Thanks to technological advancements, cryptoasset services for B2B clients have increased in demand globally, as they allow for faster and more efficient financial transactions. However, when a B2B client seeks these types of services, they must verify that the providers comply with a series of regulations and standards to ensure transparent financial transactions. An example of these regulations is the Markets in Cryptoassets Regulation (MiCA). Below, we will discuss some points to consider when choosing a cryptoasset service provider for B2B clients under the MiCA regulation.
Security and Risk Management
When choosing a cryptoasset service provider for B2B clients, it is important to evaluate the security protocols and measures implemented by the provider, as one of the objectives of the MiCA regulation is to protect clients’ financial resources and increase the providers’ “operational resilience.” Therefore, it is important that the provider implements security protocols and measures that comply with the standards established by the MiCA regulation.
Licenses
It is important for companies to evaluate the type of license the provider holds. It is recommended that the provider hold a CASP license or be in the process of obtaining one, as providers operating under the MiCA regulation must comply with strict standards, governance requirements, capital reserves, and regulations to operate legally in the sector and offer certain types of financial services, especially those related to cryptocurrencies.
Regulatory Commitment
When choosing a cryptoasset service provider for B2B clients, it is important for companies to evaluate whether the provider actively collaborates with the relevant regulatory bodies and regional authorities, as this ensures a certain level of oversight and quality in the products/services offered by the provider. It is important to note that regulatory commitment prevents future legal issues and financial penalties.
Constant generation and dissemination of reports
It is important to assess whether the provider consistently generates reports related to the assets they operate with, as the MiCA regulation requires providers to comply with the generation and disclosure of clear and standardized “white papers” for the cryptoassets they operate with. These white papers must include potential risks and technical details of the cryptocurrencies they accept, as well as audits, monthly transaction reports, and data management policies.
Customer Service
When choosing a cryptoasset service provider for B2B clients, it’s important to evaluate the level of customer service quality. To operate under the MiCA regulation, providers must offer support in multiple languages and conduct real-time transaction tracking. Furthermore, the provider must provide transparent information about fees, operating practices, and potential risks within the crypto ecosystem.
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