CySEC has announced today that it is now accepting preliminary applications and notifications from Crypto-Asset Service Providers (CASPs) under the Markets in Crypto-Assets Regulation (MiCAR). This preliminary phase, which runs until 30 December 2024, aims to facilitate a smooth transition for entities seeking to align with MiCAR compliance requirements. It allows CySEC-authorised entities and new applicants to submit documentation for unofficial feedback. The announcement also referenced the adoption of regulatory technical standards, which will come into force only after publication in the EU’s Official Journal.
During this preliminary phase, CySEC may not assess applications before the full application of MiCAR on 30 December 2024, and any decisions regarding authorisation or completeness will adhere to MiCAR timelines after that date. Preliminary submissions will be considered officially submitted only upon payment of fees or resubmission with updated and accurate information. CySEC may prioritize existing entities already registered under national crypto-asset regulations; however, there is no guarantee of expedited review or approval for applications submitted during this phase.
This initiative reflects CySEC’s commitment to supporting entities in preparing for MiCAR’s implementation while streamlining compliance processes. Entities are encouraged to take advantage of this period to align their business models and practices with MiCAR’s requirements, ensuring a seamless transition by the December 2024 deadline.
Complyport EU (formerly MAP S.Platis) provides comprehensive support for Crypto-Asset Service Providers seeking authorisation under MiCAR.
Contact us today to discover how our expert services can guide you through the authorisation process, ensuring efficiency and success at every step.
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