{"id":21813,"date":"2024-05-08T10:27:26","date_gmt":"2024-05-08T10:27:26","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=773382"},"modified":"2024-05-08T10:27:26","modified_gmt":"2024-05-08T10:27:26","slug":"markets-coverages-marsh-launches-insurance-for-eu-crypto-asset-service-providers","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/05\/08\/markets-coverages-marsh-launches-insurance-for-eu-crypto-asset-service-providers\/","title":{"rendered":"Markets\/Coverages: Marsh Launches Insurance for EU Crypto-Asset Service Providers"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/01\/cryptocurrency-concept-Bigstock-580x387.jpg\"><\/p>\n<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2023\/01\/cryptocurrency-concept-Bigstock-scaled.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2024\/05\/08\/773382.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/international\/2024\/05\/08\/773382.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>Insurance broker Marsh announced the launch of MiCAssure, a proprietary insurance solution for crypto-asset service providers such as custodians, exchanges, and administrators operating within the European Union (EU), which are required to comply with the forthcoming Markets in Crypto-Assets Regulation (MiCA).<\/p>\n<p>Set to be introduced on Dec. 30, 2024, MiCA creates a comprehensive regulatory framework for the crypto-assets market within the EU and seeks 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 authorized under MiCA have in place prudential safeguards, either using their own funds or maintaining an insurance policy, to cover specific risks.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"new-markets\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>Developed by Marsh Specialty in conjunction with both Lloyd\u2019s and London market insurers, MiCAssure provides cover for third party claims arising from misrepresentations or misleading statements, obligations of confidentiality, business interruption, legal and regulatory obligation, and gross negligence in the safeguarding of clients\u2019 crypto-assets and funds.<\/p>\n<p>MiCAssure provides protection for the risks detailed in MiCA\u2019s prudential requirements and aids firms in the elimination or reduction of the need to set aside capital to meet their exposures in accordance with the regulation.<\/p>\n<p>\u201cRegulatory 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,\u201d commented Rupert Poland, UK Digital Asset Leader, Marsh Specialty, in a statement.<\/p>\n<p>\u201cMiCAssure not only offers clients an operational safeguard but also has the potential to free up capital and facilitate growth, making it a vital insurance and risk management solution for crypto-asset service providers operating in the EU,\u201d he added.<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/location\/europe\/\" class=\"btn btn-sm btn-primary tagtag\">Europe<\/a> <a href=\"https:\/\/www.insurancejournal.com\/new-markets\/\" class=\"btn btn-sm btn-primary tagtag\">New Markets<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"773382\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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