The Digital Operational Resilience Act (DORA) enhances European Union (EU) financial regulation, requiring entities to bolster their ability to withstand Information and Communication Technology (ICT) disruptions, mitigate cyber risks, and maintain stability across the sector. The new regulation, effective January 17, 2025, was detailed on the DORA website on January 17.
DORA establishes a unified EU framework for managing ICT risks in the financial sector, addressing gaps in existing regulations. It mandates financial entities to implement robust risk management, report incidents, conduct resilience testing, and oversee third-party ICT providers. Aimed at enhancing stability and security across the EU financial system, DORA will come into effect on January 17, 2025.
Reported by Cointelegraph, Matt Sullivan, Deputy General Counsel at MoonPay, said that DORA significantly impacts Markets in Crypto-Assets (MiCA)-licensed crypto firms by imposing stringent cybersecurity and operational resilience requirements. MoonPay has mobilized internal teams to ensure compliance, updating vendor relationships and maintaining a DORA-compliant register. These measures aim to align with DORA’s focus on safeguarding digital asset operations and enhancing investor protection.
According to their website, Binance is actively aligning its operations with the European Union’s MiCA regulation. The company has implemented measures to comply with MiCA’s stablecoin rules, restricting the availability of unauthorized stablecoins for users in the European Economic Area (EEA).
According to its website, the Autorité des Marchés Financiers (AMF) has blacklisted cryptocurrency trading platforms Bitget and BYBIT for non-compliance with French regulations. Neither platform is registered as a Digital Asset Service Provider (DASP), making their services illegal under French law. The AMF warns investors to avoid these platforms and consult its white list of registered providers for compliance and protection.
According to their website, the European Insurance and Occupational Pensions Authority (EIOPA) is an EU financial regulatory body established to oversee the insurance and pensions sectors, promoting stability and public trust. It provides evidence-based advice to EU institutions and ensures consistent supervisory practices to protect policyholders and beneficiaries. EIOPA was founded following the 2008 financial reforms driven by recommendations from the de Larosière High-Level Group to strengthen financial supervision in the EU.
