Regulations
By Julie Binoche
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What ESMA Is Actually Checking. The review isn't just paperwork. Custodians have to show they've got real security infrastructure…
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Pressure Builds on Custodians Across the Bloc. Firms are scrambling. The compliance burden is significant.
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The European Securities and Markets Authority is putting crypto custodians through the wringer.
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MiCA is basically the EU's attempt to stop the patchwork of national crypto rules that's made life complicated for firms trying to operate across multiple member states.
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The review isn't just paperwork. Custodians have to show they've got real security infrastructure — the kind that can handle cyber threats without crumbling.
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It's pretty much a stress test for the whole business model. A custodian that can't demonstrate resilience doesn't get a license.
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The security focus makes sense when you look at the broader picture. Crypto custody has had some ugly failures in recent years.
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And the stakes are real. Custodians that fail to secure a MiCA license won't just face fines. They'll be locked out of one of the world's largest economic blocs entirely.
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Read also: Injective npm Package Hit by Backdoor Attack Targeting Crypto Wallet Keys
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Firms are scrambling. The compliance burden is significant. Demonstrating robust security frameworks takes time, money, and technical expertise that not every custodian has in…
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The operational resilience piece is particularly tricky. It's one thing to say your systems can handle disruption. It's another to prove it to a regulator.
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Custodians are also watching each other. If a well-known firm gets knocked back, it sends a signal. If a smaller player scrapes through, that's also information.
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That ambiguity is probably intentional. Regulators tend to avoid giving firms a minimum standard to game.
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Related: AI Tools Are Pushing Crypto Security Teams to Audit Faster or Lose Millions
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MiCA's broader goal — harmonizing the crypto landscape across the EU — won't happen overnight.
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