{"id":58047,"date":"2026-08-23T20:31:06","date_gmt":"2026-08-23T18:31:06","guid":{"rendered":"https:\/\/www.investglass.com\/mica-solution-for-banks-digital-asset-compliance-blueprint\/"},"modified":"2026-08-23T20:38:57","modified_gmt":"2026-08-23T18:38:57","slug":"mica-solution-for-banks-digital-asset-compliance-blueprint","status":"publish","type":"post","link":"https:\/\/www.investglass.com\/da\/mica-solution-for-banks-digital-asset-compliance-blueprint\/","title":{"rendered":"MiCA Solution for Banks: Digital Asset Compliance Blueprint"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A practical implementation guide for compliance, treasury, custody, risk and technology teams.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banks do not need a separate crypto strategy and compliance strategy. Under the EU Markets in Crypto-Assets Regulation (MiCA), they need one operating model that can identify an in-scope product, select the right regulatory route, protect client assets, evidence control effectiveness and engage supervisors before launch. MiCA creates uniform EU rules for crypto-assets that are not already governed by existing financial-services legislation, while DORA sets the parallel resilience baseline for the ICT estate that supports those services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For an incumbent bank, the differentiator is not the ability to connect to a blockchain. It is the ability to connect governance, client due diligence, key custody, <a href=\"https:\/\/www.investglass.com\/mastering-the-new-product-approval-process-best-practices-and-key-steps\/\" target=\"_self\">product approvals<\/a>, records and supervisory evidence into a controlled service. That is where <a href=\"https:\/\/www.investglass.com\/\" target=\"_self\">InvestGlass<\/a> can support the workflow layer: collecting structured evidence, routing approvals, centralising client records, creating auditable tasks and connecting onboarding to ongoing operational monitoring.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Important: This guide is educational content, not legal advice. MiCA implementation should be validated against the facts of the proposed service, applicable national rules and the expectations of the relevant national competent authority (NCA).<\/p>\n\n\n\n<h2 id=\"h-key-takeaways\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Start with classification: A token and service map should establish whether the product is inside MiCA, outside its scope, or governed primarily by another EU framework.<\/li>\n\n\n\n<li>Use the correct route: A credit institution may use the Article 60 notification pathway for crypto-asset services, but the notice is not a lightweight product launch memo; it requires operational, AML, ICT, client-asset and service-specific evidence.<\/li>\n\n\n\n<li>Treat custody as a control system: Segregation, wallet governance, reconciliations, recovery capability and incident response must work together to protect client ownership rights.<\/li>\n\n\n\n<li>Design compliance into onboarding: KYC, sanctions screening, risk scoring, transfer-information controls and case management should be joined-up from the first client interaction.<\/li>\n\n\n\n<li>Run DORA and MiCA as one programme: Governance, incident response, resilience testing and ICT third-party risk should be built once and used across the digital-asset proposition.<\/li>\n\n\n\n<li>Pilot before scale: A limited, tightly governed product pilot provides evidence for the NCA and identifies gaps before the service reaches meaningful client volume.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"67\" src=\"https:\/\/www.investglass.com\/wp-content\/uploads\/2026\/08\/mica-implementation-blueprint-1024x67.png\" alt=\"\" class=\"wp-image-58070\" srcset=\"https:\/\/www.investglass.com\/wp-content\/uploads\/2026\/08\/mica-implementation-blueprint-1024x67.png 1024w, https:\/\/www.investglass.com\/wp-content\/uploads\/2026\/08\/mica-implementation-blueprint-300x20.png 300w, https:\/\/www.investglass.com\/wp-content\/uploads\/2026\/08\/mica-implementation-blueprint-765x50.png 765w, https:\/\/www.investglass.com\/wp-content\/uploads\/2026\/08\/mica-implementation-blueprint-1536x100.png 1536w, https:\/\/www.investglass.com\/wp-content\/uploads\/2026\/08\/mica-implementation-blueprint-18x1.png 18w, https:\/\/www.investglass.com\/wp-content\/uploads\/2026\/08\/mica-implementation-blueprint-scaled.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Figure 1. A six-stage MiCA implementation blueprint for banks. Source: InvestGlass editorial framework, based on MiCA Article 60, DORA and related supervisory standards.<\/p>\n\n\n\n<h3 id=\"h-content-upgrade-bank-mica-evidence-pack\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Content_upgrade_Bank_MiCA_Evidence_Pack\"><\/span>Content upgrade: Bank MiCA Evidence Pack<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Build a reusable evidence pack containing the service map, product-classification record, governance matrix, client-asset policy, ICT architecture, AML risk assessment, business-continuity plan and approval log. Use this article\u2019s templates as the starting point, then tailor them to the bank\u2019s legal entity, product and NCA.<\/p>\n\n\n\n<h2 id=\"h-crypto-assets-mica-what-is-in-scope-and-how-should-a-bank-classify-it\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Crypto_Assets_MiCA_what_is_in_scope_and_how_should_a_bank_classify_it\"><\/span>Crypto Assets MiCA: what is in scope and how should a bank classify it?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">MiCA regulates crypto-assets that are not already subject to EU financial-services rules, and it divides the in-scope universe into asset-referenced tokens (ARTs), e-money tokens (EMTs) and other crypto-assets; enacted in June 2023 across the European Union, the MiCA regulation is the core regulatory framework for digital asset markets. The classification question comes before licensing, architecture or vendor selection because the answer determines the issuer obligations, service permissions, disclosure standards and supervisory engagement route.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MiCA means Markets in Crypto-Assets, and it standardises rules across member states. <em>&#8220;MiCA defines a crypto-asset broadly as a digital representation of value or rights that can be transferred and stored electronically using distributed ledger technology or similar technology.&#8221;<\/em> The practical bank test is not whether a label says \u201ctoken\u201d, \u201cstablecoin\u201d or \u201cdigital coin\u201d. It is whether the economic rights, stabilisation mechanism, transferability and planned service activity match a regulatory category.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A product team should not treat the classification workstream as a one-off legal opinion stored in a shared drive. It should create a controlled record that states the token facts, relevant legal analysis, decision owner, supporting documents, date of review and event triggers for re-assessment. A client-facing workflow in InvestGlass can hold the structured questionnaire, evidence requests and approval history alongside the client or product record, making updates traceable when the instrument or service changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banks should distinguish issuer or token categories from service-provider status, because the regime covers ARTs, EMTs and authorised CASPs differently within the wider regulatory framework.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th colspan=\"1\" rowspan=\"1\"><p>Category<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Core MiCA test<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Typical bank question<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Primary consequence<\/p><\/th><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Asset-referenced token (ART)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Purports to maintain a stable value by referencing another value or right, or a combination of these, including one or more official currencies.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Is the value anchored to a basket, commodity, crypto-assets or a mixed reference set?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Title III rules apply; issuance, reserve, governance, redemption and disclosure obligations are central.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>E-money token (EMT)<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Purports to maintain a stable value by reference to the value of one official currency.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Is this a digital euro-, pound- or dollar-denominated token intended to operate like electronic money?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Title IV applies; the token is treated as electronic money and issuance is limited to credit institutions or electronic-money institutions.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Other crypto-asset<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>In-scope crypto-asset that is neither an ART nor an EMT.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Is the proposed token a transferable utility or other crypto-asset with no stabilisation promise?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Title II white-paper and conduct requirements may apply to an offer or admission to trading, and issuers may need to publish standardised whitepapers describing project mechanics and risks.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Outside MiCA \/ other EU regime<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>The asset qualifies as a financial instrument, deposit, fund (subject to the EMT exception), securitisation position, insurance or pension product, or falls within another statutory exclusion.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Is the tokenised form merely a new technology wrapper for an already regulated instrument or product?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Apply the relevant existing framework; document the basis for exclusion from MiCA.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Unique and non-fungible crypto-assets, including certain digital art or collectibles, can be outside MiCA where their uniqueness and non-fungibility are genuine. A bank should nevertheless examine fractionalisation, series issuance and functional similarity rather than relying on an \u201cNFT\u201d label alone. ESMA has also published guidance on the conditions and criteria relevant to the qualification of crypto-assets as financial instruments, which reinforces the value of a documented classification process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro tip: Make token classification a gated product-approval requirement. The product owner should be unable to proceed to client communications, onboarding configuration or vendor contracting until legal, compliance, risk and technology owners have accepted the classification record.