{"id":22424,"date":"2025-04-16T17:33:19","date_gmt":"2025-04-16T17:33:19","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=22424"},"modified":"2025-04-16T17:33:19","modified_gmt":"2025-04-16T17:33:19","slug":"fireblocks-chief-legal-compliance-officer-jason-allegrante-calls-mica-an-opportunity","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=22424","title":{"rendered":"Fireblocks Chief Legal Compliance Officer Jason Allegrante Calls MiCA \u201cAn Opportunity\u201d"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400\">The European Union\u2019s (EU) Markets in Crypto-Assets Regulation (MiCA) was a hot topic of conversation during the Paris Blockchain Week from 8-10 April 2025. Industry leaders like <\/span><span style=\"font-weight: 400\">Fireblocks Chief Legal Compliance Officer Jason Allegrante and OpenPayd CEO Iana Dimitrova weighed in too.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Talking about MiCA from a \u201cservice provider\u2019s perspective\u201d Allegrante said, \u201cWith MiCA, we\u2019re obviously seeing a migration for companies in the Eurozone, many of which were formerly unregulated. They\u2019re moving from an unregulated environment to one where there are significant compliance obligations. As a service provider, that challenge is an opportunity for us at Fireblocks.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">MiCA marks significant progress for the crypto industry, but stablecoin restrictions require reevaluation. Fireblocks&#8217; Chief Legal and Compliance Officer, Jason Allegrante, discusses the need to revisit caps on stablecoin issuance and transactions.<\/p>\n<p>Read his full insights\u00a0on\u2026 <a href=\"https:\/\/t.co\/KTu9kONCZw\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/KTu9kONCZw<\/a><\/p>\n<p>\u2014 Fireblocks (@FireblocksHQ) <a href=\"https:\/\/twitter.com\/FireblocksHQ\/status\/1815451781671121120?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">July 22, 2024<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Furthermore, talking about the EU\u2019s recently adopted Regulation on Digital Operational Resilience (<a href=\"https:\/\/finance.ec.europa.eu\/regulation-and-supervision\/financial-services-legislation\/implementing-and-delegated-acts\/digital-operational-resilience-regulation_en\" target=\"_blank\" rel=\"nofollow\">DORA<\/a>), alongside MiCA, Allegrante said, <b>\u201c<\/b><span style=\"font-weight: 400\">The other part of this has been interesting for us and as much of a journey for us as it has been for our clients and customers \u2013 is DORA. So, if you become a CASP under MiCA, you are also subject to DORA. And DORA is basically a heightened set of standards around a selection of service providers. This also applies to financial institutions in the Eurozone. So what was interesting about the DORA journey is that if we want to provide services \u2013 as I said we do, to this community of CASPs, financial institutions \u2013 it meant Fireblocks would have to go through a process of re-evaluation itself.\u201d<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Explore:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><strong>Allegrante Throws Light On DORA\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">He continued, \u201cSo we\u2019re a security-first company. That doesn\u2019t mean we assume the product is perfect. It\u2019s more of a commitment to improve the product over time. So we do things like run a bug bounty program, and we do pen testing, and we do audits. This is all because we assume there\u2019s some probability that the product can be improved. And this is exactly the journey we went through going through our first DORA audit.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cIt was probably less on the technical side that we found areas for improvement,\u201d he said, \u201cbut we were really challenged in our assumptions around what the customer service model should look like. There are things like information disclosures, access rights, all sorts of stuff that basically govern, dictate your relationship with the customer. And how open and transparent you can be. That\u2019s really where we saw that we could improve coming out of the first DORA audit. And really to both of those points, what we did at Fireblocks was we transformed our learnings and and our understanding of the regulations here into new product packages.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cWe have a bundling of existing services which is really responsive to MiCA.\u201d<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DISCOVER:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/next-crypto-to-explode\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">20+ Next Crypto to Explode in 2025\u00a0<\/span><\/a><\/strong><\/p>\n<h2><strong>Meanwhile, CEO Of Payments Business OpenPayd Thinks MiCA Is \u201cFairly Straightforward\u201d<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">About a year ago, OpenPayd started its process of applying for the first virtual financial asset license in Europe. The company then went through the process of upgrading to MiCA. <\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cAnd the practical experience of it, I think is probably going to be quite different to someone that comes from the crypto side of things,\u201d said Dimitrova. \u201cFor us the experience was fairly straightforward, because we already have the muscle that is required in terms of compliance\u00a0 and regulation.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cI think if you do not necessarily have that (compliance and regulation) in terms of institutional muscle, institutional experience and knowledge, it could be actually quite difficult to get on top of MiCA when it comes to a number of requirements \u2013 when it comes to governance, when it comes to board compositions, when it comes to committee compositions, decision making, generally speaking \u2013 the conduct of business, requirements around safeguarding and and reserves. So, for us, the experience has been, I would say, very positive and fairly straightforward. I wouldn\u2019t say very, very straightforward because it did come with challenges. But I think this is because, and exactly because we\u2019re coming from many years of being heavily regulated across multiple jurisdictions.\u201d<\/span><\/p>\n<p>Explore: <a href=\"https:\/\/99bitcoins.com\/news\/cardano-ceo-talks-about-bitcoin-potential-says-we-are-not-letting-go-of-wall-street-and-thats-a-shame\/\">Cardano CEO Talks About Bitcoin Potential, Says, \u201cWe Are Not Letting Go Of Wall Street, And That\u2019s A Shame\u201d\u00a0<\/a><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<p><span style=\"font-weight: 400\">    <\/p>\n<ul class=\"nnbtc-key-takeaways__list\">\n        <\/ul>\n<p><\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n         <b>\u201c<\/b>The other part of this has been interesting for us and as much of a journey for us as it has been for our clients and customers \u2013 is DORA. So, if you become a CASP under MiCA, you are also subject to DORA,\u201d said Fireblocks Chief Legal Compliance Officer Jason Allegrante.<\/li>\n<p><\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/p>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <\/li>\n<p><\/span><span style=\"font-weight: 400\"> Industry leaders point out that <\/span><span style=\"font-weight: 400\">MiCA doesn\u2019t say anything about auditing. All the all the rules are in DORA.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\"><br \/>\n    <\/span><\/p>\n<p><span style=\"font-weight: 400\">    <\/span><\/p>\n<\/div>\n<p>    <\/span><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/fireblocks-chief-legal-compliance-officer-jason-allegrante-calls-mica-an-opportunity\/\">Fireblocks Chief Legal Compliance Officer Jason Allegrante Calls MiCA \u201cAn Opportunity\u201d<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The European Union\u2019s (EU) Markets in Crypto-Assets Regulation (MiCA) was a hot topic of conversation during the Paris Blockchain Week from 8-10 April 2025. Industry leaders like Fireblocks Chief Legal Compliance Officer Jason Allegrante and OpenPayd CEO Iana Dimitrova weighed in too.\u00a0 Talking about MiCA from a \u201cservice provider\u2019s perspective\u201d Allegrante said, \u201cWith MiCA, we\u2019re [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-22424","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22424"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22424\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}