Context
The client approached us with an established company from 2023, operating as an entrepreneur in the field of virtual assets. Due to the introduction of the European Parliament’s MiCA (Markets in Crypto-Assets Regulation) legislation, new requirements had to be met, as all licences are now issued by the Czech National Bank. The company’s structure and documentation needed to be adapted to MiCA so that the client could continue their legal activities.
Objectives
- Analyze the current company structure and identify its weaknesses.
- Propose an appropriate new structure and assist with its implementation.
- Develop a business plan and internal regulations in accordance with MiCA, AML, KYC and compliance.
- Resolve the issue of increasing authorised capital.
- Open a bank account despite operating in a high-risk sector.
Legal analysis and approach
- A detailed analysis of the existing company structure revealed non-compliance with regulatory requirements.
- A target structure in accordance with MiCA was then proposed and the charter documents, organisational structure and management bodies were amended accordingly.
- A complete set of documentation was prepared: a business plan in accordance with MiCA; internal policies and procedures; AML, KYC and compliance control mechanisms.
- Increasing the authorised capital was impossible without a bank account. Due to the company's status as 'high-risk', banks refused to open an account.
- We opened a bank account in the company's name in another EU country, transferred the assets, and prepared all the necessary notarised documents. The capital increase was then officially recognised.
Key point
The key obstacle was increasing the authorised capital, which was a necessary condition for licensing. Banks in the Czech Republic refused the client due to its high-risk status. Thanks to our flexible international approach, our cooperation with a notary and our proper documentation, we were able to ensure the legal and successful completion of the process.
Result
- The company was successfully adapted to MiCA requirements.
- The client received all AML, KYC and compliance documentation to submit to the CNB.
- The authorised capital was successfully increased.
- The company now has a valid EU bank account and can continue its business activities.
“Without the NAWI Europe team, I would have hit a brick wall with the bank, which would have brought my business to a standstill. They helped the company adapt to MiCA, resolving everything from documentation to capital.”
Legal areas
- Crypto asset regulation (MiCA).
- Corporate law
- AML, KYC, compliance
- International banking law
- Increase in authorised capital
Keywords
#MiCA #crypto #virtualassets #CNB #bankaccount #authorisedcapital #compliance #KYC #AML #licence #restructuring
