The Austrian FMA announces full applicability of MiCAR regulation

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The Austrian FMA announces full applicability of MiCAR regulation

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Mr. Helmut Ettl (left) and Mr. Eduard Müller (right), the Financial Market Authority (FMA)’s Executive Board | The Financial Market Authority (FMA)

By Crypto Republique

Jan 11, 2025

The Austrian Financial Market Authority (FMA) has announced the full applicability of the European Union’s Markets in Crypto-Assets Regulation (MiCAR), with the FMA overseeing Austria’s crypto market. This announcement was made in a press release on December 30, 2024.

Starting in 2025, the FMA will focus on licensing crypto-asset service providers (CASPs) to meet strict criteria, including financial stability and transparent business models. MiCAR establishes rules for asset-referenced tokens (ARTs) and e-money tokens (EMTs), requiring issuers to maintain stability and consumer protection standards. The FMA will also enforce clear white papers for crypto-assets and take strong action against unauthorized providers and fraud, collaborating with local and international authorities.

"Our expectation of new supervised entities is that they adopt a consistent 'compliance-first' stance," said the FMA’s Executive Directors Helmut Ettl and Eduard Müller. "This means that abiding by laws, responsible conduct of business, and protection of customers at all times are paramount. The Wild West era in the crypto-markets is over!"

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According to the Autorité des Marchés Financiers (AMF), MiCA regulation mandates that CASPs obtain authorization before offering services. They can do so by getting approval from national authorities or notifying them if they are already authorized under specific statutes. CASPs demonstrating prior compliance with national laws can continue operations until July 1, 2026, while awaiting MiCA authorization. The regulation imposes obligations on CASPs including incorporation requirements, governance standards, client asset protection measures, and complaints handling procedures.

The Austrian Financial Market Authority (FMA), part of the European System of Financial Supervisors (ESFS), oversees Austria's financial market as an independent and integrated supervisory and resolution authority. It ensures compliance with regulatory standards, monitors market activities, and enforces legal provisions to maintain financial stability while protecting investors, creditors, and consumers. Using a risk-based approach, the FMA emphasizes preventive measures and constructive dialogue with market participants while addressing violations through supervisory tools and resolution actions.