Marsh introduces insurance solution for EU crypto-asset service providers

20/05/2024 News

Marsh, a leading insurance broker and risk advisor, has announced MiCAssure, a new insurance solution for crypto-asset service providers in the European Union (EU). This solution is designed to help providers comply with the Markets in Crypto-Assets Regulation (MiCA), which will take effect on December 30, 2024.

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MiCA creates a comprehensive regulatory framework for the EU crypto-assets market, aiming to improve legal certainty, consumer protection, and regulatory consistency. It requires that authorized firms under MiCA maintain prudential safeguards through their own funds or an insurance policy to cover specific risks.

Developed by Marsh Specialty in collaboration with Lloyd’s and London market insurers, MiCAssure offers coverage for third-party claims related to misrepresentations, confidentiality breaches, business interruptions, legal and regulatory obligations, and gross negligence in safeguarding clients' crypto-assets and funds. This insurance solution helps firms meet MiCA’s prudential requirements and reduces the need to set aside capital to cover regulatory exposures.

Rupert Poland, UK Digital Asset Leader at Marsh Specialty, stated: “Regulatory advancements like MiCA enhance the credibility of the digital asset ecosystem by providing security and stability to users and institutions entering the digital assets space. MiCAssure not only offers operational safeguards but also has the potential to free up capital and support growth, making it a crucial solution for crypto-asset service providers in the EU.”

MiCAssure is designed to support the growth and stability of the digital assets market by ensuring compliance with regulatory requirements while protecting operations. Marsh's initiative aims to bolster market confidence and assist crypto-asset service providers in navigating the evolving regulatory landscape.

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