❌ Poor Governance = Sanctions 🚨 9 Pillars You MUST Follow ! (Don’t Overlook No.7!)
- BECTRA
- Feb 21
- 2 min read
CASP and Governance: Ensure Your Compliance with MiCA !
Establishing a robust governance framework is a key requirement for Crypto-Asset Service Providers (CASPs) seeking to comply with MiCA.
The goal ? Ensure transparency, mitigate risks, and protect clients.
Discover the 9 fundamental pillars of effective governance for a MiCA-compliant CASP.
🏛️ 1. Qualified and Ethical Leadership
✅ Proven experience and expertise in the financial or technology sector.
✅ No criminal record related to money laundering or terrorist financing.
📊 2. Trustworthy Shareholders
✅ Any shareholder with a significant stake must be transparent and reliable.
✅ No involvement in serious financial offenses.
⚠️ 3. Preventing Harmful Influence
Authorities can sanction or suspend voting rights if a shareholder poses a risk to the proper management of the company.
📜 4. Effective Internal Policies
✅ Establishment of clear, documented procedures to comply with MiCA requirements.
✅ Implementation of a strong internal control system.
👩💻 5. Competent and Trained Staff
✅ Every employee must have skills relevant to their responsibilities.
✅ Continuous training to stay updated with regulatory developments.
🔎 6. Continuous Evaluation and Improvement
✅ Regular audits and reviews of internal strategies and procedures.
✅ Identification and correction of weaknesses before they become major risks.
🔄 7. Business Continuity Plan
✅ Ensuring uninterrupted services during technical incidents through an effective contingency plan.
✅ Secure and resilient IT systems.
🔐 8. Risk Management and Data Protection
✅ Identification and mitigation of operational risks.
✅ Strict compliance with European cybersecurity standards, including the DORA Regulation (2022/2554).
📂 9. Activity Recording and Archiving
✅ Keeping all transactions and activities for at least 5 years.
✅ Extension up to 7 years if requested by competent authorities.
✅ Providing records to clients upon request.
⚡ A Change in Leadership? Notify the AMF Immediately!
Before a new executive takes office, you must prove that they meet the required competency and integrity criteria set by MiCA.
Act Now ! A rigorous governance framework is the key to successful compliance and sustainable operations in the crypto-asset sector.
🔗 What do you think of these requirements ?
Is your company ready to meet them ? Share your thoughts in the comments!
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