{"id":2672,"date":"2026-07-08T10:41:12","date_gmt":"2026-07-08T08:41:12","guid":{"rendered":"https:\/\/finanz-forensik.de\/?page_id=2672"},"modified":"2026-07-11T16:06:11","modified_gmt":"2026-07-11T14:06:11","slug":"fournisseurs-de-crypto-monnaies-agrees-par-mica","status":"publish","type":"page","link":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/","title":{"rendered":"fournisseurs de crypto-monnaies agr\u00e9\u00e9s MiCA"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"2672\" class=\"elementor elementor-2672\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-65cc2b36 e-flex e-con-boxed e-con e-parent\" data-id=\"65cc2b36\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-6ca89496 e-con-full e-flex e-con e-child\" data-id=\"6ca89496\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-958ac6e e-con-full e-flex e-con e-child\" data-id=\"958ac6e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7b477cab elementor-widget__width-initial elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"7b477cab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fb7493e eyebrow elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"3fb7493e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-default\">Rapport de recherche n\u00b0 06 \u00b7 R\u00e9glementation et march\u00e9<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4280ca8d elementor-widget elementor-widget-heading\" data-id=\"4280ca8d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Fournisseurs de cryptomonnaies agr\u00e9\u00e9s MiCA\u00a0: 244 approuv\u00e9s, 1\u00a0738 refus\u00e9s<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-287999cd elementor-widget__width-initial elementor-widget-mobile__width-inherit elementor-widget elementor-widget-text-editor\" data-id=\"287999cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"color: #cdddea; font-size: 19px; line-height: 1.6;\">Cadre juridique, consolidation du march\u00e9, liste des fournisseurs, mod\u00e8les commerciaux et supervision \u2014 sans oublier les listes de contr\u00f4le pour les fournisseurs et les investisseurs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19ca17a2 elementor-widget elementor-widget-html\" data-id=\"19ca17a2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div style=\"display:grid;grid-template-columns:1fr 1fr;gap:14px;margin-top:8px;max-width:560px;\"><div style=\"background:rgba(255,255,255,.07);border:1px solid rgba(255,255,255,.16);border-radius:10px;padding:14px 16px;\"><div style=\"font-family:Outfit,sans-serif;font-weight:800;font-size:23px;color:#fff;letter-spacing:-.01em;\">244<\/div><div style=\"font-size:12.5px;color:#a9c3d6;margin-top:3px;line-height:1.4;\">Fournisseurs agr\u00e9\u00e9s MiCA (ESMA, 1er juillet 2026)<\/div><\/div><div style=\"background:rgba(255,255,255,.07);border:1px solid rgba(255,255,255,.16);border-radius:10px;padding:14px 16px;\"><div style=\"font-family:Outfit,sans-serif;font-weight:800;font-size:23px;color:#fff;letter-spacing:-.01em;\">1.738<\/div><div style=\"font-size:12.5px;color:#a9c3d6;margin-top:3px;line-height:1.4;\">Les fournisseurs sans licence UE ont \u00e9t\u00e9 \u00e9limin\u00e9s<\/div><\/div><div style=\"background:rgba(255,255,255,.07);border:1px solid rgba(255,255,255,.16);border-radius:10px;padding:14px 16px;\"><div style=\"font-family:Outfit,sans-serif;font-weight:800;font-size:23px;color:#fff;letter-spacing:-.01em;\">50 000 \u20ac \u2013 150 000 \u20ac<\/div><div style=\"font-size:12.5px;color:#a9c3d6;margin-top:3px;line-height:1.4;\">Capital social par cat\u00e9gorie (Annexe IV)<\/div><\/div><div style=\"background:rgba(255,255,255,.07);border:1px solid rgba(255,255,255,.16);border-radius:10px;padding:14px 16px;\"><div style=\"font-family:Outfit,sans-serif;font-weight:800;font-size:23px;color:#fff;letter-spacing:-.01em;\">depuis le 1er juillet 2026<\/div><div style=\"font-size:12.5px;color:#a9c3d6;margin-top:3px;line-height:1.4;\">liable \u00b7 Passeport UE<\/div><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-74e2e915 e-con-full e-flex e-con e-child\" data-id=\"74e2e915\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-13f9654e elementor-align-left elementor-mobile-align-justify elementor-widget-mobile__width-inherit elementor-widget elementor-widget-button\" data-id=\"13f9654e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/Whitepaper_MiCA-lizenzierte-Krypto-Anbieter_Finanz-Forensik.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"><\/path><polyline points=\"7 10 12 15 17 10\"><\/polyline><line x1=\"12\" y1=\"15\" x2=\"12\" y2=\"3\"><\/line><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Rapport complet (PDF)<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c5e6eae elementor-align-left elementor-mobile-align-justify elementor-widget-mobile__width-inherit elementor-widget elementor-widget-button\" data-id=\"1c5e6eae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#summary\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Lire en ligne<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-67253c23 e-con-full e-flex e-con e-child\" data-id=\"67253c23\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2621dc04 elementor-widget elementor-widget-image\" data-id=\"2621dc04\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"434\" height=\"760\" src=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-cover.jpg\" class=\"attachment-full size-full wp-image-2675\" alt=\"Anneau circulaire d&#039;\u00e9toiles orange lumineuses autour d&#039;un \u00e9cusson bleu de style europ\u00e9en sur un fond sombre et flou.