Regulates only large entities or companies

Many people and companies believe that the Markets in Crypto-Assets Regulation (MiCA) applies only to large financial institutions and companies (crypto-asset service providers or CASPs). However, the truth is that MiCA is a regulation that applies to entities and companies of all sizes (small, medium and large), therefore, it ensures that all crypto-asset service providers comply with the different regulatory standards.

Regulates only entities and companies established in the EU

Many people and companies assume that the Markets in Crypto-Assets Regulation (MiCA) applies only to financial institutions and companies (crypto-asset service providers) based within the European Union. However, this is not entirely correct. MiCA regulates all providers “operating” within the territory of the European Union, even if they are established in other countries or regions. For example, a crypto-asset service provider based in the United States but providing services within the European Union will also be required to comply with this regulation.

Highly restrictive regulations that prevent innovation

Some people and companies think that the Markets in Cryptoassets Regulation (MiCA) is a very restrictive regulation, which can hinder technological growth and innovation. However, the truth is that this regulation (even though it has high standards) also allows flexibility and adaptation to technological advances, in addition to promoting innovation through a clear legal framework so that companies (that provide these services) can operate efficiently and legally.

Restrict or ban cryptocurrencies

Many people and businesses have come to believe that the Markets in Crypto-Assets Regulation (MiCA) restricts or bans cryptocurrencies. However, the truth is that this regulation does not ban cryptocurrencies; on the contrary, its objective is to help develop the market by regulating crypto-asset products/services to ensure transparency and consumer protection.

Just regulate stablecoin

Many people and companies have come to think that the Markets in Cryptoassets Regulation (MiCA) only regulates stablecoins (for example, Tether USDT). However, the truth is that this regulation is designed to regulate a wide range of cryptocurrencies, cryptoassets and complementary services, among which stand out electronic money tokens, asset-referenced tokens, stablecoins, cryptocurrencies (such as Bitcoin and Etherum) and other digital assets , which allows to guarantee greater control and transparency in the cryptoasset market.

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MiCA Regulation (Markets in Crypto-Assets)

The Markets in Crypto-Assets Regulation (MiCA) is a comprehensive regulatory framework that allows for the regulation of crypto assets and their service providers. It is important to note that this is the most important, and extensive regulation adopted by the European Union for cryptocurrencies. Among the highlights of this regulation are the following:

Establish a clear framework for the issuance, trading, and use of cryptoassets.
Require crypto-asset service providers to be licensed and subject to oversight by competent national authorities, ensuring certain standards of security, legality, and quality in the sector.
Identify and regulate various types of cryptoassets, as each has different characteristics and requirements. In this way, the aim is to maintain a stable value by backing each electronic money token in relation to a single official currency.
Include measures to protect consumers in the cryptoasset market.
Apply uniform rules for all service providers and issuers of cryptoassets that were previously not regulated by existing EU financial services legislation.

AMLD Directive (Anti-Money Laundering Directive)

The European Union enforces anti-money laundering measures through its Anti-Money Laundering Directive (AMLD). Cryptocurrency exchanges and digital wallet providers are required to comply with Know Your Customer (KYC) requirements and report suspicious activity.

It is important to note that with the sixth update of this directive (AMLD6), the rules to combat financial crimes in the cryptoasset sector were strengthened, as this update expands the list of underlying crimes (or predicate crimes) that can be considered as money laundering, including tax crimes, environmental crimes, cybercrime and trafficking in cultural property.

Digital Operational Resilience Act (DORA)

The Digital Operational Resilience Act (DORA) is a regulation created by the European Union that seeks to strengthen the security of information and communications technologies (ICT) used by financial institutions.

Among DORA’s main objectives are the following:

Harmonize regulations, creating a unified framework for information and communications technology (ICT) risk management across the European Union.
Strengthen the stability of the financial system by ensuring that financial institutions can prevent, withstand, and recover from any type of disruption or problem related to the use of information and communications technologies (ICT).
Improve third-party risk management, especially those involving the management or storage of information in the cloud and data centers.
Improve security and oversight of critical third-party vendors.

