📰 Table Of Contents
Introducing MiCAssure by Marsh
Marsh, the insurance broking and risk advisory business of Marsh McLennan, has introduced MiCAssure, an insurance solution tailored for crypto-asset service providers within the European Union (EU). This innovative offering is in anticipation of the Markets in Crypto-Assets Regulation (MiCA) set to be enforced on December 30, 2024.
MiCAssure: Addressing Regulatory Framework
MiCAssure is designed to align with the regulatory framework established by MiCA, aiming to provide legal certainty, consumer protection, and combat market fragmentation in the EU’s crypto-assets market.
Comprehensive Coverage
Developed in partnership with Lloyd’s and London market insurers, MiCAssure by Marsh Specialty provides coverage for various third-party claims, including misrepresentations, confidentiality breaches, business interruption, legal obligations, and negligence in safeguarding clients’ crypto assets and funds.
Enhancing Credibility and Stability
Rupert Poland, the UK digital asset leader at Marsh Specialty, emphasized that MiCAssure enhances the credibility of the digital asset ecosystem by offering security and stability to both retail users and institutions venturing into the digital assets space.
Unlocking Capital and Facilitating Growth
Poland highlighted that MiCAssure not only acts as an operational safeguard but also has the potential to free up capital, enabling growth for crypto-asset service providers in the EU.
EU Regulatory Landscape
The EU is actively working on implementing the MiCA regulation, which includes rules for safekeeping and segregation of assets for custodians. Recent regulations such as the anti-money laundering regulation (AMLR) and initiatives like the EU DLT Pilot Regime are shaping the regulatory environment for cryptocurrency assets and blockchain projects in the EU.
Continued Growth in Western Europe
Western Europe has emerged as a key region for crypto adoption, with a significant number of daily traders. Recent surveys indicate a growing interest in cryptocurrencies, with nearly half of European cryptocurrency holders owning Bitcoin.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