\" srcset=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-cover.jpg 434w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-cover-171x300.jpg 171w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-cover-7x12.jpg 7w\" sizes=\"auto, (max-width: 434px) 100vw, 434px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4257e861 elementor-widget__width-auto elementor-absolute elementor-widget elementor-widget-text-editor\" data-id=\"4257e861\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Rapport 2026<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-77bbb579 e-flex e-con-boxed e-con e-parent\" data-id=\"77bbb579\" data-element_type=\"container\" data-e-type=\"container\" id=\"summary\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-78b0522a e-con-full e-flex e-con e-child\" data-id=\"78b0522a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-2c947dad e-con-full e-flex e-con e-child\" data-id=\"2c947dad\" data-element_type=\"container\" data-e-type=\"container\" id=\"summary\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-60ee04b2 elementor-widget elementor-widget-text-editor\" data-id=\"60ee04b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>R\u00e9sum\u00e9 ex\u00e9cutif<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-25867201 elementor-widget elementor-widget-text-editor\" data-id=\"25867201\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"margin:0;padding-left:20px;font-size:16px;line-height:1.55;color:#2D3748;\"><li style=\"margin:7px 0;\"><b>MiCA est op\u00e9rationnel depuis le 1er juillet 2026.<\/b> Le dispositif centralis\u00e9 d&#039;autorisation et de supervision des prestataires de services de cryptomonnaies au sein du march\u00e9 int\u00e9rieur de l&#039;UE remplace le syst\u00e8me national disparate.<\/li><li style=\"margin:7px 0;\"><b>Consolidation du march\u00e9 :<\/b> 244 entreprises ont \u00e9t\u00e9 approuv\u00e9es, 1 738 fournisseurs sans licence europ\u00e9enne ont d\u00fb se retirer (donn\u00e9es ESMA, FT).<\/li><li style=\"margin:7px 0;\"><b>Loi compl\u00e8te sur la r\u00e9glementation du march\u00e9 (9 titres)\u00a0:<\/b> Autorisation CASP (Titre V), abus de march\u00e9 (VI), stablecoins (III\/IV), registre ESMA (Articles 109\/110).<\/li><li style=\"margin:7px 0;\"><b>passeport europ\u00e9en<\/b> \u00c0 partir d&#039;une seule approbation de l&#039;\u00c9tat d&#039;origine \u2014 le choix de \u201e l&#039;\u00c9tat d&#039;origine \u201c devient une strat\u00e9gie de supervision.<\/li><li style=\"margin:7px 0;\"><b>Classes de capitales :<\/b> 50 000 \u20ac (Classe 1), 125 000 \u20ac (Classe 2, +Conservation\/\u00c9change), 150 000 \u20ac (Classe 3, Plateforme de n\u00e9gociation).<\/li><li style=\"margin:7px 0;\"><b>Le respect des r\u00e8gles est une condition de fonctionnement.,<\/b> Aucun projet : la gouvernance, la s\u00e9gr\u00e9gation des titres, la LBC\/FT, la DORA et la liquidation doivent \u00eatre v\u00e9rifiables de mani\u00e8re permanente.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7644b781 elementor-widget elementor-widget-heading\" data-id=\"7644b781\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">01<\/span> Cadre juridique et calendrier<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-214ed424 elementor-widget elementor-widget-text-editor\" data-id=\"214ed424\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>MiCA est divis\u00e9 en neuf titres\u00a0: d\u00e9finitions (Titre I), stablecoins (III\/IV), approbation CASP (Titre V), abus de march\u00e9 (VI) et supervision\/registre (VII). Les mod\u00e8les \u00e9conomiques ne sont donc pas r\u00e9glement\u00e9s de mani\u00e8re uniforme\u00a0: un courtier au comptant rel\u00e8ve principalement du Titre V, un \u00e9metteur d\u2019EMT du Titre IV.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-815c30f elementor-widget elementor-widget-html\" data-id=\"815c30f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<figure style=\"margin:26px 0;\"><div style=\"background:#fff;border:1px solid #E5E7EB;border-radius:8px;padding:20px 18px;\"><svg viewbox=\"0 0 720 150\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;font-family:Outfit,sans-serif;\"><defs><marker id=\"ah\" markerwidth=\"9\" markerheight=\"9\" refx=\"6\" refy=\"4.5\" orient=\"auto\"><path d=\"M0 0 L9 4.5 L0 9 z\" fill=\"#B0892F\"\/><\/marker><\/defs><rect x=\"0.0\" y=\"28\" width=\"160.5\" height=\"94\" rx=\"8\" fill=\"#fff\" stroke=\"#1E3A5F\" stroke-width=\"2\"\/><rect x=\"0.0\" y=\"28\" width=\"160.5\" height=\"6\" rx=\"3\" fill=\"#1E3A5F\"\/><text x=\"80.2\" y=\"20\" text-anchor=\"middle\" font-size=\"13\" font-weight=\"800\" fill=\"#1E3A5F\">1<\/text><text x=\"80.2\" y=\"68\" text-anchor=\"middle\" font-size=\"17\" font-weight=\"800\" fill=\"#1E3A5F\">Juin 2023<\/text><text x=\"80.2\" y=\"90\" text-anchor=\"middle\" font-size=\"10.5\" fill=\"#54606e\" font-family=\"Open Sans,sans-serif\">MiCA rejoint<\/text><text x=\"80.2\" y=\"105\" text-anchor=\"middle\" font-size=\"10.5\" fill=\"#54606e\" font-family=\"Open Sans,sans-serif\">en vigueur<\/text><path d=\"M164.5 75 L178.5 75\" stroke=\"#B0892F\" stroke-width=\"2.5\" marker-end=\"url(#ah)\"\/><rect x=\"186.5\" y=\"28\" width=\"160.5\" height=\"94\" rx=\"8\" fill=\"#fff\" stroke=\"#2D9CDB\" stroke-width=\"2\"\/><rect x=\"186.5\" y=\"28\" width=\"160.5\" height=\"6\" rx=\"3\" fill=\"#2D9CDB\"\/><text x=\"266.8\" y=\"20\" text-anchor=\"middle\" font-size=\"13\" font-weight=\"800\" fill=\"#2D9CDB\">2<\/text><text x=\"266.8\" y=\"68\" text-anchor=\"middle\" font-size=\"17\" font-weight=\"800\" fill=\"#1E3A5F\">Juin 2024<\/text><text x=\"266.8\" y=\"90\" text-anchor=\"middle\" font-size=\"10.5\" fill=\"#54606e\" font-family=\"Open Sans,sans-serif\">R\u00e8gles des stablecoins<\/text><text x=\"266.8\" y=\"105\" text-anchor=\"middle\" font-size=\"10.5\" fill=\"#54606e\" font-family=\"Open Sans,sans-serif\">(ART\/EMT)<\/text><path d=\"M351.0 75 L365.0 75\" stroke=\"#B0892F\" stroke-width=\"2.5\" marker-end=\"url(#ah)\"\/><rect x=\"373.0\" y=\"28\" width=\"160.5\" height=\"94\" rx=\"8\" fill=\"#fff\" stroke=\"#B0892F\" stroke-width=\"2\"\/><rect x=\"373.0\" y=\"28\" width=\"160.5\" height=\"6\" rx=\"3\" fill=\"#B0892F\"\/><text x=\"453.2\" y=\"20\" text-anchor=\"middle\" font-size=\"13\" font-weight=\"800\" fill=\"#B0892F\">3<\/text><text