ze-ICT kanye nezilungiselelo zokuphepha;
• izimiso zokuhlukanisa ama-crypto-assets nama-akhawunti, ukuphatha izimangalo kanye, lapho kufanelekile, nenqubomgomo yokuvikelwa.

Isihloko 63 simisa ihora elisemthethweni. The regulator acknowledges receipt within five working days and checks completeness within 25 working days. Once the file is complete, it has 40 working days to grant or refuse authorisation, and must notify the decision within five working days after that.

Isikhathi se 40-day sisebenza kuphela kusuka kuhele oluphelele. Isiqephu 63(10) sichaza izizathu zokungavumelani, kufaka phakathi iqembu lokulawula elihlasele ukulawula okunengqondo noma eliveza inkampani engozini enkulu yokuhlanza imali, kanye nabanikazi bempahla abaphumelelanga ukuhlolwa kwegunya elingcono.

Imithetho yokusebenza ngemuva kokugunyazwa

Izibopho eziningi eziqhubekayo zihlela imodeli yebhizinisi:

• Ukuvikelwa kwezimpahla zeklayenti. Isigaba 70 sidinga izinqubomgomo ezivikela amalungelo onikazi beklayenti ekuphathweni futhi zivimbele ukusetshenziswa kwezimpahla zeklayenti kwi-akhawunti yenkampani. Amabhange weklayenti ngaphandle kwe-EMTs kufanele abekwe kunhlangano yezimali noma ebhankini eliphakathi ngokuphela kosuku lomsebenzi olulandelayo, ku-akhawunti ehlukile ekwazi ukuphawulwa.
• Ukuvikelwa. Isigaba 75 sidinga isivumelwano sokugcinwa okubhalwe phansi kanye ne-register yemisebenzi evulekile ngegama lomxhasi ngamunye.
• Akukho nzuzo ku-stablecoins. Amathuluzi angama-40 nama-50 avimbela ama-CASPs ekunikezeleni inzuzo, noma noma yiluphi usizo oluhlobene nesikhathi sokugcina, ngokuphathelene ne-ARTs ne-EMTs.
• Ukukhishwa kwangaphandle. Isigaba 73 sishiya i- CASP ibhekene ngokuphelele nemisebenzi ekhishwe ngaphandle. ESMA kuphawulwe ukuthi ukugcinwa akuvunyelwe ukuba kudluliselwe ezinhlangano ezingagunyaziwe ze-CASPs.

Izincwadi ezimhlophe zezinye izimpahla ze-crypto

Umuntu onikeza i-crypto-asset ngaphandle kwe-ART noma i-EMT kubantu, noma efuna ukuvunyelwa kwayo ukuthengiswa, kufanele abhale, amemezele futhi ashicilele iphepha elimhlophe ngaphansi Amathuluzi 4 kuya ku-9 MiCA. Ikhasi elimhlophe kumele linikezwe umphathi wekhaya cishe amahora angama-20 wokusebenza ngaphambi kokuthunyelwe. Abaphathi abagunyazi ngaphambilini, kodwa isimemezelo kufanele sichaze ukuthi kungani i-token ayiyona into yezimali, i-EMT noma i-ART.

Isigaba 4(2) sikhipha ezinye iziphakamiso ezisuka ku-white paper duty: iziphakamiso ezincane kune 150 abantu ngasinye isifundazwe, iziphakamiso ezinezinga eliphelele lokuqwashisa elingangaphezu kwe-EUR 1,000,000 ngaphezulu kuka 12 izinyanga, kanye neziphakamiso ezibhekiswe kuphela kubatshalizimali abaqeqeshiwe. Ku-token ekhona ukuhweba ngaphambi 30 December 2024, Isihloko 143 (2) inikeza abasebenza ngepulatifomu yokuhweba kuze kube 31 December 2027 ukuze baqiniseke ukuthi iphepha elimhlophe elihambisanayo likhona.

