MiCA Licensing Timeline Extends Beyond Initial Estimates
- The realistic timeline for a MiCA CASP application is between eight to twelve months, surpassing the initial industry estimate of one to three months.
- The formal assessment period of forty working days only begins after a twenty-five-day completeness check by the National Competent Authority (NCA).
- Request for Information (RFI) cycles can add four to eight weeks each, delaying the start of the formal assessment clock.
- Fit and proper assessments, including live interviews with management, can introduce an additional four to six weeks of delay.
- Calendar events such as public holidays and staff leave can add three to six weeks in aggregate delays.
The MiCA licensing process involves several phases that extend beyond initial estimates due to procedural checks and calendar constraints. The complexity and thoroughness required in assessing crypto-asset service providers result in longer authorization times than initially anticipated.
Understanding these extended timelines helps firms better plan their operational readiness and launch strategies around MiCA authorizations, ensuring predictability in regulatory compliance efforts.(Source)
