The European Union takes the cryptocurrency industry very seriously. The digital asset market continues to grow in scale, but along with the large profits of many companies, potential risks also increase. For this reason, a new regulatory framework was introduced — MiCA license cost of obtaining which, judged by the words of experts from SBSB Fintech Lawyers, will be fully justified over time when the company is registered with compliance with the new rules. This license came into force on January 1, 2025, and has already managed to make a lot of noise, since there is a certain transition period for companies that have already worked with cryptocurrency before this point. If such services do not want to lose their legal status and receive fines, they need to fulfill the new regulatory conditions on time.
The Best Strategic Decision
The first and most obvious reason to get MiCA license registered as fast as possible is the access it grants to the entire European Economic Area market without restrictions. This is particularly crucial as reverse solicitation, which limits the ability to serve clients from other EU countries without local authorization, could severely hamper growth and competitiveness. CASPs prioritizing MiCA compliance are positioning themselves for business expansion across the European Union ecosystem. Among other reasons worth mentioning:
- Compliance with Deadlines. MiCA includes specific deadlines that businesses must meet to continue operations legally. These regulations came into full effect on December 30, 2024. For companies that were already registered to have the opportunity to obtain a new license without stopping their activities, it is worth registering this license during the transition period, which is from 12 to 18 months, depending on the specific country. In Spain, this is 12 months, that is, December 30, 2025, and in other countries, the term can be extended until July 1, 2026.
- Consumer Trust and Market Stability. MiCA is designed to ensure the safety of the majority of users who interact with cryptocurrency to some extent through specialized companies. The regulation requires issuers to provide detailed white papers, adhere to principles of ethical conduct, and maintain legal entity status within the EU, all of which contribute to a more reliable and transparent market environment.
- Avoiding Fines: One of the key features of quickly obtaining a MiCA license is the ability to avoid severe penalties, including fines or even the suspension of services in the EU market, which is valued at nearly 1 trillion dollars. Industry associations have called for extended deadlines to avoid such drastic measures, highlighting the potential negative impacts on both businesses and the broader market landscape.
These are the main aspects that should be considered as a reason to fasten the procedure of registering a license.
Unlocking the Market Potential
In the cryptocurrency market, it is very important to register a MiCA license not for the sake of compliance, but rather as the right strategic decision. By contacting such specialists as representatives of SBSB Fintech Lawyers, you can be sure that this license will be quickly obtained and it will be possible to build trusting relationships with clients. With the clock ticking on transitional periods and the evident advantages of early compliance, the time to act is now.