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For wider operating-model context, connect this decision to your <a href=\"https:\/\/www.investglass.com\/digital-onboarding\/\" target=\"_self\">digital-onboarding strategy<\/a> so that client eligibility, disclosures and risk questions are configured only after the product\u2019s regulatory perimeter is agreed.<\/p>\n\n\n\n<h2 id=\"h-which-bank-activities-make-you-a-casp-and-when-does-article-60-apply\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_bank_activities_make_you_a_CASP_and_when_does_Article_60_apply\"><\/span>Which bank activities make you a CASP, and when does Article 60 apply?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A crypto-asset service provider (CASP) is a person whose business is to provide one or more listed crypto-asset services to third parties on a professional basis. The label is activity-based: banks, crypto firms and other entities can fall into the regime when offering crypto services professionally through custody, exchange, trading-platform operation, order execution, advice, portfolio management or transfer services, even when digital assets are only one component of a broader proposition.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The services listed by MiCA include custody and administration of crypto-assets on behalf of clients; operating a trading platform, including integrated trading platforms linked to custody and settlement flows; exchange for funds or other crypto-assets; execution, placing, reception and transmission of orders; crypto-asset advice; portfolio management; and transfer services. A well-designed service map should link each planned client journey, business process and revenue line to this list, specify the legal entity delivering it and identify the systems and outsourced providers involved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a credit institution, the important distinction is between the Article 60 notification pathway and a standalone CASP authorisation. &#8220;<em>Article 60 permits a credit institution to provide crypto-asset services if it notifies the information specified in the provision to its home-state competent authority at least 40 working days before first providing those services.&#8221;<\/em> Traditional banks entering the crypto space still sit within the MiCA framework when providing crypto services. The NCA reviews whether the notification is complete; an incomplete file prevents the service from beginning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cA credit institution may provide crypto-asset services if it notifies the information referred to in paragraph 7 to the competent authority of its home Member State at least 40 working days before providing those services for the first time.\u201d \u2014 MiCA Article 60(1).<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The notification route does not eliminate Title V conduct, prudential, governance and safeguarding expectations. It changes the route to market for a supervised bank. A newly established entity, or a firm that does not fall within the Article 60 categories, generally needs to pursue authorisation as a CASP under MiCA\u2019s Title V regime. The correct decision requires an activity-by-activity analysis, particularly where a banking group uses multiple legal entities or intends to passport a service.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th colspan=\"1\" rowspan=\"1\"><p>Proposed bank activity<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>MiCA service mapping<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Likely regulatory workstream<\/p><\/th><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Safeguarding clients\u2019 private keys and executing authorised wallet movements<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Custody and administration<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Article 60 notification for a credit institution; custody policy, asset segregation, wallet controls and reconciliation evidence.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Buying or selling crypto-assets for clients against fiat<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Exchange of crypto-assets for funds; potentially execution of orders<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Article 60 notification and service-specific pricing, execution, conduct and AML controls.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Operating a client trading venue<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Operation of a trading platform<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Article 60 notification; platform rules, market-abuse detection, order and trade records, settlement controls.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Building crypto exposure into discretionary mandates<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Portfolio management on crypto-assets<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Article 60 notification; suitability, mandate controls, valuation, execution and client-reporting design.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Sending assets to a client\u2019s external wallet<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Transfer services for crypto-assets<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Article 60 notification; travel-rule, sanctions, wallet-risk and transfer-authorisation controls.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A bank should also avoid confusing regulatory permissions with risk appetite. Even if a service can be notified, the management body must still decide whether it aligns with the bank\u2019s client segment, capital and liquidity limits, custody strategy, distribution model, operational resilience and financial-crime risk appetite. The <a href=\"https:\/\/www.investglass.com\/crypto-services\/\" target=\"_self\">InvestGlass crypto-services workflow<\/a> can help teams bring these approvals and supporting evidence into a single auditable sequence rather than managing them through disconnected email threads, and entities that have obtained MiCA authorisation may passport across member states while Article 60 banks need to assess their own route carefully.<\/p>\n\n\n\n<h2 id=\"h-how-should-banks-choose-the-licence-route-and-prepare-an-nca-ready-file\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_should_banks_choose_the_licence_route_and_prepare_an_NCA-ready_file\"><\/span>How should banks choose the licence route and prepare an NCA-ready file?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Banks should plan their route to market around evidence quality, not the statutory minimum notice period. Article 60 provides an avenue for credit institutions, but the notification must demonstrate a credible operating model and evidence file for MiCA compliance across operations, AML\/CFT, ICT, client-asset protection, custody, platform conduct and, where relevant, staff competence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a standalone CASP authorisation, MiCA requires an application to the home-state NCA that should sit within a practical compliance roadmap for the target service and demonstrate the applicant can satisfy the Title V framework. The application process includes completeness and substantive assessment stages under the Regulation. An existing credit institution using Article 60 should map the exact same evidence areas, then identify which existing prudential records remain accurate and which must be supplemented for the crypto-asset service.<\/p>\n\n\n\n<h3 id=\"h-article-60-notification-the-essential-evidence\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Article_60_notification_the_essential_evidence\"><\/span>Article 60 notification: the essential evidence<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">MiCA Article 60(7) expressly calls for a programme of operations; AML\/CFT controls and risk assessment; business-continuity planning; technical documentation and a non-technical description of ICT systems and security arrangements; procedures for client-asset and client-fund segregation; and service-specific materials. For custody, that includes the custody and administration policy. For a trading platform, it includes platform rules and market-abuse controls. For exchange and execution, it includes commercial, pricing and execution-policy information.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commission Delegated Regulation (EU) 2025\/303 adds useful granularity for notified financial entities. It expects, among other matters, a three-year programme of operations, stress scenarios in forecast accounting plans, detailed business-continuity information, AML\/CFT arrangements and detailed information about ICT systems, security and outsourcing.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td colspan=\"1\" rowspan=\"1\"><p>Workstream<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>What the NCA needs to understand<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Evidence that should be ready<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Service and client model<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Which services, tokens, countries and client types are in scope; how they will be marketed and delivered.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Three-year programme of operations, client-segment analysis, service maps, marketing governance and capacity assumptions.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Governance and risk<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Who owns decisions, controls and escalation; how risks fit within the bank\u2019s framework.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Board approvals, risk appetite, committee terms of reference, policies, control inventory, MI and issue-management process.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Financial crime<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>How the bank identifies and monitors ML\/TF and sanctions risk.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Product risk assessment, KYC standard, wallet and transaction-monitoring design, alert playbooks, suspicious-activity escalation.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Technology and outsourcing<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Whether the architecture is secure, resilient and governable.