I-Stablecoins ku-outline

Stablecoin abakhiqizi babhekana nezidingo ezifana ibhange ukuthi uhamba kahle ngaphezulu CASP izimiso. ART umkhiqizi kufanele agcine imali yakhe encane kakhulu ye-EUR 350,000, 2% wesilinganiso isikhalazo sezimali, noma kwengxenye ye overheads fixed (Isigaba 35). Isikhalazo kumele legally kuhlukaniswe kusuka emininingwaneni umkhiqizi (Isihloko 36).

I-EMTs ithathwa njengemali yedijithali. Abanikazi banecala kulowo okhipha, amathokheni kufanele akhishwe ngokufanayo uma bethola imali, futhi ukubuyiselwa kumele kube khona nganoma yisiphi isikhathi, ngokufanayo futhi ngaphandle kwezindleko (Isigaba 49 ). Okungenani u-30% wezimali ezifunyenwe kufanele zigcinwe kuma-akhawunti ahlukene emabhange (Isigaba 54). Amathokheni abonakala ebalulekile alawulwa yi-EBA futhi abhekane nemibandela ephakeme.

Ushintsho luphelile

MiCA’s stablecoin titles applied from 30 June 2024 and the remaining of the Regulation from 30 December 2024 (Article 149). Article 143(3) let firms already providing services under national law continue until 1 July 2026 or until their application was decided, whichever came first. Member States could shorten that period.

Abaningi bakwenze. ESMA’s uhlu lwezikhathi zobuntwana, iLatvia, iHungary, iNetherlands, iPoland, iSlovenia neFinland zakhetha amasonto angama-6, iSweden amasonto angama-9, kanye neJalimane, iIreland, iLithuania, iAustria neSlovakia amasonto angama-12. IFrance, iLuxembourg, iMalta, iCyprus namanye amazwe asebenzisa amasonto angama-18 wonke.

Kuthiwo walo ngomhla ka-17 kuNhlangulana 2026, ESMA uqinisekisile ukuthi ngemuva kuka-1 kuJulayi 2026 noma yiliphi iqembu elihlinzeka ngezinsizakalo ze-crypto-asset kubaxhasi be-EU ngaphandle kwelayisense MiCA liphula umthetho we-EU. I-CASPs engagunyaziwe yalindeleke ukuba isebenzise amaphuzu afanele wokuvalwa ngomhla wosuku olulodwa. ESMA futhi watshela abathengi ukuthi babhekane ne-Interim MiCA Register futhi baqinisekise ukuthi yiliphi iqembu elizohlinzeka ngenkonzo yabo.

Izinsizakusebenza ezidlula emgwaqweni: ipasipoti

A-M_BAR_Spanish CASP igunyazwe ezweni elilodwa liyilungu lingasiza amakhasimende kuwo wonke lamanye. Isigaba 65, ithumela umqondisi wayo wasendlini uhlu lwama-Member States afuna ukuwafinyelela, izinkonzo ezizohlinzeka ngazo kanye nosuku lokuqashwa. Umqondisi wasendlini udlulisa ulwazi kumagunya okubamba, ESMA kanye EBA izinsuku ezingu-10 zomsebenzi.

Inkampani ingaqala ezweni lelungu elihlala kulo uma ikwaziswe ngalolu kuxhumana, noma kungakapheli usuku lwesi-15 lwekhalenda ngemuva kokulethwa kwayo. Akunalayisense lasekhaya elidingekayo. Ukukhetha umqondisi wasendlini kuyabalulekile, ngoba indlela yokulawula nokuphatha amandla ahlukile phakathi kwamagunya omhlaba.

Ukubuyisa ukucela: isinqumo esincane

Isigaba 61 sivumela inkampani engaphandle kwe-EU ukuba isebenze kumthengisi we-EU ngaphandle kokugunyazwa kuphela lapho umhlinzeki eqala khona umsebenzi ngesinqumo sayo esikhethekile. Ukuphela kokungabaza kususwa ngokushesha lapho inkampani, noma umuntu osebenza ngaye noma onezixhumanisi ezincane nayo, ecela amaklayenti e-Union nganoma yiluphi uhlobo lokuxhumana.

