Clair Wermers about a MiCAR licence for Byecoin
Clair Wermers – 2nd Lawyer CMS – shares her experiences
As a result of the Markets in Crypto-Assets Regulation (MiCAR), many parties offering services related to cryptocurrencies in the Netherlands must apply for a licence from the Netherlands Authority for the Financial Markets. MiCAR is a European regulation, which means that, in principle, the same rules apply in all European countries.
The Netherlands got off to a flying start: the Financial Markets Authority was one of the first regulators in Europe where you could already start the application process online.
However, it is an intensive process; a lot of detailed information about the business processes and organisational structure must be provided. In practice, the rules surrounding the Digital Operational Resilience Act (DORA) — also a European regulation designed to provide greater cyber and ICT protection — often prove to be a stumbling block for parties involved in the application process. In addition, there are far-reaching information obligations under the money laundering rules. It is a puzzle to figure out how parties can comply with these within the possibilities available to them.
Byecoin’s services are unique in that no other party in the Netherlands offers these services and has obtained a licence from the Financial Markets Authority for this purpose.
The Byecoin team is very pragmatic and hands-on, which makes working with them a pleasure. They think in terms of possibilities, and their non-legal perspective is often very enlightening for me. It is also positive that they are willing to discuss certain outstanding issues with the Financial Markets Authority and open them up for debate. That keeps all parties on their toes. Given Byecoin’s unique offering, there are qualifying questions that are worth discussing.
I also find this approach very interesting on a personal level.
I have been a solicitor at CMS for almost twenty years. I advise regulated parties such as funds and brokers on licence applications and ongoing supervision. I also assist these parties in takeover processes or financing rounds. I find developments in the field of tokenisation very exciting.
In recent years, a huge number of rules have been added.
Many new and existing products and services have come under supervision. This often presents market parties with an enormous challenge. It is always a matter of searching for practical applications that are workable. Fortunately, there are often legal possibilities to implement plans within the framework. When that succeeds, it is very satisfying.
- Note: Byecoin is aiming for a MiCAR licence. We will keep you informed!