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>System description, data flows, security architecture, HSM or key-management design, vendor due diligence, contracts, continuity and exit plans.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Client protection<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>How ownership rights, disclosures, complaints, conflicts and fair treatment are protected.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Client-asset segregation procedure, custody terms, conflict register, complaints route, client communications and testing evidence.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"h-a-practical-timetable\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_practical_timetable\"><\/span>A practical timetable<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Plan the formal NCA clock backwards from a realistic evidence-complete date, not an aspirational launch date. A six-to-nine-month preparation window is often more credible for a first material service, although the appropriate duration depends on scope, existing capabilities, outsourcing and the NCA\u2019s approach. The statutory notification requires at least 40 working days before first service provision, while the NCA has a 20-working-day completeness check and may set a deadline for missing information; the 40-working-day period is suspended while an incomplete notification is being completed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro tip: Hold an early, non-binding pre-filing discussion with the NCA where local practice allows. Bring a two-page service map, legal-entity chart, intended route, token classifications, client segments, technology architecture and a transparent list of unresolved questions. This reduces the chance that a fundamental design issue appears after the formal file is submitted.<\/p>\n\n\n\n<h3 id=\"h-content-upgrade-article-60-notification-tracker\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Content_upgrade_Article_60_notification_tracker\"><\/span>Content upgrade: Article 60 notification tracker<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Use one record for each evidence item with an accountable owner, legal reference, source-system link, version, approval status, NCA response and renewal\/review date. InvestGlass can support this with controlled forms, approvals, task routing and a central audit history.<\/p>\n\n\n\n<h2 id=\"h-arts-and-emts-what-is-the-operational-difference-for-banks\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ARTs_and_EMTs_what_is_the_operational_difference_for_banks\"><\/span>ARTs and EMTs: what is the operational difference for banks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The key distinction is the stabilisation reference. An EMT aims to maintain value by reference to one official currency; an ART may reference another value or right, or a combination of values or rights. That distinction affects who can issue, the reserve model, redemption obligations, governance and supervision.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A common product error is to call every value-stable token a \u201cstablecoin\u201d and give it a single governance treatment. A euro-referenced EMT and a token referencing a basket of currencies, securities, commodities or other crypto-assets present materially different regulatory and control questions. Where banks support stablecoin issuance, the operating model should distinguish reserve, custody and client-access design choices. The treasury function should therefore own a product-specific reserve and liquidity analysis rather than accept a generic \u201cfully backed\u201d assertion.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th colspan=\"1\" rowspan=\"1\"><p>Design dimension<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>E-money token (EMT)<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Asset-referenced token (ART)<\/p><\/th><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Reference value<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>One official currency, typically one of the relevant fiat currencies.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Another value\/right or a combination, which may include official currencies, commodities or crypto-assets.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Issuer eligibility<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Only a credit institution or electronic-money institution may offer to the public or seek admission to trading.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Generally requires an authorised EU legal person, subject to the specific MiCA framework and credit-institution provisions.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Core product promise<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Electronic-money-like claim, with value stabilised against the official currency.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Value stabilisation against the defined reference basket or right.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Reserve focus<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Funds received in exchange and electronic-money safeguarding \/ prudential framework, together with MiCA obligations.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Reserve of assets, custody, investment, segregation, valuation, liquidity and redemption arrangements.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Client communication priority<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Redemption at par and clear statement of the issuer, currency reference, risks and rights.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Stabilisation methodology, reserve composition and risks, redemption mechanics, conflicts and market-stress disclosures.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Custody models may also vary by target market, with institutional-grade custody favouring cold storage for security and retail-facing models often using hot storage for convenience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The EBA is responsible for developing and maintaining a substantial part of the ART\/EMT supervisory framework. Its MiCA material includes standards and guidance on authorisation information, governance, conflicts, own funds, liquidity, recovery, redemption planning and reporting. The operational takeaway is straightforward: do not define the reserve as a static treasury asset list. Define it as a controlled operating process with eligibility criteria, custody, valuation, concentration limits, liquidity monitoring, stress testing, escalation and transparent reporting.<\/p>\n\n\n\n<h2 id=\"h-how-should-a-bank-prepare-an-emt-issuance-and-supervision-model\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_should_a_bank_prepare_an_EMT_issuance_and_supervision_model\"><\/span>How should a bank prepare an EMT issuance and supervision model?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An EMT programme should be designed as an electronic-money proposition with token-specific controls, not as a technology project with a reserve account added later. Under MiCA, an EMT is deemed to be electronic money; only a credit institution or <a href=\"https:\/\/www.investglass.com\/explaining-what-is-emi-electronic-money-institution-navigating-digital-finance\/\" target=\"_self\">electronic-money institution<\/a> may offer it to the public or seek its admission to trading, and the framework includes redemption and disclosure requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A practical EMT programme has four linked documents: the white paper, reserve and safeguarding plan, redemption procedure and client-disclosure suite. The documents should be internally consistent. If the white paper describes instant redemption but the operating model depends on manual treasury cut-offs or a third-party <a href=\"https:\/\/www.investglass.com\/how-to-start-a-liquidity-provider-a-founders-guide-to-becoming-a-market-maker-2\/\" target=\"_self\">liquidity provider<\/a>, the bank has a design gap before it has a marketing problem.<\/p>\n\n\n\n<h3 id=\"h-sample-emt-white-paper-structure\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sample_EMT_white-paper_structure\"><\/span>Sample EMT white-paper structure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Use the following outline as an internal drafting template, then validate it against the applicable MiCA content, notification and technical-format requirements. ESMA notes that MiCA white-paper formatting requirements, including iXBRL format, entered into application on 23 December 2025.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td colspan=\"1\" rowspan=\"1\"><p>White-paper section<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Drafting purpose<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Control owner<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Issuer identity and accountability<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Identify the issuing entity, governance, authorisations and contact points.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Legal and compliance<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Token description and rights<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Define the official currency reference, token functionality, transfer restrictions, holder rights and redemption terms.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Product and legal<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Technology and security<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Explain DLT architecture, smart-contract controls, key-management model, audit approach and material ICT dependencies.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Technology and security<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Reserve \/ safeguarding model<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Describe how funds and assets are received, held, protected, reconciled and made available for redemption.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Treasury and finance<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Risk factors<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Set out technology, operational, liquidity, legal, market, cyber, third-party and client risks in clear language.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Risk and legal<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Sustainability and disclosures<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Provide required information in the prescribed form and maintain ownership for updates.