Module 4 · Chapter 10

Adding a Service, and the File You Keep

A licensed crypto firm cannot just switch on a new service. This chapter shows why a trading platform needs a fresh application, and how you keep the records that prove the firm follows its rules.

≈ 11 min read 8-question test

In this chapter

  • Why a new service needs a fresh application, not a switch
  • What a trading platform adds: Class 3 and six new duties
  • How the gap analysis, change record and calendar keep the licence

10.1Adding a service in one paragraph

Halcyon's authorisation names five services, and the Board has now resolved to apply for a sixth: operating a trading platform. A trading platform is an order book, where software matches one client's order to buy against another client's order to sell. Today Halcyon sells to a client from its own stock at its own price, or sends the order to another firm's venue. With an order book, Halcyon stops being the shop and becomes the market.

Key point

MiCA grants authorisation service by service (Article 59). A new service needs a Board resolution and a fresh application. Providing a service that is not on the list is a ground for withdrawing the authorisation (Article 64).

Also in this chapter

  1. Why a new service needs a fresh application
  2. What a trading platform changes
  3. The six duties of a trading platform
  4. The gap analysis
  5. The same file and the same clocks
  6. No go-live without a change record
  7. The compliance calendar
  8. What the Central Bank must be told
  9. Your job

Preview

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