x=\"453.2\" y=\"68\" text-anchor=\"middle\" font-size=\"17\" font-weight=\"800\" fill=\"#1E3A5F\">D\u00e9cembre 2024<\/text><text x=\"453.2\" y=\"90\" text-anchor=\"middle\" font-size=\"10.5\" fill=\"#54606e\" font-family=\"Open Sans,sans-serif\">R\u00e8gles CASP<\/text><text x=\"453.2\" y=\"105\" text-anchor=\"middle\" font-size=\"10.5\" fill=\"#54606e\" font-family=\"Open Sans,sans-serif\">appliquer<\/text><path d=\"M537.5 75 L551.5 75\" stroke=\"#B0892F\" stroke-width=\"2.5\" marker-end=\"url(#ah)\"\/><rect x=\"559.5\" y=\"28\" width=\"160.5\" height=\"94\" rx=\"8\" fill=\"#fff\" stroke=\"#1E3A5F\" stroke-width=\"2\"\/><rect x=\"559.5\" y=\"28\" width=\"160.5\" height=\"6\" rx=\"3\" fill=\"#1E3A5F\"\/><text x=\"639.8\" y=\"20\" text-anchor=\"middle\" font-size=\"13\" font-weight=\"800\" fill=\"#1E3A5F\">4<\/text><text x=\"639.8\" y=\"68\" text-anchor=\"middle\" font-size=\"17\" font-weight=\"800\" fill=\"#1E3A5F\">Juillet 2026<\/text><text x=\"639.8\" y=\"90\" text-anchor=\"middle\" font-size=\"10.5\" fill=\"#54606e\" font-family=\"Open Sans,sans-serif\">p\u00e9riode de transition<\/text><text x=\"639.8\" y=\"105\" text-anchor=\"middle\" font-size=\"10.5\" fill=\"#54606e\" font-family=\"Open Sans,sans-serif\">extr\u00e9mit\u00e9s<\/text><\/svg><\/div><figcaption><b>Aper\u00e7u du calendrier de MiCA.<\/b> L\u2019article 143 autorisait les CASP d\u00e9j\u00e0 en activit\u00e9 \u00e0 continuer jusqu\u2019\u00e0 la d\u00e9cision MiCA, mais au plus tard le 1er juillet 2026 \u2014 avec des d\u00e9lais raccourcis au niveau national.<\/figcaption><\/figure>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ae0c822 elementor-widget elementor-widget-text-editor\" data-id=\"2ae0c822\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Au niveau national, MiCA est directement applicable en tant que r\u00e8glement europ\u00e9en, mais n\u00e9cessite une l\u00e9gislation d&#039;accompagnement\u00a0: en Allemagne, la loi sur la surveillance des march\u00e9s de cryptomonnaies (KMAG), sous la supervision centralis\u00e9e de la BaFin. Les \u00c9tats membres ont utilis\u00e9 la p\u00e9riode de transition diff\u00e9remment\u00a0: 12\u00a0mois pour l&#039;Allemagne et l&#039;Irlande, 18\u00a0mois pour la France et l&#039;Italie, et seulement 6\u00a0mois pour les Pays-Bas. Cette divergence a eu un impact significatif sur les proc\u00e9dures de demande, les sorties de march\u00e9 et les strat\u00e9gies de passeport europ\u00e9en.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-54687424 elementor-widget elementor-widget-heading\" data-id=\"54687424\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">02<\/span> Aper\u00e7u et assainissement du march\u00e9<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73048e4 elementor-widget elementor-widget-text-editor\" data-id=\"73048e4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>La source officielle et exhaustive est le registre central de l&#039;ESMA, conform\u00e9ment \u00e0 l&#039;article 109 de la directive MiCA (compl\u00e9t\u00e9 par le registre des prestataires non conformes au titre de l&#039;article 110). Selon les donn\u00e9es FT\/ESMA, au 1er juillet 2026, 244 entreprises \u00e9taient agr\u00e9\u00e9es, tandis que 1\u00a0738 prestataires sans licence europ\u00e9enne ont d\u00fb cesser leurs activit\u00e9s ou liquider leurs comptes de mani\u00e8re ordonn\u00e9e.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-527ee9af e-con-full e-flex e-con e-child\" data-id=\"527ee9af\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3db62c1e e-con-full e-flex e-con e-child\" data-id=\"3db62c1e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7f00f33c elementor-widget elementor-widget-html\" data-id=\"7f00f33c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<figure style=\"margin:26px 0;\"><div style=\"background:#fff;border:1px solid #E5E7EB;border-radius:8px;padding:20px 18px;\"><svg viewbox=\"0 0 560 248\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;\"><circle cx=\"116\" cy=\"116\" r=\"84\" fill=\"none\" stroke=\"#1E3A5F\" stroke-width=\"34\" stroke-dasharray=\"63.33 464.45\" stroke-dashoffset=\"-0.00\" transform=\"rotate(-90 116 116)\"\/><circle cx=\"116\" cy=\"116\" r=\"84\" fill=\"none\" stroke=\"#2D9CDB\" stroke-width=\"34\" stroke-dasharray=\"464.45 63.33\" stroke-dashoffset=\"-63.33\" transform=\"rotate(-90 116 116)\"\/><text x=\"116\" y=\"112\" text-anchor=\"middle\" font-size=\"30\" font-weight=\"800\" fill=\"#1E3A5F\" font-family=\"Outfit,sans-serif\">12%<\/text><text x=\"116\" y=\"134\" text-anchor=\"middle\" font-size=\"11\" letter-spacing=\"1\" fill=\"#B0892F\" font-family=\"Outfit,sans-serif\">AUTORIS\u00c9<\/text><rect x=\"290\" y=\"11\" width=\"13\" height=\"13\" rx=\"2\" fill=\"#1E3A5F\"\/><text x=\"312\" y=\"22\" font-size=\"13.5\" fill=\"#2D3748\" font-family=\"Open Sans,sans-serif\">Approuv\u00e9 par MiCA (244)<\/text><text x=\"548\" y=\"22\" font-size=\"13.5\" font-weight=\"700\" text-anchor=\"end\" fill=\"#1E3A5F\" font-family=\"Outfit,sans-serif\">12 %<\/text><rect x=\"290\" y=\"36\" width=\"13\" height=\"13\" rx=\"2\" fill=\"#2D9CDB\"\/><text x=\"312\" y=\"47\" font-size=\"13.5\" fill=\"#2D3748\" font-family=\"Open Sans,sans-serif\">Sans licence UE (1 738)<\/text><text x=\"548\" y=\"47\" font-size=\"13.5\" font-weight=\"700\" text-anchor=\"end\" fill=\"#1E3A5F\" font-family=\"Outfit,sans-serif\">88 %<\/text><\/svg><\/div><figcaption><b>Consolidation du march\u00e9 le 1er juillet 2026.<\/b> Seul un fournisseur sur huit environ, parmi ceux qui \u00e9taient auparavant actifs, d\u00e9tient une autorisation MiCA valide.<\/figcaption><\/figure>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e9bb2cb e-con-full e-flex e-con e-child\" data-id=\"1e9bb2cb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-16fdead9 elementor-widget elementor-widget-html\" data-id=\"16fdead9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<figure style=\"margin:26px 0;\"><div style=\"background:#fff;border:1px solid #E5E7EB;border-radius:8px;padding:20px 18px;\"><svg viewbox=\"0 0 720 272\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;font-family:Outfit,sans-serif;\"><text x=\"220\" y=\"24.