“Unlocking MiCA” in Zurich
The ‘Unlocking MiCA’ event by Swiss Finance + Technology Association (SFTA) and UZH Blockchain Center presented an unexpected challenge when I received a call on Sunday, a day before the event, asking if I could take over a presentation of German colleague about third country access under MiCA to the European market.
I always say yes first to challanges following my AIESEC experience 😉 “𝙄𝙛 𝙞𝙩 𝙢𝙖𝙠𝙚𝙨 𝙮𝙤𝙪 𝙣𝙚𝙧𝙫𝙤𝙪𝙨, 𝙞𝙩 𝙞𝙨 𝙥𝙧𝙤𝙗𝙖𝙗𝙡𝙮 𝙬𝙤𝙧𝙩𝙝 𝙞𝙩”.
Originally, I was supposed to discuss the revision of Liechtenstein’s Blockchain Act/TVTG in light of MiCA. However, I boldly combined an overview presentation about MiCA, covering #ARTs, #EMTs, and #CASPs, alongside the #TVTG revision and a presentation by Rüdiger Litten on third country access to the EU market under MiCA.
𝗟𝗲𝗴𝗮𝗹 𝘀𝗽𝗼𝗶𝗹𝗲𝗿: for non-EU countries, like #Switzerland, there are limited options available, with even fewer exemptions compared to what was known under MiFID/MiFIR.
Therefore, practical solutions for service providers from such countries, include initiating operations in European countries before MiCA comes into effect to leverage the transition period. They may opt to utilize European offices or establish new ones, such as in Liechtenstein, offering flexible conditions for staff sharing between Swiss and Liechtenstein offices.
Alternatively, they might structure their tokens as financial instruments to benefit from exemptions under MiFID.
We have also discussed what would be first of the USPs of Switzerland of crypto projects post-MiCA and the transition period. It could be Swiss structures or the projects like associations or foundations, known for reflecting DAOs, alongside B2B or institutional service providers like Swiss private banking services and asset manager platforms for crypto or digital assets.
A heartfelt thanks to all participants Jana Essebier, Marco Dell’Erba, Dominik Merz, organizers Timea Nagy Women in Web3 Switzerland (WiW3CH), and University of Zurich for putting together such a fantastic event!
