Insights.
Structured.

Eighteen months after MiCAR became fully applicable, the clock for the transitional regime is now running down: on 1 July, the grandfathering period will expire and CASPs without a MiCAR licence will have to cease operations. Over this period, MiCAR has established a harmonised crypto-asset framework that promises consumer protection and legal certainty. These benefits are real. So are the friction points: overlapping licensing requirements, classification ambiguities, and a grandfathering period that is running out faster than most market participants anticipated.

Year after year, the cyber risk situation has become a greater challenge and bleak security outlooks are now somewhat of a repetitive mantra across industries. Losses caused by cyberattacks are continuously increasing, attacks are becoming more refined, and new technological developments outpace the current state of the art. Besides, the recent US deregulation movement is now additionally increasing the pressure on the global cybersecurity landscape.