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Allemagne<\/text><rect x=\"232\" y=\"8\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"8\" width=\"424.0\" height=\"25\" rx=\"4\" fill=\"#1E3A5F\"\/><text x=\"664.0\" y=\"24.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">4<\/text><text x=\"220\" y=\"57.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">France<\/text><rect x=\"232\" y=\"41\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"41\" width=\"424.0\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"664.0\" y=\"57.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">4<\/text><text x=\"220\" y=\"90.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Pays-Bas<\/text><rect x=\"232\" y=\"74\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"74\" width=\"424.0\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"664.0\" y=\"90.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">4<\/text><text x=\"220\" y=\"123.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Malte<\/text><rect x=\"232\" y=\"107\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"107\" width=\"318.0\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"558.0\" y=\"123.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">3<\/text><text x=\"220\" y=\"156.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Autriche<\/text><rect x=\"232\" y=\"140\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"140\" width=\"212.0\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"452.0\" y=\"156.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">2<\/text><text x=\"220\" y=\"189.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Irlande<\/text><rect x=\"232\" y=\"173\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"173\" width=\"212.0\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"452.0\" y=\"189.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">2<\/text><text x=\"220\" y=\"222.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Luxembourg<\/text><rect x=\"232\" y=\"206\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"206\" width=\"212.0\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"452.0\" y=\"222.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">2<\/text><text x=\"220\" y=\"255.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Italie<\/text><rect x=\"232\" y=\"239\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"239\" width=\"106.0\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"346.0\" y=\"255.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">1<\/text><\/svg><\/div><figcaption><b>Fournisseurs MiCA par pays de r\u00e9sidence (s\u00e9lection condens\u00e9e).<\/b> Certains \u201e \u00c9tats membres \u201c \u2014 Malte, le Luxembourg, l\u2019Irlande, la France, l\u2019Allemagne, les Pays-Bas, l\u2019Autriche \u2014 ont acquis une importance disproportionn\u00e9e en 2025\/26.<\/figcaption><\/figure>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-441c431 elementor-widget elementor-widget-text-editor\" data-id=\"441c431\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Parmi les entit\u00e9s approuv\u00e9es figurent non seulement des \u201e start-ups crypto \u201c, mais aussi des courtiers et des plateformes d&#039;\u00e9change, des d\u00e9positaires purs, des banques (Commerzbank, Trade Republic), des infrastructures d&#039;\u00e9change et des \u00e9metteurs de stablecoins \u2013 un signe d&#039;institutionnalisation progressive.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f5fbea7 elementor-widget elementor-widget-heading\" data-id=\"1f5fbea7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">03<\/span> Liste consolid\u00e9e des fournisseurs<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4aded3b1 elementor-widget elementor-widget-text-editor\" data-id=\"4aded3b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>La s\u00e9lection suivante est identifiable avec certitude, mais <b>pas compl\u00e8tement<\/b>. Toute personne souhaitant obtenir des informations compl\u00e8tes est invit\u00e9e \u00e0 consulter le registre de l&#039;ESMA (art. 109) et les registres nationaux directement. Toutes les inscriptions sont des autorisations CASP.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6dde0d68 wp-table elementor-widget elementor-widget-text-editor\" data-id=\"6dde0d68\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table class=\"prov\"><thead><tr><th style=\"width:27%\">Fournisseur<\/th><th style=\"width:13%\">pays de r\u00e9sidence<\/th><th style=\"width:12%\">Permis<\/th><th style=\"width:48%\">Services de base<\/th><\/tr><\/thead><tbody><tr><td>OKX Europe Limited<\/td><td style=\"white-space:nowrap;\">Malte<\/td><td style=\"white-space:nowrap;\">27.01.2025<\/td><td>Conservation, n\u00e9gociation, \u00e9change, ex\u00e9cution, placement, prise de contr\u00f4le invers\u00e9e, gestion de portefeuille, transfert<\/td><\/tr><tr><td>Foris DAX MT Ltd (Crypto.com)<\/td><td style=\"white-space:nowrap;\">Malte<\/td><td style=\"white-space:nowrap;\">27.01.2025<\/td><td>Garde, \u00e9change, ex\u00e9cution, RTO, transfert<\/td><\/tr><tr><td>BP23 CA Limited<\/td><td style=\"white-space:nowrap;\">Malte<\/td><td style=\"white-space:nowrap;\">27.01.2025<\/td><td>Garde, \u00e9change, ex\u00e9cution, RTO, transfert<\/td><\/tr><tr><td>Coinbase Luxembourg SA.