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Compliance and ESG \/ product<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The reserve custody plan should specify the legal ownership model, account structure, permitted assets or funds, settlement timing, intraday liquidity, concentration limits, custodian due diligence, valuation, reconciliation, audit access and failure scenarios. The redemption procedure should explain who may redeem, at what value, through which channel, with what identity checks, within what operational timeframe and how exceptions are handled. It should also cover whether third-party distributors are involved and how the bank can stop or constrain activity if compliance or technology triggers require it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pro tip: Reconcile the token supply, reserve position and redemption liability daily at a minimum, and define intraday controls that match the expected settlement speed and risk profile. A reconciliation that is technically correct but arrives after a fast-moving client event is not an effective client-protection control.<\/p>\n\n\n\n<h2 id=\"h-what-custody-controls-are-essential-for-digital-asset-custody\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_custody_controls_are_essential_for_digital-asset_custody\"><\/span>What custody controls are essential for digital-asset custody?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Digital-asset custody and <strong>crypto custody<\/strong> are a complete control environment: they must preserve client ownership, secure the means of access, record entitlements accurately and enable timely return of assets. Article 70 safeguards client ownership rights, and the Article 60 notification materials expressly require segregation procedures and, for a custody service, the custody and administration policy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The custody policy should separate four things that are often conflated: the client\u2019s legal entitlement, the blockchain address, the cryptographic key or signing capability, and the bank\u2019s internal books and records, with <strong>strict segregation<\/strong> across legal entitlement, wallet structure, keys and internal books. A client asset may be held using an omnibus wallet structure, but the bank still needs a clear, current internal record of each client\u2019s entitlement, the wallet movement history and the controls that protect <strong>client holdings<\/strong> from the bank\u2019s own positions and prevent proprietary use or unauthorised transfers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commission Delegated Regulation (EU) 2025\/303 is explicit about the purpose: segregation of clients\u2019 crypto-assets and funds protects clients from losses at the CASP and misuse of their assets or funds; it notes that safeguarding obligations apply even to firms that do not provide <strong>custody services<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th colspan=\"1\" rowspan=\"1\"><p>Custody-control domain<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Minimum control objective<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Example evidence<\/p><\/th><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Segregation<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Client assets and funds are distinguishable from the bank\u2019s own positions and from other client entitlements in books and records, and custody services preserve strict segregation of client holdings from proprietary assets.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Wallet\/account design, entitlement ledger, segregation policy, daily exception report.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Authorisation<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>No asset movement occurs without validated client instruction and authorised bank approval.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Signing matrix, maker-checker logs, client authentication record, transaction-approval audit trail.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Key security<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Private-key exposure is reduced and signing is performed through hardened, governed mechanisms.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>HSM or MPC design, key ceremony record, access reviews, device inventory and security tests.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Reconciliation<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Internal client entitlements, wallet balances, transaction ledger and blockchain data agree; exceptions are resolved promptly.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Daily reconciliation, break log, ageing report, independent review sign-off.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Return and recovery<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>The bank can return assets or maintain access during stressed conditions, including vendor outage or staff unavailability.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Recovery playbook, tested backup process, vendor exit plan, recovery exercise report.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Auditability<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>A complete, tamper-evident record supports internal audit, client enquiry and regulatory review.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Immutable logs, retention schedule, privileged-access trail, sample transaction evidence.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">For client operations, use <a href=\"https:\/\/www.investglass.com\/collaborative-portal\/\" target=\"_self\">InvestGlass\u2019s collaborative portal<\/a> to collect wallet-whitelisting requests, supporting evidence and client confirmations in a controlled channel. Account takeover, phishing and AI-enabled impersonation fraud are growing risks in custody operations. The operational team should never regard email alone as a sufficient control for high-risk beneficiary changes or transfers.<\/p>\n\n\n\n<h2 id=\"h-how-do-dual-control-hsms-and-recovery-procedures-work-in-a-bank-custody-model\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_dual_control_HSMs_and_recovery_procedures_work_in_a_bank_custody_model\"><\/span>How do dual control, HSMs and recovery procedures work in a bank custody model?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Key management should enforce separation of duties so that no person can create, approve and execute a material client-asset movement or related transactions alone. Multi-signature, multi-party computation (MPC) and hardware security modules (HSMs) are technical mechanisms; the control outcome comes from combining them with a documented authority matrix, independent review, change controls and tested recovery.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A robust dual-control design begins with role definition. The service desk verifies the instruction against the client mandate and risk signals. An operations maker prepares the transaction. An independent approver checks the destination, amount, policy limits, chain, fee settings, sanctions \/ <a href=\"https:\/\/www.investglass.com\/top-strategies-for-effective-aml-transaction-monitoring\/\" target=\"_self\">transaction-monitoring<\/a> outcome and transaction fees where relevant to the mandate. A separate privileged-administration function manages wallet policies, keys and signers. Technology security monitors the underlying infrastructure, while risk owns the exception taxonomy and escalation thresholds.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th colspan=\"1\" rowspan=\"1\"><p>Scenario<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Preventive control<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Detective control<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Recovery \/ escalation<\/p><\/th><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>New external wallet address<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Client authentication, cooling-off period, risk scoring and dual approval.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Daily report of newly whitelisted addresses and changes.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Freeze address, validate with client via independent channel, investigate anomaly.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>High-value outbound transfer<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Limits, policy engine, two authorised signers and transaction-screening clearance.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Real-time alert for out-of-pattern amount, chain or beneficiary.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Stop or delay transfer when contractually possible; invoke incident process.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Key rotation<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Formal change record, key-ceremony procedure, independent witnesses and pre-approved rollback plan.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Key inventory reconciliation and post-change access review.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Roll back through tested recovery materials; notify control owners if service integrity is affected.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Signing-device or HSM outage<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Resilient architecture, segregated backup capability and tested secondary procedures.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Health monitoring and failed-signature alerts.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Invoke business-continuity plan; use governed recovery path with elevated approvals.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Key rotation and emergency recovery are often treated as technical runbooks. They must also be compliance documents. Each event should record the reason, scope, approval, authorised participants, timing, post-event verification and any client or supervisory communication assessment. The same discipline applies across different <a href=\"https:\/\/www.investglass.com\/top-custodial-platforms-for-your-investment-needs\/\" target=\"_self\">custody solutions<\/a> and custody models, which are design choices rather than exceptions to separation-of-duties and recovery expectations. The aim is to prove not simply that the bank can move an asset, but that it can preserve client rights and control integrity when normal operations are unavailable.<\/p>\n\n\n\n<h2 id=\"h-how-should-aml-compliance-and-financial-crime-controls-be-built-into-digital-asset-services\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_should_AML_compliance_and_financial-crime_controls_be_built_into_digital-asset_services\"><\/span>How should AML compliance and financial-crime controls be built into digital-asset services?