MiCA's transitional window has closed, so anyone budgeting now is budgeting for a full authorisation application. Two facts shape the programme before any control work starts: which class of service you provide, because that sets the Annex IV capital floor, and how large your fixed overheads are, because a quarter of them overtakes that floor sooner than most firms expect. Settle the capital position and the application scope first. Then read the penalty regime, not for the headline fines but for the sanctions beside them: withdrawal of authorisation, management bans and public naming. The pages below take both in that order.
3 pages on MiCA, in the order the work happens. Jump to the stage you are at, or read straight through.
Work out which Annex IV class you fall in, whether the fixed overheads test binds you instead, and what the application and the build add on top.
Place your activity in the right Article 111 breach group, and know which enforcer acts and which sanctions beyond the fine apply.
The free compliance check runs the MiCA gap assessment in about five minutes and gives you a scored report you can take to a board meeting.
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