<\/td><td style=\"white-space:nowrap;\">Luxembourg<\/td><td style=\"white-space:nowrap;\">20.06.2025<\/td><td>Garde, \u00e9change, ex\u00e9cution, RTO, transfert, placement<\/td><\/tr><tr><td>Solutions Payward Europe (Kraken)<\/td><td style=\"white-space:nowrap;\">Irlande<\/td><td style=\"white-space:nowrap;\">25.06.2025<\/td><td>Conservation, \u00e9change, ex\u00e9cution, placement, prise de contr\u00f4le invers\u00e9e, gestion de portefeuille, transfert<\/td><\/tr><tr><td>Payward Global Solutions (Kraken)<\/td><td style=\"white-space:nowrap;\">Irlande<\/td><td style=\"white-space:nowrap;\">25.06.2025<\/td><td>Exploitation d&#039;une plateforme de trading<\/td><\/tr><tr><td>Bitpanda GmbH<\/td><td style=\"white-space:nowrap;\">Autriche<\/td><td style=\"white-space:nowrap;\">09.04.2025<\/td><td>Garde, \u00e9change, ex\u00e9cution, placement, RTO, transfert<\/td><\/tr><tr><td>Bybit EU GmbH<\/td><td style=\"white-space:nowrap;\">Autriche<\/td><td style=\"white-space:nowrap;\">28.05.2025<\/td><td>Garde, \u00e9change, ex\u00e9cution, placement, transfert<\/td><\/tr><tr><td>CheckSig Srl.<\/td><td style=\"white-space:nowrap;\">Italie<\/td><td style=\"white-space:nowrap;\">07.05.2026<\/td><td>Garde, \u00e9change, ex\u00e9cution, transfert<\/td><\/tr><tr><td>Trade Republic Bank GmbH<\/td><td style=\"white-space:nowrap;\">Allemagne<\/td><td style=\"white-space:nowrap;\">28.04.2025<\/td><td>Garde, ex\u00e9cution, RTO, transfert<\/td><\/tr><tr><td>Commerzbank AG<\/td><td style=\"white-space:nowrap;\">Allemagne<\/td><td style=\"white-space:nowrap;\">07.04.2025<\/td><td>Garde, transfert<\/td><\/tr><tr><td>BitGo Europe GmbH<\/td><td style=\"white-space:nowrap;\">Allemagne<\/td><td style=\"white-space:nowrap;\">09.05.2025<\/td><td>Garde, \u00e9change, ex\u00e9cution, RTO, transfert<\/td><\/tr><tr><td>Tangany GmbH<\/td><td style=\"white-space:nowrap;\">Allemagne<\/td><td style=\"white-space:nowrap;\">08.08.2025<\/td><td>Garde, transfert<\/td><\/tr><tr><td>Bitvavo BV.<\/td><td style=\"white-space:nowrap;\">Pays-Bas<\/td><td style=\"white-space:nowrap;\">26.06.2025<\/td><td>Conservation, n\u00e9gociation, transfert<\/td><\/tr><tr><td>BTC Direct Europe BV.<\/td><td style=\"white-space:nowrap;\">Pays-Bas<\/td><td style=\"white-space:nowrap;\">18.06.2025<\/td><td>\u00c9change, transfert<\/td><\/tr><tr><td>Change Securities BV.<\/td><td style=\"white-space:nowrap;\">Pays-Bas<\/td><td style=\"white-space:nowrap;\">20.04.2026<\/td><td>Garde, \u00e9change, ex\u00e9cution<\/td><\/tr><tr><td>Partenaires de Hidden Road CIV NL<\/td><td style=\"white-space:nowrap;\">Pays-Bas<\/td><td style=\"white-space:nowrap;\">30.12.2024<\/td><td>\u00c9change, Ex\u00e9cution<\/td><\/tr><tr><td>PAYMIUM SAS<\/td><td style=\"white-space:nowrap;\">France<\/td><td style=\"white-space:nowrap;\">22.06.2026<\/td><td>Conservation, n\u00e9gociation, \u00e9change, ex\u00e9cution, transfert<\/td><\/tr><tr><td>MERIA SAS<\/td><td style=\"white-space:nowrap;\">France<\/td><td style=\"white-space:nowrap;\">22.06.2026<\/td><td>Conservation, \u00e9change, ex\u00e9cution, conseil, gestion de portefeuille, transfert<\/td><\/tr><tr><td>Banque Delubac et Cie<\/td><td style=\"white-space:nowrap;\">France<\/td><td style=\"white-space:nowrap;\">23.10.2025<\/td><td>Conservation, \u00e9change, ex\u00e9cution, conseil, gestion de portefeuille, transfert<\/td><\/tr><tr><td>Soci\u00e9t\u00e9 G\u00e9n\u00e9rale \u2013 Forge<\/td><td style=\"white-space:nowrap;\">France<\/td><td style=\"white-space:nowrap;\">23.10.2025<\/td><td>Garde, transfert<\/td><\/tr><tr><td>STOKR SA.<\/td><td style=\"white-space:nowrap;\">Luxembourg<\/td><td style=\"white-space:nowrap;\">22.06.2026<\/td><td>Garde, transfert<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3882575f elementor-widget elementor-widget-heading\" data-id=\"3882575f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u00c9metteurs EMT concern\u00e9s<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5cefad5 wp-table elementor-widget elementor-widget-text-editor\" data-id=\"5cefad5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table class=\"prov\"><thead><tr><th style=\"width:27%\">\u00c9metteur<\/th><th style=\"width:13%\">pays de r\u00e9sidence<\/th><th style=\"width:12%\">Date<\/th><th style=\"width:48%\">remarque<\/th><\/tr><\/thead><tbody><tr><td>Circle Internet Financial Europe SAS<\/td><td style=\"white-space:nowrap;\">France<\/td><td style=\"white-space:nowrap;\">01.07.2024<\/td><td>EMI agr\u00e9\u00e9 par l&#039;ACPR ; \u00e9mis conform\u00e9ment aux normes USDC et EURC MiCA.<\/td><\/tr><tr><td>Soci\u00e9t\u00e9 G\u00e9n\u00e9rale \u2013 Forge<\/td><td style=\"white-space:nowrap;\">France<\/td><td style=\"white-space:nowrap;\">01.07.2024<\/td><td>Cas EMT bas\u00e9 sur l&#039;EMI (ACPR)<\/td><\/tr><tr><td>Cercle bancaire SA.<\/td><td style=\"white-space:nowrap;\">Luxembourg<\/td><td style=\"white-space:nowrap;\">29.10.2019<\/td><td>\u00c9tablissement de cr\u00e9dit\u00a0; EURI<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-55b5045a e-con-full e-flex e-con e-child\" data-id=\"55b5045a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-db4e0c5 elementor-widget elementor-widget-image\" data-id=\"db4e0c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"685\" src=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-spot.jpg\" class=\"attachment-full size-full wp-image-2681\" alt=\"Le symbole du Bitcoin au centre, entour\u00e9 d&#039;ic\u00f4nes d&#039;\u00e9toiles lumineuses sur un fond sombre et futuriste.\" srcset=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-spot.jpg 1200w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-spot-300x171.jpg 300w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-spot-1024x585.jpg 1024w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-spot-768x438.jpg 768w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/mica-spot-18x10.jpg 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12a077b1 elementor-widget elementor-widget-html\" data-id=\"12a077b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p style=\"font-size:13.5px;color:#7a8696;line-height:1.5;border-top:1px solid #E5E7EB;padding-top:8px;margin:-6px 0 18px;\"><b style=\"color:#1E3A5F;\">Du patchwork \u00e0 la norme du march\u00e9 unique.