Isigaba 61(2) sivimbela futhi inkampani ekuthengiseni izinhlobo ezintsha ze-crypto-assets noma izinkonzo kulo mxhasi. ESMA yashicilela iziqondiso zayo zokugcina ngomhla ka-17 kuNhlangulana 2024, echaza ukuxoshwa njenge encane kakhulu futhi enesiqiniseko, futhi isibikezelo sayo se-April 2026 siqinisekisile ukuthi lokhu kusebenza kumamojula webhizinisi-kwebhizinisi.

Ukuhlinzeka ngezinsizakalo kumakhasimende e-EU adinga inhlangano ye-EU egunyazwe, futhi imikhankaso yamaklayenti kufanele ihlale nayo le nhlangano.

Umthetho wokugibela: Imithetho (EU) 2023/1113

Kuze kube yilapho MiCA, i-recast Transfer of Funds Regulation, Regulation (EU) 2023/1113, yasetshenziswa kusukela ngoDisemba 30, 2024. Ithuthukisa “umthetho wokuvakasha” ukudlulisa ama-crypto-asset. Isibonelo sayo se-30 sisho ukuthi ukudluliswa kwe-crypto kufanele kube ngaphansi kwezimfuneko ezifanayo kungakhathaliseki inani labo nokuthi ngabe zingaphakathi noma zidlula emgwaqeni.

Isigaba 14 sidinga ukuthi umkhiqizi CASP uthumele, kanye noma ngaphambi kokudluliswa ngalinye:

• igama lomkhiqizi, ikheli le-ledger elihlukanisiwe kanye nenombolo ye-akhawunti lapho kusetshenziswa khona;
• ikheli lombhali, inani ledokhumende lomuntu siqu elisemthethweni kanye nenombolo yokubonisana nomthengisi, noma usuku nosuku lokuzalwa;
• igama lomtholampilo, ikheli le-ledger elinikezelwe kanye nenombolo ye-akhawunti lapho kusetshenziswa khona;
• i-LEI noma isibonisi esilinganayo sengxenye ngayinye, lapho kutholakala khona.

Ukudluliswa kumawashi abekwe ngokwezifiso kuthatha isikhashana esingeziwe. Kunoma iyiphi inani elingaphezulu kwe-EUR 1,000 kukheli elibekwe ngokwezifiso, i CASP kufanele ithathe izinyathelo ezifanele ukulihlola ukuthi ngabe ikheli limilikiwe noma lilawulwa yikhasimende layo.

Indlela i MiCA eqhathaniswa ngayo nezinye izimo

MiCA iyindawo yokubhekisa kubaphathi bezinye izindawo, kodwa ilayisense le-MiCA alinikezanga ithuba lokufinyelela kwezinye izimakethe. I-UK iqhuba uhlelo lwayo olulodwa, ngemithetho ye-FCA ebekwe ukuba isebenze ngo- 25 Okthoba 2027. I-Hong Kong, iSingapore ne-UAE nazo zivumela imisebenzi ye-crypto ngaphansi kwezinhlanganisela zamazwe ahlukene, ngakho-ke inkampani esebenza emazweni amaningi kufanele ilindele ukuthi ibambe izitifiketi eziningi.

Izinkomba ezisebenzayo zabafuna umsebenzi

• Map the services first. The Annex IV class follows the most demanding service, so adding custody or exchange later means a change of class.
• Iphrojekthi yezinto ezikhona. Ukulawula okuphumelelayo e-EU kanye nomqondisi ohlala e-EU yimibandela yokugunyazwa.
• Sebenzisa abanikazi. Wonke umuntu onelungelo kumele aqinisekise ukuthi unezintshisekelo ezinhle.
• Yenza i- AML nemithetho yokugibela ngaphambi kokufaka. Abaphathi babheka lezi zinhlelo njengengxenye yesicelo.
• Imali-mboleko yezimali ezisekelwe kumaholo aphezulu. Ingxenye eyodwa kwezintathu yamaholo aphezulu ahlala edlula umkhawulo ophansi weSihluthulelo IV.