🚨 Will MiCA Apply to Your Business? 🚨
🔒 Question 1: Does your business control someone else’s bitcoin?
Control over someone else's bitcoin typically involves either custody or administration. In practice, this means holding the private keys to bitcoin that has been entrusted to you.
⚠️ Businesses commonly involved in the custody or administration of bitcoin include:
— Centralised exchanges and brokers
— Custodial wallet providers
🚫 Key points to note:
— The duration of custody or administration is irrelevant; even temporary control is enough to trigger compliance obligations.
— It does not matter if custody or administration is your primary activity or a secondary aspect of your service offering.
💡 Exemption: Businesses offering non-custodial wallet services are generally not subject to these regulations.
#BitcoinDesk #MiCA #djp #BitcoinLegalAlert
🔒 Question 1: Does your business control someone else’s bitcoin?
Control over someone else's bitcoin typically involves either custody or administration. In practice, this means holding the private keys to bitcoin that has been entrusted to you.
⚠️ Businesses commonly involved in the custody or administration of bitcoin include:
— Centralised exchanges and brokers
— Custodial wallet providers
🚫 Key points to note:
— The duration of custody or administration is irrelevant; even temporary control is enough to trigger compliance obligations.
— It does not matter if custody or administration is your primary activity or a secondary aspect of your service offering.
💡 Exemption: Businesses offering non-custodial wallet services are generally not subject to these regulations.
#BitcoinDesk #MiCA #djp #BitcoinLegalAlert