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Banks should integrate crypto-asset controls into their enterprise AML\/CFT framework, then add blockchain-specific risk signals where they improve detection and investigation. Article 60 requires internal-control mechanisms, policies and procedures for compliance with national AML law, plus a <a href=\"https:\/\/www.investglass.com\/money-laundering-definition\/\" target=\"_self\">money-laundering<\/a> and terrorist-financing risk-assessment framework.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The model should begin with a documented product and customer risk assessment. Consider client type, beneficial ownership, geographic exposure, product functionality, transaction size and frequency, use of self-hosted wallets, source of wealth and funds, delivery channel, token type, sanctions exposure and service-provider dependencies. The outputs should drive onboarding requirements, monitoring intensity, approval thresholds and escalation triggers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The EU \u201ctravel rule\u201d framework is an essential operational component for transfers. EBA Guidelines under Regulation (EU) 2023\/1113 specify the steps that CASPs and intermediary CASPs should take to detect missing or incomplete information accompanying crypto-asset transfers and the procedures for transfers that lack required information; the Guidelines apply from 30 December 2024.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td colspan=\"1\" rowspan=\"1\"><p>Financial-crime control<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Digital-asset application<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Operating evidence<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>KYC and beneficial ownership<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Validate customer identity, legal entity, controllers, mandate holders and risk profile before enabling services.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Digital onboarding evidence, document-verification results, beneficial-owner record, periodic-review tasks.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Wallet \/ address intelligence<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Use risk indicators to identify links to illicit activity, high-risk services, sanctions concerns or typologies.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Alert rationale, data-provider record, investigator decision and quality-assurance sample.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Transaction monitoring<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Combine blockchain movement data with fiat flows, client behaviour and expected activity.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Scenario logic, alert queue, case notes, disposition, tuning and management information.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Travel-rule controls<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Validate required originator and beneficiary information, detect missing data and define reject \/ hold \/ risk-escalation procedures.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Transfer message record, exception log, counterparty communication, final decision.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Suspicious activity reporting<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Escalate potentially suspicious activity promptly through the bank\u2019s established reporting process.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Case chronology, evidence bundle, MLRO decision, filing record and confidentiality control.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A central client record is the bridge between KYC and transaction monitoring. The <a class=\"text-[var(--text-blue)] hover:opacity-80 active:opacity-60 clickable\" href=\"https:\/\/www.investglass.com\/kyc\/\" target=\"_self\">InvestGlass KYC workflow<\/a> can help teams capture client facts, tasks, reviews and approvals in one place, while specialist screening and analytics tools contribute risk signals through integrated processes. The system should make the decision trail legible to a reviewer: what the alert was, what information was available at the time, who made the decision and why.<\/p>\n\n\n\n<h2 id=\"h-how-should-a-bank-engage-competent-authorities-and-supervisors\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_should_a_bank_engage_competent_authorities_and_supervisors\"><\/span>How should a bank engage competent authorities and supervisors?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Supervisory engagement should be a disciplined programme of transparent evidence-sharing, not a one-off submission. A well-prepared bank is clear about its service scope, explains its judgement calls, separates completed controls from planned remediation and provides a single source of truth for evidence owners and versions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Start by naming an executive sponsor and a day-to-day regulatory lead. The sponsor owns the strategic decision and ensures senior-management accountability. The regulatory lead owns the filing narrative, question log, evidence register and internal challenge process. Each workstream lead should certify the accuracy and currency of their material before it is included in a formal NCA package.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A pre-filing meeting should focus on matters where early supervisory perspective can help: classification of a novel instrument; intended use of Article 60; group and outsourcing model; cross-border service plan; custody architecture; EMT or ART design; and how the bank will use existing prudential controls. Do not ask the NCA to design the product. Show a reasoned design, identify the points that need confirmation and arrive with the responsible executives present.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Evidence-pack standard: Every artefact should have a title, owner, version, approval status, effective date, legal \/ policy basis, a description of which requirement it supports, and a link to the underlying source. A strong evidence pack answers the reviewer\u2019s next question before it is asked.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Build a supervisory response room before submission. It should include a master index, formal-file version, question-and-answer log, decision register, artefact owners, response SLAs and an executive escalation path. The InvestGlass automation and approval tools can make this process more reliable by assigning evidence requests, recording approvals and preserving a full change history.<\/p>\n\n\n\n<h2 id=\"h-what-technology-resilience-and-third-party-risk-controls-are-required\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_technology_resilience_and_third-party-risk_controls_are_required\"><\/span>What technology, resilience and third-party-risk controls are required?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Digital Operational Resilience Act (DORA) should be the resilience backbone for a bank\u2019s crypto-asset service. It applies to banks and crypto-asset service providers and has applied since 17 January 2025. Its framework covers ICT risk management, ICT <a href=\"https:\/\/www.investglass.com\/what-is-a-incident-reporting-software\/\" target=\"_self\">incident management and reporting<\/a>, resilience testing and ICT third-party risk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Digital-asset services have dependencies that ordinary banking systems may not: blockchain nodes, custody platforms, wallet software, MPC or HSM providers, blockchain-analytics services, price-data sources, token smart contracts, bridge infrastructure and specialist cloud components. Each dependency should be mapped to the client service it supports, the data and keys it touches, the failure modes it creates and the fallback or exit approach. MiCA and DORA should be treated as parallel requirements in the wider framework for digital-asset markets, supporting consumer protection, market integrity and financial stability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DORA requires internal governance and control measures for prudent ICT-risk management, management-body responsibility, documented ICT-risk frameworks, business continuity, backup and restoration procedures, incident classification and reporting, testing and third-party-risk management. It also requires a comprehensive testing programme, with threat-led penetration testing at least every three years for in-scope firms under the applicable risk-based conditions.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th colspan=\"1\" rowspan=\"1\"><p>Resilience domain<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Bank design question<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Practical test<\/p><\/th><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Architecture resilience<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Can the bank continue critical custody and client-information functions if a node, cloud region or vendor fails?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Failover and restoration exercise; evidence of recovery time and data integrity.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Key and privileged access<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Can a compromise of an administrator, signer or integration key be contained?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Compromise simulation, access revocation, credential rotation and investigation drill.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Data integrity<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Can the internal entitlement ledger be reconciled against on-chain data after disruption?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Restore-and-reconcile test with documented exception handling.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Third-party exit<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Can the bank retrieve client data, maintain access to assets and migrate operations if a provider fails?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Contractual exit test, data-export sample, recovery-material verification and alternative-provider assessment.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Incident communications<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Who decides what to tell clients, the NCA, counterparties and internal stakeholders?<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Table-top scenario covering cyber compromise, erroneous transfer or network disruption.