’Regulatory advancements such as MiCA enhance the credibility of the digital asset ecosystem,’ says leader
Broker Marsh has launched a new facility offering cover to crypto-asset service providers.
Called MiCAssure, the facility is targeted at custodians, exchanges and administrators operating within the European Union (EU) that are required to comply with the forthcoming Markets in Crypto-Assets Regulation (MiCA).
It has been designed to create a regulatory framework for the crypto-assets market within the EU and aims to address the challenges associated with legal certainty, consumer protection and regulatory fragmentation in the market for crypto-assets and services.
It requires that regulated firms authorised under MiCA have in place prudential safeguards, either using their own funds or maintaining an insurance policy, to cover specific risks.
Rupert Poland, UK digital asset leader at Marsh Specialty, said: “Regulatory advancements such as MiCA enhance the credibility of the digital asset ecosystem by offering security and stability to retail users and institutions venturing into the digital assets space, while providing robust guidance and frameworks for crypto asset service providers.”
Development
The facility was developed by Marsh Specialty in conjunction with both Lloyd’s and London market insurers.
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It will provide cover for third party claims arising from misrepresentations or misleading statements, obligations of confidentiality, business interruption, legal and regulatory obligation.
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