General Data Protection Regulation (GDPR)

Although this regulation is not specifically designed for crypto assets, the GDPR regulates how personal data is handled on cryptocurrency-related platforms. This regulation aims to ensure that companies ensure that their users’ data is protected and processed in accordance with privacy laws.

Supervision and Coordination by ESMA and EBA

Importantly, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) oversee the implementation of these regulations, issuing guidelines on how to interpret and apply the rules in the context of cryptoassets.

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However, to benefit from the advantages offered by a Tether payment gateway, you must have a suitable provider. Below, we will learn some points to consider when choosing a Tether payment gateway provider.

References and regulatory compliance

The Tether payment gateway provider must offer an efficient, versatile service that has the ability to receive payments globally. Because of this, it is recommended to review the testimonials or references of the provider; in order to have an idea of the level of the platform and the service, this will allow us to choose an efficient company with a good reputation in the market.

It is also recommended to check if the provider complies with the regulations of the region where it operates since this means that the platform will have certain quality standards, in addition to avoiding possible legal problems or sanctions.

Security level

It is important that the supplier have different security measures on their platform, which allow them to protect the financial information and personal data of their users. At this point, it is also recommended to verify whether the provider complies with the different security standards of the financial industry, as this guarantees a certain level of quality and security on the platform.

Costs and fees per operation

Generally, Tether payment gateways offer more competitive transaction fees compared to other payment methods. However, each provider applies different fees. different rates within their services, therefore, it is important to consider the costs and fees per operation of each provider. To evaluate this point, we can visit the official website of the provider and go to the “fees” section to check the different rates that the provider has.

Conversion

The Tether payment gateway must be able to offer a service that allows the conversion of USDT to other cryptocurrencies or fiat currencies. For this reason, it is important that when choosing a provider, we verify that it offers the Exchange or conversion service, in addition to reviewing the rates and fees applied for conversion, since in this way we can choose a provider that is in line with our needs, in addition to having greater flexibility in the management of our digital assets.

Level of integration

A payment gateway provider must be able to offer a tool that integrates with other pre-existing commerce systems. For example, it must be compatible with existing accounting systems, billing systems, etc., as this offers greater flexibility and fluidity to the company’s transactions and operations, in addition to facilitating the transition and reducing integration time.

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Payment processors

Payment processors are tools (that act as intermediaries) that allow the carry-out of electronic transactions between two parties (customers and businesses). A payment processor allows the transfer of funds quickly, efficiently, and with a high level of security.

It should be noted that the concept of “payment processors” has evolved over time, focusing mainly on managing business transactions in a manner that is safe, flexible, and efficient, which is why these tools continue to grow and adapt to new technologies and consumer needs.

Beginnings

Payment processors had their beginnings in 1958, specifically at the hands of Bank of America, when it innovated with the first BankAmericard credit card, through which consumers could make credit purchases using paper vouchers.

Between the 1950s and 1960s, companies such as Diners Club and American Express also launched their first credit cards.

Pre-Internet electronic era

In the late 1970s, BankAmericard was renamed Visa, which, relying on technology, introduced the credit card terminal in 1978, which allowed them to transform the paper voucher payment processing service into an electronic transaction payment processing service.

It is important to note that the first point-of-sale (POS) terminals for processing card payments were connected to telephone lines and required manual confirmation.

Thanks to the rise of this type of technology based on electronic payment platforms, during the 1980s the need for new payment terminals arose, which drove the development of hardware manufacturers such as Hypercom, Ingenico, and Verifone.

Evolution of the Internet and online payments

The 1990s saw the rise of the Internet. This technology had a significant impact on payment processors, as the technology applied in physical payment terminals was implemented by Fintech companies on the Internet, which allowed the development and implementation of different online payment gateways.

The rise of the Internet and the implementation of payment gateways were technologies that were adapted to existing payment processors. However, in 1994, eBay and Amazon were launched, which led to the development of another type of tool. At that time, payment processors found it necessary to develop “virtual payment terminals” that could be implemented in electronic commerce.