<\/b> MiCA combine autorisation, supervision continue et enregistrement dans un cadre harmonis\u00e9 \u2014 la licence devient un crit\u00e8re de v\u00e9rification fiable.<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44729579 elementor-widget elementor-widget-heading\" data-id=\"44729579\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">04<\/span> Mod\u00e8les commerciaux et conformit\u00e9<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-372d559c elementor-widget elementor-widget-text-editor\" data-id=\"372d559c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>La loi MiCA diff\u00e9rencie les CASP selon leur fonction\u00a0: autorisation (articles\u00a059 \u00e0\u00a065), obligations permanentes (articles\u00a066 \u00e0\u00a074) et activit\u00e9s sp\u00e9cifiques (articles\u00a075 \u00e0\u00a082). Les exigences en mati\u00e8re de fonds propres sont d\u00e9finies \u00e0 l\u2019annexe\u00a0IV.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7924fa82 elementor-widget elementor-widget-html\" data-id=\"7924fa82\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<figure style=\"margin:26px 0;\"><div style=\"background:#fff;border:1px solid #E5E7EB;border-radius:8px;padding:20px 18px;\"><svg viewbox=\"0 0 720 107\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" style=\"width:100%;height:auto;font-family:Outfit,sans-serif;\"><text x=\"220\" y=\"24.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Classe 3 \u00b7 Plateforme de trading<\/text><rect x=\"232\" y=\"8\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"8\" width=\"424.0\" height=\"25\" rx=\"4\" fill=\"#1E3A5F\"\/><text x=\"664.0\" y=\"24.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">150<\/text><text x=\"220\" y=\"57.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Classe 2 \u00b7 +Garde\/\u00c9change<\/text><rect x=\"232\" y=\"41\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"41\" width=\"353.3\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"593.3\" y=\"57.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">125<\/text><text x=\"220\" y=\"90.5\" text-anchor=\"end\" font-size=\"13\" font-weight=\"600\" fill=\"#1E3A5F\">Classe 1 \u00b7 Conseil\/RTO\/Cadre<\/text><rect x=\"232\" y=\"74\" width=\"424\" height=\"25\" rx=\"4\" fill=\"#EEF3F7\"\/><rect x=\"232\" y=\"74\" width=\"141.3\" height=\"25\" rx=\"4\" fill=\"#2D9CDB\"\/><text x=\"381.3\" y=\"90.5\" font-size=\"13\" font-weight=\"700\" fill=\"#1E3A5F\">50<\/text><\/svg><\/div><figcaption><b>Montants minimaux de capital-actions par classe CASP (en milliers d\u2019euros, annexe IV).<\/b> Classe 1 : Conseil, gestion de portefeuille, RTO, ex\u00e9cution, placement, transferts \u00b7 Classe 2 : conservation\/\u00e9change en plus \u00b7 Classe 3 : Exploitation d&#039;une plateforme de n\u00e9gociation.<\/figcaption><\/figure>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b009105 wp-table elementor-widget elementor-widget-text-editor\" data-id=\"7b009105\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table class=\"matrix\"><thead><tr><th style=\"width:19%\">Mod\u00e8le d&#039;entreprise<\/th><th style=\"width:16%\">Cat\u00e9gories MiCA<\/th><th style=\"width:34%\">Principales responsabilit\u00e9s<\/th><th style=\"width:31%\">Priorit\u00e9s de conformit\u00e9<\/th><\/tr><\/thead><tbody><tr><td>Bourse centrale sans garde<\/td><td>Articles 76\u201378, 80<\/td><td>Licences, int\u00e9grit\u00e9 du march\u00e9, transparence des co\u00fbts et des risques, gouvernance, gestion des conflits<\/td><td>Meilleure ex\u00e9cution, surveillance du march\u00e9, r\u00e8gles de n\u00e9gociation, gouvernance de la cotation des jetons<\/td><\/tr><tr><td>\u00c9change central avec garde<\/td><td>Articles 75 \u00e0 78<\/td><td>De plus, des obligations strictes de conservation, de s\u00e9gr\u00e9gation et de contr\u00f4le des actifs des clients.<\/td><td>Gestion des cl\u00e9s, s\u00e9gr\u00e9gation, r\u00e9sistance \u00e0 l&#039;insolvabilit\u00e9, rapprochement, externalisation<\/td><\/tr><tr><td>Reiner D\u00e9positaire \/ Portefeuille<\/td><td>Article 75<\/td><td>Garde et administration, lib\u00e9ration\/transfertabilit\u00e9, syst\u00e8mes de contr\u00f4le<\/td><td>Entreposage frigorifique\/thermique, r\u00e9cup\u00e9ration, droits d&#039;acc\u00e8s, pistes d&#039;audit, diligence raisonnable du d\u00e9positaire tiers<\/td><\/tr><tr><td>Courtier \/ Portail d&#039;acc\u00e8s\/de sortie Fiat<\/td><td>Articles 77, 78, 80, partiellement 82<\/td><td>Ex\u00e9cution des commandes, informations clients, flux de tr\u00e9sorerie, r\u00e9clamations, conflits d&#039;int\u00e9r\u00eats<\/td><td>Transactions de paiement, tr\u00e9sorerie, contr\u00f4le des \u00e9carts, LCB-FT (lutte contre le blanchiment d&#039;argent et le financement du terrorisme), r\u00e8gles de voyage<\/td><\/tr><tr><td>Conseils \/ Gestion de portefeuille<\/td><td>Article 81<\/td><td>Ad\u00e9quation, conflits d&#039;int\u00e9r\u00eats, documentation, gouvernance<\/td><td>Gouvernance des produits, classification des clients, ad\u00e9quation, contr\u00f4le de la recherche<\/td><\/tr><tr><td>\u00c9metteur EMT<\/td><td>Titre IV, articles 48 \u00e0 58<\/td><td>Statut d&#039;\u00e9tablissement de cr\u00e9dit\/EMI, livre blanc, retour au pair, interdiction des taux d&#039;int\u00e9r\u00eat, recouvrement\/remboursement<\/td><td>Structure de r\u00e9serve\/de sauvegarde, liquidit\u00e9s quotidiennes, rachat, gouvernance du livre blanc<\/td><\/tr><tr><td>\u00c9metteur ART<\/td><td>Titre III, Articles 16\u201347<\/td><td>Autorisation, approbation du livre blanc, gouvernance, actifs de r\u00e9serve, rachat, rapports<\/td><td>Gestion des r\u00e9serves d&#039;actifs, s\u00e9lection des d\u00e9positaires, plans d&#039;\u00e9valuation\/de crise, tests de mat\u00e9rialit\u00e9 de l&#039;ABE<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21b56fa elementor-widget elementor-widget-text-editor\" data-id=\"21b56fa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Dans