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The control design should link the DORA inventory to the MiCA evidence pack. A one-off spreadsheet for outsourcing and a separate one for MiCA notification introduce avoidable inconsistency. Use your <a href=\"https:\/\/www.investglass.com\/dora-governance-and-compliance\/\" target=\"_self\">DORA governance and compliance resources<\/a> to structure ownership, policy acknowledgements, tests, issues and remediation across the same operating model.<\/p>\n\n\n\n<h2 id=\"h-what-is-a-workable-mica-implementation-roadmap-for-a-financial-institution\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_workable_MiCA_implementation_roadmap_for_a_financial_institution\"><\/span>What is a workable MiCA implementation roadmap for a financial institution?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A credible roadmap is a practical MiCA compliance and operating-model plan for banks offering digital asset services, moving from scope and design to controlled pilot and scalable operating model, with senior management accountable at every stage. The order matters: launching an integration before agreeing token classification, service permissions or custody ownership creates rework and weakens the supervisory narrative.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><th colspan=\"1\" rowspan=\"1\"><p>Phase<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Primary outcome<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Leadership accountability<\/p><\/th><th colspan=\"1\" rowspan=\"1\"><p>Illustrative deliverables<\/p><\/th><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>1. Readiness assessment<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>A fact-based gap view of products, entities, controls and dependencies, forming a formal compliance roadmap for launching digital-asset services on a level playing field with more established market participants.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Executive sponsor; compliance and risk.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Service inventory, token classification, regulatory-route memo, gap assessment, initial risk appetite.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>2. Target operating model<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Agreed governance, service design, architecture and control catalogue.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Management body \/ delegated committee.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>RACI, policies, vendor strategy, client journey, control design, reserves \/ treasury framework where relevant.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>3. Evidence build and NCA engagement<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>NCA-ready documentation and clear open-item management.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Regulatory lead and workstream owners.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Article 60 notification or authorisation file, evidence register, pre-filing materials, training plan.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>4. Controlled pilot<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Tested service with limited client and product scope.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Product, operations, security and financial-crime leads.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Pilot criteria, transaction limits, monitoring, reconciliation, incident exercises, independent assurance.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>5. Scale and assurance<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Measured expansion with continuous compliance and resilience testing.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Senior management and internal audit.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>MI pack, remediation plan, periodic reviews, vendor reassessment, internal audit, regulatory reporting.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Digital assets should be treated as an asset class requiring the same disciplined governance, risk management and supervisory evidence as other bank products.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The readiness assessment should identify the highest-risk gaps first. Typical examples include lack of a formal asset-segregation policy, unclear private-key ownership, untested recovery processes, incomplete travel-rule data handling, unsynchronised client risk records and vendor contracts without appropriate audit, continuity or exit rights. The output should rank every finding by client impact, regulatory impact, likelihood, remediation complexity and accountable owner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Senior management should receive a short monthly dashboard that shows scope decisions, control readiness, open policy approvals, NCA engagement, pilot metrics, high-severity incidents, reconciliation breaks, AML alert ageing, vendor risks and overdue remediation. This converts the programme from a legal deliverable into an operating service that leaders can manage.<\/p>\n\n\n\n<h2 id=\"h-how-should-a-bank-run-a-limited-emt-pilot-and-integrate-it-safely\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_should_a_bank_run_a_limited_EMT_pilot_and_integrate_it_safely\"><\/span>How should a bank run a limited EMT pilot and integrate it safely?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A pilot should prove client protection and control operation under realistic but bounded conditions. Start with a constrained client cohort, a single legal entity, a defined currency and token, approved wallet types, transaction and exposure limits, controlled distribution channels and explicit stop criteria.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a limited EMT pilot, agree the redemption experience before the first issuance. Test issuance, transfer, redemption, failed transfer, compromised credentials, wallet-address change, reserve reconciliation, sanctions hit, vendor outage, client complaint and an extreme demand scenario. Record results, defects, accountable owners and re-test dates. Treasury should participate in every exercise that tests reserve availability or redemption timing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.investglass.com\/next-generation-core-banking-modernization-with-core-systems-cloud-native-platforms-composable-architecture-and-a-better-customer-experience-on-your-banking-platform\/\" target=\"_self\">Integration with core banking<\/a> should use a clear data contract. The core ledger, token ledger, client-account record, reserve records, fee engine, AML monitoring, financial reporting and client portal must agree on identifiers, event timing, source-of-truth hierarchy, reconciliation rules and error handling. Do not expose a client balance in a portal until the underlying reconciliation and status rules are understood.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prior to wider rollout, commission independent assurance. Depending on the programme, this could include internal audit, security testing, smart-contract audit, external controls assurance or a targeted legal and compliance review. Assurance should test design and operating effectiveness. A polished policy is not evidence that a transfer workflow, key-recovery procedure or client-assets reconciliation has worked under stress.<\/p>\n\n\n\n<h3 id=\"h-illustrative-playbook-a-controlled-bank-custody-pilot\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Illustrative_playbook_a_controlled_bank_custody_pilot\"><\/span>Illustrative playbook: a controlled bank custody pilot<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Consider a hypothetical bank launching custody and transfer services for professional clients. It limits the pilot to three pre-approved assets, ten clients, whitelisted wallets and daily transfer caps. Each transfer needs dual approval, blockchain analytics clearance and completed travel-rule data. A daily reconciliation links each client entitlement to wallet balances and blockchain movements; unresolved breaks are escalated before the next business day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bank measures more than growth. It measures reconciliation break ageing, percentage of transfers with complete data, alert-investigation time, approval exceptions, recovery-test results, client complaints, vendor availability and evidence-pack completeness. Once the pilot consistently meets pre-agreed control thresholds and independent assurance confirms the control design, senior management can decide whether to expand. This is an illustrative scenario, not a claim about a specific InvestGlass client.<\/p>\n\n\n\n<h2 id=\"h-case-studies-playbooks-and-templates-for-mica-readiness\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Case_studies_playbooks_and_templates_for_MiCA_readiness\"><\/span>Case studies, playbooks and templates for MiCA readiness<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The most useful MiCA documentation is reusable, controlled and easy to test. The following compact templates translate the regulatory requirements into practical starting points for a bank programme.<\/p>\n\n\n\n<h3 id=\"h-casp-authorisation-article-60-checklist\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CASP_authorisation_Article_60_checklist\"><\/span>CASP authorisation \/ Article 60 checklist<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022Scope confirmed: The bank has mapped each client journey to a MiCA service and documented the token classification and legal entity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022Route agreed: Legal and compliance have documented whether Article 60 notification or CASP authorisation is the appropriate pathway.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022Programme of operations ready: The service, clients, locations, marketing, organisational structure and three-year outlook are documented.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022AML\/CFT evidence ready: Product risk assessment, KYC, monitoring, travel-rule handling, sanctions controls and suspicious-activity escalation are approved and testable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022ICT and resilience evidence ready: Architecture, security, outsourcing, continuity, incident response, backup and restoration processes are documented and tested.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022Client-asset protection ready: Segregation, custody, entitlement records, reconciliation, client terms and recovery processes are complete.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022Service-specific controls ready: Platform, execution, exchange, advice, management or transfer controls are included where relevant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022Governance certified: Responsible executives have approved the file and attest that material statements are current.