Payment processors today

As we have seen, payment processors have been evolving as technological advances arise. This is because they are constantly updating and seeking to offer more secure, efficient, and flexible payment solutions, especially to accept different payment methods and adapt to the new needs of consumers and companies.

Currently, technological advancement has allowed payment processors to expand their capacity, especially with the adoption of blockchain technology, support for digital wallets and mobile payments. All of this has made it possible that, in addition to accepting FIAT money (such as dollars or euros), they also accept different cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), or Tether (USDT).

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Dedicated service

USDT payment providers must be able to provide a service that streamlines companies’ financial operations and transactions, in addition to offering effective and timely customer support.
Pilsenga stands out in this area, as it has an ecosystem designed to adapt to the needs of medium-sized companies effectively, in addition to providing personalized customer support. An example of this is Pilsenga’s 24/7 dedicated manager service, which offers companies a unique and personalized experience, especially to guide and help them with any concerns or problems that may arise.

Security level

USDT payment providers must offer a service that has a high level of security, which allows protecting personal information and financial resources of users/ customers, which will generate greater confidence when using their platform and carrying out commercial transactions.

This is where Pilsenga stands out, as it is a company that has a platform with different security measures, such as multi-asset custody, identity verification system, integration of security controls, transaction approval, two-factor authentication, data encryption, etc. In addition, Pilsenga complies with the different standards of the financial industry, which means that the company has a certain level of supervision and certain quality and security standards on its platform.

Money and cryptocurrencies

USDT payment providers must be able to transact with multiple types of currencies, both FIAT, and cryptocurrencies, as this allows for streamlining cross-border transactions and reaching new markets or territories.

This is where Pilsenga stands out, as it has a USDT payment service that has the ability to support cross-border transactions using different currencies (through the use of multi-currency IBAN accounts), send and receive SEPA payments and instant SEPA payments, as well as support other cryptocurrencies such as Bitcoin (BTC), and Ethereum (ETH).

Batch payments

USDT payment providers must be able to offer a service that allows payment processes to be automated and optimized. Pilsenga stands out in this area, as it offers the complementary batch payment service, which allows companies to automate their payment processes, providing the ability to make payments to multiple beneficiaries simultaneously and in an automated manner.

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Comprehensive financial solution

When choosing a financial tool, most companies look for a comprehensive solution. This is where Pilsenga stands out, as it offers different tools such as multi-currency IBAN accounts, dedicated IBAN accounts, wallets, payment gateways, accounting packages, and batch payments, among others, integrating everything in one place, which makes Pilsenga an “ ideal ” comprehensive financial solution for managing the financial resources of the entire company or organization.

Digital wallet

Digital wallets allow companies to effectively manage their different digital assets: FIAT money, cryptocurrencies, among others. In this regard, we can highlight the Pilsenga platform, which offers its clients the digital wallet service, which allows the company to access and manage all its digital assets efficiently and with a high level of security.

International transactions

Most companies that want an IBAN account usually do so to carry out international transactions in a more efficient and fluid manner. Pilsenga stands out in this regard, as it is a company that offers financial products and services designed for companies that have a presence in other countries and that need to carry out international transactions.

Intuitive and easy-to-use interface

Generally, what is sought in a financial application is the ease of managing financial operations and transactions, which is achieved through an intuitive and easy-to-use interface. In this point, Pilsenga stands out, as it offers a versatile platform and mobile application, which has an intuitive and friendly user interface, which allows for efficient management of the financial resources of the entire company or organization, in addition to offering a better user experience.

High level of security

It is important that the financial platform or tool has a high level of security, as this allows the personal and financial information of its users to be protected. At this point, Pilsenga stands out, as it offers different products or services (for example, IBAN or Wallet accounts) that run on an ecosystem/platform that has high levels of security, as it has different protocols and security measures, such as integration of security controls, transaction approval, custody of multiple assets, identity verification platform, two-factor authentication, among others, in addition to complying with the different security standards of the financial industry.