tous les mod\u00e8les, des obligations fondamentales similaires s&#039;appliquent : agir honn\u00eatement dans l&#039;int\u00e9r\u00eat du client, faire preuve de prudence, assurer la gouvernance, prot\u00e9ger les actifs du client, g\u00e9rer les plaintes et les conflits, contr\u00f4ler l&#039;externalisation et disposer d&#039;un plan de cessation d&#039;activit\u00e9 cr\u00e9dible. <b>LBC\/FT<\/b> Elle n&#039;est pas totalement \u201e int\u00e9gr\u00e9e \u201c, mais inextricablement li\u00e9e\u00a0: l&#039;approbation MiCA ne remplace ni les obligations en mati\u00e8re de lutte contre le blanchiment d&#039;argent ni les r\u00e8gles relatives aux transferts de fonds. Un deuxi\u00e8me point commun est <b>r\u00e9silience technique<\/b> (DORA, IKS, BCM, Gestion des incidents) : Les mod\u00e8les de conservation et d&#039;\u00e9change \u00e9chouent moins souvent en raison de probl\u00e8mes de licences qu&#039;en raison du fonctionnement \u00e0 long terme de cette architecture.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-628419b1 elementor-widget elementor-widget-heading\" data-id=\"628419b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">05<\/span> Supervision et sanctions<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46a183fb elementor-widget elementor-widget-text-editor\" data-id=\"46a183fb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>La loi MiCA harmonise les obligations fondamentales tout en laissant une certaine flexibilit\u00e9 quant aux proc\u00e9dures et \u00e0 la s\u00e9v\u00e9rit\u00e9 des sanctions. Pour les personnes morales, MiCA pr\u00e9voit des amendes d&#039;au moins 5 millions d&#039;euros ou trois fois leur chiffre d&#039;affaires pour certaines infractions\u00a0; en cas d&#039;abus de march\u00e9, le montant minimum est de 15 millions d&#039;euros ou quinze fois leur chiffre d&#039;affaires. Les \u00c9tats membres peuvent aller plus loin et pr\u00e9voir des sanctions p\u00e9nales.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cf1143a wp-table elementor-widget elementor-widget-text-editor\" data-id=\"3cf1143a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table class=\"matrix\"><thead><tr><th style=\"width:14%\">juridiction<\/th><th style=\"width:20%\">autorit\u00e9s<\/th><th style=\"width:9%\">date limite<\/th><th style=\"width:29%\">style proc\u00e9dural<\/th><th style=\"width:28%\">Sanctions \/ Application de la loi<\/th><\/tr><\/thead><tbody><tr><td>Allemagne<\/td><td>BaFin (+ Bundesbank dans certaines r\u00e9gions)<\/td><td>12 mois<\/td><td>centralis\u00e9, formalis\u00e9\u00a0; fiches d\u2019information MiCAR\u00a0; v\u00e9rification d\u2019exhaustivit\u00e9 avec date limite pour les demandes ult\u00e9rieures<\/td><td>KMAG\u00a0: Dispositions p\u00e9nales et amendes\u00a0; peine d\u2019emprisonnement jusqu\u2019\u00e0 5 ans<\/td><\/tr><tr><td>France<\/td><td>AMF (CASP) \u00b7 ACPR (EMI\/Banque)<\/td><td>18 mois<\/td><td>Mod\u00e8le dual ; accent mis sur la documentation de l&#039;application et la d\u00e9limitation de son statut<\/td><td>Architecture des sanctions AMF\/ACPR + normes minimales MiCA<\/td><\/tr><tr><td>Italie<\/td><td>Consob \u00b7 Banque d&#039;Italie<\/td><td>18 mois<\/td><td>Mod\u00e8le dual ; la Consob examine la question suite \u00e0 une d\u00e9claration de la Banque d&#039;Italie.<\/td><td>Le d\u00e9cret l\u00e9gislatif 129\/2024 r\u00e9glemente les pouvoirs de contr\u00f4le et d&#039;intervention.<\/td><\/tr><tr><td>Pays-Bas<\/td><td>AFM (+ DNB dans certains domaines)<\/td><td>6 mois<\/td><td>pr\u00e9coce, abr\u00e9g\u00e9 ; ax\u00e9 sur l&#039;enregistrement et l&#039;application de la loi<\/td><td>Participation \u00e0 des enqu\u00eates sur la criminalit\u00e9 en col blanc ; application active de la loi contre les personnes sans permis.<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b661044 elementor-widget elementor-widget-text-editor\" data-id=\"3b661044\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Les diff\u00e9rences sont moins de fond qu&#039;institutionnelles\u00a0: l&#039;Allemagne privil\u00e9gie la supervision bancaire et les formalit\u00e9s proc\u00e9durales, la France et l&#039;Italie disposent d&#039;un syst\u00e8me dual plus rigide, et les Pays-Bas ont opt\u00e9 pour une transition particuli\u00e8rement rapide. Pour les prestataires, le choix de l&#039;\u00c9tat d&#039;origine influence donc \u00e9galement leur strat\u00e9gie de supervision.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-25720389 elementor-widget elementor-widget-heading\" data-id=\"25720389\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">06<\/span> Risques et d\u00e9fis<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d8fb762 elementor-widget elementor-widget-text-editor\" data-id=\"3d8fb762\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"padding-left:20px;\"><li style=\"margin:8px 0;\"><b>Conservation et s\u00e9curit\u00e9 des cl\u00e9s :<\/b> S\u00e9gr\u00e9gation, r\u00e9conciliation, s\u00e9gr\u00e9gation et cha\u00eenes de tiers contr\u00f4l\u00e9es juridiquement solides \u2014 et pas seulement la s\u00e9curit\u00e9 informatique.<\/li><li style=\"margin:8px 0;\"><b>R\u00e9glementation multiple :<\/b> MiCA ne repr\u00e9sente qu&#039;une partie du dispositif\u00a0; il englobe \u00e9galement la lutte contre le blanchiment d&#039;argent et le financement du terrorisme, la r\u00e9glementation des transactions financi\u00e8res, la loi DORA, la protection des consommateurs et, dans certains cas, MiFID\/MiFIR, ainsi que le droit bancaire et des \u00e9tablissements de monnaie \u00e9lectronique. Cet effort s&#039;accro\u00eet de mani\u00e8re syst\u00e9mique, notamment avec les mod\u00e8les hybrides.<\/li><li style=\"margin:8px 0;\"><b>Preuves des inspections\u00a0:<\/b> L\u2019autorit\u00e9 de surveillance examine les processus document\u00e9s \u2014 contr\u00f4les d\u2019acc\u00e8s, c\u00e9r\u00e9monies cl\u00e9s, proc\u00e8s-verbaux du conseil d\u2019administration, plans de redressement\/de rachat, dossiers de formation.