<\/p>\n\n\n\n<h3 id=\"h-custody-control-testing-template\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Custody_control-testing_template\"><\/span>Custody control-testing template<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td colspan=\"1\" rowspan=\"1\"><p>Test case<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Expected result<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Evidence to retain<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Test owner<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Frequency<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Authorised withdrawal<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Verified client instruction, policy checks and dual approval precede signature.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Instruction, screening result, approval log, signed transaction, ledger entry.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Custody operations<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Monthly sample \/ continuous controls<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Unauthorised withdrawal attempt<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Policy engine blocks or holds the attempt and case is escalated.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Alert, block reason, investigation and client-contact record.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Security and operations<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Quarterly scenario<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Daily reconciliation<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Client entitlement ledger, wallets and blockchain movements reconcile; breaks are aged and resolved.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Reconciliation output, break log, sign-off and remediation record.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Finance \/ custody control<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Daily<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Key recovery<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Controlled recovery succeeds without a single-person bypass or loss of audit trail.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Exercise plan, participant log, approvals, recovery evidence and lessons learned.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Security<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>At least annually and after material change<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Vendor outage<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Critical client protection and communication steps remain available within agreed tolerances.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Test report, RTO\/RPO results, client-impact assessment and corrective actions.<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Technology resilience<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>At least annually<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The same workflow approach can also strengthen client communications. Review the <a class=\"text-[var(--text-blue)] hover:opacity-80 active:opacity-60 clickable\" href=\"https:\/\/www.investglass.com\/travel-rule\/\" target=\"_self\">InvestGlass Travel Rule resource<\/a> when defining the process for data collection, exceptions and compliance evidence around crypto-asset transfers.<\/p>\n\n\n\n<h2 id=\"h-appendix-definitions-reporting-prompts-and-common-questions\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Appendix_definitions_reporting_prompts_and_common_questions\"><\/span>Appendix: definitions, reporting prompts and common questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 id=\"h-essential-definitions\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Essential_definitions\"><\/span>Essential definitions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td colspan=\"1\" rowspan=\"1\"><p>Term<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Working definition for bank teams<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>CASP<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>A person whose occupation or business is the provision of one or more MiCA-listed crypto-asset services to third parties on a professional basis.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>ART<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>A crypto-asset that purports to maintain a stable value by referencing another value or right, or a combination of these.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>EMT<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>A crypto-asset that purports to maintain a stable value by reference to the value of one official currency; MiCA deems it electronic money.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>NCA<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>The competent authority designated in the relevant Member State for the MiCA supervisory tasks allocated to it.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Travel rule<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>EU information requirements and related procedures for certain transfers of funds and crypto-assets under Regulation (EU) 2023\/1113 and EBA guidance.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>DORA<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Regulation (EU) 2022\/2554 on digital operational resilience for the financial sector, including banks and CASPs.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"h-monthly-management-information-prompts\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Monthly_management-information_prompts\"><\/span>Monthly management-information prompts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The programme dashboard should answer these questions in plain language: What service is live? Which clients and tokens are in scope? Are client-asset reconciliations complete? Which custody exceptions are open? Are AML alerts within SLA? Are required transfer-data exceptions rising? Which critical vendors have changed? Have any resilience or recovery tests failed? Are formal NCA commitments on track? What decision is required from senior management this month?<\/p>\n\n\n\n<h2 id=\"h-frequently-asked-questions\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">1. Does MiCA apply to every digital asset a bank might offer?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No. MiCA applies to crypto-assets that are not already governed by EU financial-services law, and it includes express exclusions for assets such as financial instruments, deposits, certain funds, securitisation positions and insurance or pension products. A bank should document the analysis rather than assume that tokenisation changes the applicable regime.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Can a credit institution provide crypto-asset services without becoming a standalone CASP?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A credit institution may use MiCA Article 60 if it notifies the prescribed information to its home-state NCA at least 40 working days before it first provides the service. The route is conditional on a complete notification and does not remove the need to meet applicable MiCA requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. What is the difference between an ART and an EMT?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An EMT references one official currency and is deemed to be electronic money under MiCA. An ART references another value or right, or a combination of values or rights; the reserve, authorisation and governance analysis therefore differs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. Can a bank issue an EMT?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MiCA limits public offering or admission to trading of EMTs to credit institutions and electronic-money institutions. A bank considering issuance should design the white paper, safeguarding or reserve arrangements, redemption process, client disclosures and operational controls as a single programme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. What documents must a credit institution include in an Article 60 notification?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The core material includes the programme of operations, AML\/CFT procedures and risk assessment, business-continuity plan, technical and security documentation, client-asset segregation procedures and service-specific policies. The detailed RTS adds operational, stress-scenario, outsourcing and continuity content.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">6. Does MiCA require separate client crypto-asset custody?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">MiCA requires adequate arrangements to safeguard client ownership rights, and the notification materials require a description of client-asset and client-fund segregation procedures. The practical design should make client entitlements distinct, reconciled and recoverable even if an omnibus wallet is used.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">7. Is a multi-signature wallet enough to satisfy custody-control expectations?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No. Multi-signature or MPC can reduce single-point-of-failure risk, but they do not replace role segregation, client-instruction validation, policy limits, monitoring, reconciliations, recovery testing and audit trails. The control objective is governed client-asset protection, not possession of a particular technical tool.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">8. What does DORA add to a bank\u2019s MiCA programme?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DORA provides the ICT-resilience framework for financial entities, including ICT-risk governance, incident handling and reporting, testing, business continuity and third-party-risk management. A bank should use one integrated control architecture rather than operate separate MiCA and DORA remediation programmes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">9. How should a bank use blockchain analytics within AML controls?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Blockchain analytics should augment, not replace, <a href=\"https:\/\/www.investglass.com\/customer-due-diligence-requirements\/\" target=\"_self\">customer due diligence<\/a> and human investigation. Combine on-chain indicators with client profile, fiat activity, source-of-funds information, travel-rule data and escalation procedures so that a reviewer can understand the full rationale for the decision.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">10. When should a bank engage its NCA?