Types of currencies and cryptocurrencies

When choosing an IBAN Wallet App, you usually look for one that supports different types of currencies and cryptocurrencies, especially to have different payment alternatives. Pilsenga stands out in this regard, as it offers multi-currency IBAN accounts and wallets /payment processors that work with different cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

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Type of functions

When choosing a business accounting package, it is advisable to evaluate the tools and features included in the service. This point is important, as the accounting package must-have features that allow you to automate tasks such as invoicing, payroll, financial reporting, group payments, and expense tracking, which are essential for the efficient management of a company.

Security level

When choosing a business accounting package service provider, it is advisable to evaluate the level of security that the provider’s platform and ecosystem have. This point is essential since an accounting package must have a high level of security to protect user’s financial data and personal information.
At this point, it is advisable to evaluate whether the provider implements security features such as identity verification, data encryption, and two-factor authentication (2FA), among others.

Regulatory compliance

It is advisable to evaluate whether the supplier complies with local laws/rules, regulatory requirements, and different financial industry standards, as this ensures that the accounting package meets certain quality and security standards, allowing the company to comply with its legal obligations and avoid receiving sanctions related to regulatory or statutory non-compliance.

Level of integration

It is advisable to evaluate the capacity and level of integration that the provider’s platform has with other pre-existing accounting systems, as this will allow for greater flexibility and a constant flow of information between the multiple systems and departments that make up the company, which will improve the efficiency, coordination, execution, and planning of the company’s operations.

Scalability capacity

It is important to evaluate whether the provider’s platform is scalable, as this will allow the company to grow and operate in new markets or territories, in addition to better adapting to the specific needs of its new clients and managing large volumes of financial transactions.

Operating costs

An accounting package for businesses allows reduced costs by automating accounting tasks. However, when choosing a provider, it is advisable to evaluate and compare the costs/fees of their platform. It is important to note that some providers offer competitive operating costs, and all their fees are public knowledge, however, there may be some “hidden” fees related to certain additional functions, support systems, or trading volume.

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However, when choosing a Bitcoin payment gateway, it is important to take into account certain factors. Below, we will share some tips for choosing a BTC payment gateway provider.

Security level

When choosing a BTC payment gateway provider, it is advisable to evaluate the level of security that the provider’s platform has. It should be noted that a BTC payment Gateway that has solid security measures allows for generating greater confidence in users. Some of the highlighted security measures are data encryption, two-factor authentication, and identity identification, among others.

As we saw in our previous article, when choosing a payment processor, it is important to take into account the security level of the platform, since a system with a high level of security will reduce the chances of users’ financial information being exposed or vulnerable. For this reason, it is essential that companies evaluate the level of security that the provider’s ecosystem has.

Regulations and standards

When choosing a BTC payment gateway, it is advisable to verify that the provider operates in compliance with the different regulations and standards of the financial industry, as this allows to demonstrate that the tool complies with the different financial regulations of the sector, which will avoid legal problems and possible crimes such as fraud, money laundering and financing of terrorist activities.

Level of integration

When choosing a provider, it is advisable to evaluate the level of integration that their payment gateway has with the existing financial systems, which are used to carry out financial transactions and accounting operations. It is important that the payment gateway has add-ons or APIs that facilitate integration with other existing financial tools without requiring complex configurations.

Additional functions and services

When choosing a Bitcoin payment gateway, it is important to know if the provider can offer other complementary financial functions or services. This factor is important since the payment gateway must generally meet the needs of the company or business, so it may be necessary for The provider to have complementary financial tools and services that further simplify asset management, such as dedicated IBAN account services, batch payments, wallets, accounting ledgers, among others.

Customer service and reputation

When choosing a BTC payment gateway, it is advisable to select a provider that can resolve any issues quickly and effectively, as well as offer personalized and professional support. At this point, it is advisable to evaluate the provider’s reputation, reliability, and customer satisfaction level.

