Seeing more institutional interest in crypto, particularly in EMEA. How are firms handling the complexities of KYC/KYB for entities operating across various regulatory frameworks? Specifically, any practical tips for streamlining documentation verification for non-EU entities engaging with EU-regulated crypto platforms, especially with the upcoming MiCA changes?
It's a nightmare, frankly. Most are either focusing on a few key jurisdictions or just absorbing the high compliance costs. Practical tip? Expect to spend a lot more on legal and compliance than you think you need.
It's definitely a headache, especially with MiCA looming. We've found that leveraging a good RegTech solution that specializes in international entity verification, rather than trying to build it all in-house, has been a game-changer for streamlining the document process for non-EU firms. Still a lot of manual review, but it cuts down the initial legwork significantly.