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Engage early enough to discuss the planned route, novel classification questions, group model and material outsourcing, subject to local supervisory practice. Before formal submission, make sure the bank can explain its service scope, governance, custody model, AML controls, ICT resilience and open remediation items with an evidence-backed narrative.<\/p>\n\n\n\n<h2 id=\"h-sources-and-publication-notes\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources_and_publication_notes\"><\/span>Sources and publication notes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This article was prepared using primary EU legislation and supervisory materials current as of 23 August 2026. It should be reviewed against future MiCA Level 2\/Level 3 measures, NCA communications and the facts of the specific service before publication or implementation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"text-base leading-[23px] text-[var(--text-tertiary)] cursor-pointer hover:underline hover:text-[var(--text-primary)]\" href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2023\/1114\/oj\/eng\" target=\"_self\">[1]&nbsp;Regulation (EU ) 2023\/1114 on markets in crypto-assets (MiCA) \u2014 EUR-Lex<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"text-base leading-[23px] text-[var(--text-tertiary)] cursor-pointer hover:underline hover:text-[var(--text-primary)]\" href=\"https:\/\/www.esma.europa.eu\/publications-and-data\/interactive-single-rulebook\/mica\/article-60-provision-crypto-asset-services\" target=\"_self\">[2]&nbsp;MiCA Article 60: provision of crypto-asset services by certain financial entities \u2014 ESMA<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"text-base leading-[23px] text-[var(--text-tertiary)] cursor-pointer hover:underline hover:text-[var(--text-primary)]\" href=\"https:\/\/www.esma.europa.eu\/esmas-activities\/digital-finance-and-innovation\/markets-crypto-assets-regulation-mica\" target=\"_self\">[3]&nbsp;Markets in Crypto-Assets Regulation (MiCA ) \u2014 ESMA<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"text-base leading-[23px] text-[var(--text-tertiary)] cursor-pointer hover:underline hover:text-[var(--text-primary)]\" href=\"https:\/\/www.eba.europa.eu\/regulation-and-policy\/asset-referenced-and-e-money-tokens-mica\" target=\"_self\">[4]&nbsp;Asset-referenced and e-money tokens (MiCA ) \u2014 European Banking Authority<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"text-base leading-[23px] text-[var(--text-tertiary)] cursor-pointer hover:underline hover:text-[var(--text-primary)]\" href=\"https:\/\/eur-lex.europa.eu\/EN\/legal-content\/summary\/digital-operational-resilience-for-the-financial-sector.html\" target=\"_self\">[5]&nbsp;Digital operational resilience for the financial sector (DORA ) \u2014 EUR-Lex<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"text-base leading-[23px] text-[var(--text-tertiary)] cursor-pointer hover:underline hover:text-[var(--text-primary)]\" href=\"https:\/\/eur-lex.europa.eu\/eli\/reg_del\/2025\/303\/oj\/eng\" target=\"_self\">[6]&nbsp;Commission Delegated Regulation (EU ) 2025\/303 \u2014 notification information for certain financial entities<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"text-base leading-[23px] text-[var(--text-tertiary)] cursor-pointer hover:underline hover:text-[var(--text-primary)]\" href=\"https:\/\/www.eba.europa.eu\/activities\/single-rulebook\/regulatory-activities\/anti-money-laundering-and-countering-financing-terrorism\/guidelines-information-requirements-relation-transfers-funds-and-certain-crypto-assets-transfers\" target=\"_self\">[7]&nbsp;EBA Guidelines on information requirements for crypto-asset transfers<\/a><\/p>\n\n\n\n<h2 id=\"h-editorial-handoff-distribution-package\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Editorial_handoff_distribution_package\"><\/span>Editorial handoff: distribution package<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td colspan=\"1\" rowspan=\"1\"><p>Channel<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Draft<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>LinkedIn post<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>MiCA readiness is not a blockchain-integration project. For banks, it is a connected operating model across classification, custody, AML\/CFT, treasury, resilience and supervisory evidence. Our new blueprint explains how Article 60, EMT\/ART design, client-asset controls and DORA fit together \u2014 and includes practical templates for the evidence pack. Read the guide: MiCA Solution for Banks: Digital Asset Compliance Blueprint.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Newsletter introduction<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>If your bank is preparing a crypto-asset service, MiCA asks a more fundamental question than \u201cCan the technology work?\u201d It asks whether the product is correctly classified, the route to market is justified, client assets are protected and the bank can prove its controls to supervisors. This new guide turns those requirements into a bank-ready blueprint.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Social post 1<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Article 60 is a notification route, not a shortcut. Credit institutions still need a complete evidence pack covering AML, continuity, ICT, segregation and service-specific controls.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Social post 2<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>EMT or ART? The reference value changes the regulatory model. A token tied to one official currency is not the same proposition as one referencing a basket of values.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Social post 3<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Custody is not just key storage. It is client entitlement, segregation, dual control, reconciliation, recovery and an audit trail that holds up under stress.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Social post 4<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>DORA and MiCA should be one programme. If your third-party-risk, recovery and incident controls live in different files, the operating model is already harder to defend.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Social post 5<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Pilot for evidence, not headlines. Constrained scope, measurable control thresholds and independent assurance give a bank a defensible path from design to scale.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Sales enablement summary<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>The guide positions InvestGlass as the workflow layer for structured evidence collection, onboarding, approvals, client records, KYC, controlled communications and auditable programme management. It does not replace legal, custody, analytics or core-banking systems; it helps teams coordinate their regulated operating processes.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Backlink outreach angle<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Offer the article as a practical, source-backed resource for bank compliance, operational-risk, digital-asset custody and DORA practitioners. The Article 60 evidence table and custody-testing template provide useful reference value beyond a high-level MiCA explainer.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 id=\"h-refresh-plan\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Refresh_plan\"><\/span>Refresh plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td colspan=\"1\" rowspan=\"1\"><p>Item<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Editorial action<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Review date<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>23 February 2027, or sooner if MiCA\/DORA technical standards or NCA guidance materially change.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Statistics and sources to refresh<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>ESMA MiCA register, Level 2\/Level 3 measures, EBA ART\/EMT standards, Article 60 RTS\/ITS and travel-rule guidance.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Questions to add<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Country-specific NCA filing expectations; interaction with new EU AML supervisory arrangements; tokenised deposits and product-boundary developments.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Performance KPIs<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Organic ranking for \u201cMiCA solution for banks\u201d, AI citations, click-through rate, content-upgrade conversion, demo enquiries and backlinks from financial-services publications.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>Update triggers<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>New MiCA guidance, Article 60 supervisory Q&amp;A, DORA incident\/testing standards, changes in white-paper format, a material ranking drop or a recurring reader question.<\/p><\/td><\/tr><tr><td colspan=\"1\" rowspan=\"1\"><p>AI citation check<\/p><\/td><td colspan=\"1\" rowspan=\"1\"><p>Quarterly, test whether the guide is surfaced or cited by major answer engines; strengthen stand-alone definitions, sources and tables where gaps appear.<\/p><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"h-about-the-author\" class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_the_author\"><\/span>About the author<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">InvestGlass Editorial Team produces practical guidance for financial institutions on regulated digital transformation, customer lifecycle management, operational workflows and compliance-ready process design. This article was created through a primary-source review of EU legislation and supervisory materials, then translated into an operational blueprint for bank teams.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A practical implementation guide for compliance, treasury, custody, risk and technology teams. Banks do not need a separate crypto strategy and compliance strategy. Under the EU Markets in Crypto-Assets Regulation (MiCA), they need one operating model that can identify an in-scope product, select the right regulatory route, protect client assets, evidence control effectiveness and engage [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":58066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[1664,1668],"class_list":["post-58047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","tag-mica","tag-mica-solution"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MiCA Solution for Banks: Digital Asset Compliance Blueprint | InvestGlass<\/title>\n<meta name=\"description\" content=\"A practical implementation guide for compliance, treasury, custody, risk and technology teams. 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