To assess the level of customer service, we can contact the provider through their different official digital channels see their response times, and verify the quality of these responses. Regarding reputation, we can see ratings or reviews from other customers/users on official platforms. For example, we can see reviews of their app on Google Play (Android) or App Store (iOS/Apple).

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To address this issue, the European Union created the Digital Operational Resilience Act (DORA), which seeks to generate greater trust in the digital environment, as well as help online platforms in the financial sector to operate smoothly. Below, we will learn more about this law.

What is the European Union’s Digital Operational Resilience Act (DORA)?

The Digital Operational Resilience Act (DORA) is a regulation created by the European Union that seeks to strengthen the security of information and communications technologies (ICT) used by financial institutions.

Why was the DORA law created, and when did it come into effect?

The DORA Law It was created with the aim of ensuring that all financial institutions and companies have the capacity to prevent, resist, recover and adapt to possible problems or incidents related to information and communications technologies.

Although this regulation was enacted on January 16, 2023, it will only come into force on January 17, 2025, and failure to comply with it may result in significant financial penalties, operational disruptions, and damage to the reputation of financial institutions and companies.

Objectives of the DORA law

The European Union hopes that with the implementation of the DORA Law, the following objectives:

Harmonizing regulations

DORA Act aims to create a unified framework for information and communications technology (ICT) risk management across the European Union, thereby reducing regulatory fragmentation and ensuring a consistent approach across Europe.

Strengthening financial stability

With this law, the European Union seeks to strengthen the stability of the financial system, ensuring that financial institutions can prevent, withstand, and recover from any type of disturbance or problem related to the use of information and communications technologies (ICT).

Improving third-party risk management

Since most financial institutions and companies depend on third parties (ICT service providers), which may include the management or storage of information in the cloud and data centers, the European Union seeks (through this law) that financial entities can manage (in a better way) the risks associated with said providers, to guarantee operational resilience in the online environment.

Improve security and oversight of critical third-party vendors

The DORA law aims to supervise information and communications technology service providers in order to ensure compliance with the security standards and regulations of the financial industry. In this way, the security of financial institutions can be improved, which will allow for greater confidence in the market, thanks to greater protection of data and financial transactions.

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Fast and economical transactions

When choosing a USDT payment gateway service provider, it is important to evaluate the speed and efficiency of transactions. Pilsenga stands out in this area, as it offers fast and efficient transaction processing, as well as having competitive rates, especially when compared to other providers or traditional payment methods.

Facilitates conversion between cryptocurrencies and FIAT money

It is important that the payment gateway facilitates the conversion between cryptocurrencies and FIAT money, as this allows the business or merchant to better manage its resources.

Pilsenga ‘s USDT payment gateway, there is the advantage of converting between cryptocurrencies and FIAT money. Pilsenga customers can receive payments in USDT Tether and automatically convert them into FIAT currency (euros or dollars), which will be reflected in the associated IBAN account.

Payment gateway with a high level of security

It is recommended to choose a payment gateway that generates trust and has a high level of security on its platform. In this point, Pilsenga stands out, since its payment gateway is within an ecosystem that has different protocols and security measures, in addition to complying with the main security standards of the financial industry, which allows the platform to have a high level of security and reduce the possibilities of unauthorized access or fraudulent transactions, in addition to protecting the personal or financial data of its users.

Compatibility with other cryptocurrencies

It is important that the payment processor is compatible with other cryptocurrencies, especially the most well-known or globally relevant ones. In this point, Pilsenga stands out, since its USDT payment processor is compatible with other cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH), which expands the potential customer base and offers greater flexibility/convenience for customers and users in general.

Friendly and intuitive interface

It is important that the payment processor has a friendly and intuitive interface since if the platform is difficult to use, you will not be able to take full advantage of all its functions and tools, and it can also create a negative experience for the business/company and its respective customers. Pilsenga stands out in this regard since its USDT payment processor has a platform that has a friendly and intuitive interface, which makes it easy to configure and use, thus improving the user experience and increasing the level of customer satisfaction.

What do you think about this topic? Do you want to know more about the Pilsenga USDT Payment Gateway?

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