MiCA gives CASPs three reporting duties off one data substrate: order book records, five-year transaction retention and Article 92 market-abuse reports. Here is how to build the capture and validation pipeline.
MiCA requires client crypto to be segregated and reconcilable. The proof is not a policy statement but an address-attribution model and a daily reconciliation that ties the client ledger to on-chain balances.
VARA, MiCA, MAS and the FCA word segregation, cold storage and key control differently. Here is how to serve all four from one custody platform, tightened to the hardest rule, without maintaining divergent forks.
Under MiCA Article 78 best execution is an evidentiary exercise. A CASP that cannot reconstruct why an order routed as it did has failed the obligation, whatever its intent.
MiCA extends market-abuse duties to crypto. A CASP running its own order book must build surveillance that flags wash trading and spoofing across on-chain and off-chain venues.
Crossing MiCA’s significance thresholds moves an ART or EMT issuer under EBA supervision with heavier duties. Instrument the trigger metrics so the transition is planned, not a supervisory ambush.
MiCA’s transitional relief ends on 1 July 2026, earlier in several member states. This is a technical migration project with a dependency map, not a licensing form.
DAC8 reporting applies to Cyprus and Malta crypto-asset service providers on the same terms as everyone else. Here is the minimum data model to start capturing before the first cycle.
For a firm that holds crypto assets, the quality of your custody technology is no longer just a security question — it is an insurability question. Insurers and, increasingly, regulators want specific technical evidence of how client assets are secured, and firms consistently struggle to produce it. The gap between “our custody is secure” and …
Stablecoins and tokenised deposits are converging on the same use — money that moves on a ledger — from opposite regulatory starting points, and the technology decisions a firm makes early determine which obligations it inherits. This is a governance question before it is a product question. A firm that designs the token first and …