<\/li><li style=\"margin:8px 0;\"><b>Probl\u00e8me des r\u00e9sidus transfrontaliers\u00a0:<\/b> Malgr\u00e9 la divergence des proc\u00e9dures de passeport, du style de supervision, des attentes en mati\u00e8re de contenu et des r\u00e9gimes de sanctions, il existe une marge d&#039;arbitrage r\u00e9glementaire.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22dd75 elementor-widget elementor-widget-heading\" data-id=\"22dd75\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">07<\/span> Recommandations et listes de contr\u00f4le<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ebc2c20 elementor-widget elementor-widget-text-editor\" data-id=\"ebc2c20\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>L\u2019erreur strat\u00e9gique la plus importante consiste \u00e0 consid\u00e9rer MiCA comme un projet r\u00e9glementaire ponctuel. Le goulot d\u2019\u00e9tranglement r\u00e9side dans le cadre r\u00e9glementaire actuel. Heuristique\u00a0: <b>D&#039;abord le mod\u00e8le op\u00e9rationnel, puis la licence.<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-618ffabb e-con-full e-flex e-con e-child\" data-id=\"618ffabb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3d82a3e4 e-con-full e-flex e-con e-child\" data-id=\"3d82a3e4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-596acfb3 e-con-full e-flex e-con e-child\" data-id=\"596acfb3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-72e8c4c elementor-widget elementor-widget-text-editor\" data-id=\"72e8c4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Liste de contr\u00f4le de conformit\u00e9 pour les fournisseurs<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6207a32f elementor-widget elementor-widget-text-editor\" data-id=\"6207a32f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"list-style:none;margin:0;padding:0;\"><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>\u00c9tendue de la licence cartographique\u00a0:<\/b> Quels services MiCA, dans quelle entit\u00e9 juridique et avec quel objectif de passeportage\u00a0?.<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>Choix de capital\/classe :<\/b> Classe 1\/2\/3 selon l&#039;Annexe IV ; pour EMT\/ART m\u00e9canisme de r\u00e9serve et de rachat suppl\u00e9mentaire.<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>Gouvernance documentaire :<\/b> Responsabilit\u00e9s, aptitude et comp\u00e9tence, gestion des conflits et des plaintes, fonctions de contr\u00f4le.<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>Les mesures de contr\u00f4le de la garde sont d\u00e9montrables\u00a0:<\/b> S\u00e9gr\u00e9gation, rapprochement, gestion des cl\u00e9s, r\u00e9cup\u00e9ration, acc\u00e8s d&#039;urgence, d\u00e9positaires tiers.<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>Ma\u00eetriser l&#039;externalisation :<\/b> Prestataires critiques, droits de sortie, r\u00e9f\u00e9rences DORA\/BCM.<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>Int\u00e9grer la lutte contre le blanchiment d&#039;argent et le financement du terrorisme\u00a0:<\/b> KYC\/CDD, filtrage, surveillance, processus STR, formation, conservation des dossiers, r\u00e8gles relatives aux voyages.<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>Gouvernance des jetons\u00a0:<\/b> Crit\u00e8res de cotation, examen du livre blanc, conformit\u00e9 des stablecoins, surveillance des abus de march\u00e9.<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>Plan de transition :<\/b> Communication avec les clients, restitution des actifs, liquidation des positions, stockage des donn\u00e9es, r\u00e9siliation des contrats d&#039;externalisation.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-198bf082 e-con-full e-flex e-con e-child\" data-id=\"198bf082\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-596800e7 e-con-full e-flex e-con e-child\" data-id=\"596800e7\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2dd5e870 elementor-widget elementor-widget-text-editor\" data-id=\"2dd5e870\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Liste de v\u00e9rification de diligence raisonnable pour les investisseurs<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ea8d9ad elementor-widget elementor-widget-text-editor\" data-id=\"2ea8d9ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"list-style:none;margin:0;padding:0;\"><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>V\u00e9rifier le registre :<\/b> Existe-t-il une autorisation MiCA active enregistr\u00e9e aupr\u00e8s de l&#039;ESMA ou dans un registre national\u00a0?<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>V\u00e9rifier l&#039;entit\u00e9 juridique\u00a0:<\/b> la marque \u2260 la soci\u00e9t\u00e9 europ\u00e9enne sous licence (Kraken\/Circle utilisent plusieurs unit\u00e9s).<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>V\u00e9rifier la port\u00e9e de la licence\u00a0:<\/b> Services de conservation uniquement \u2013 ou \u00e9galement plateforme, ex\u00e9cution, conseil, gestion de portefeuille\u00a0?<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>M\u00e9canisme de protection du client\u00a0:<\/b> S\u00e9gr\u00e9gation, droits de rachat, proc\u00e9dure d&#039;appel, assurance, preuve des r\u00e9serves, liquidation.<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>Exposition aux stablecoins\u00a0:<\/b> Dispositifs m\u00e9dicaux d&#039;urgence\/transport d&#039;urgence conformes \u00e0 la loi MiCA ou jetons de pays tiers \u00e0 statut juridique restreint\u00a0?<\/li><li style=\"position:relative;padding-left:24px;margin:9px 0;font-size:14.5px;line-height:1.5;\"><span style=\"position:absolute;left:2px;top:.55em;width:9px;height:9px;border:2px solid #B0892F;border-radius:3px;display:inline-block;\"><\/span><b>\u00c9valuer l&#039;autorit\u00e9 de supervision\u00a0:<\/b> L\u2019\u00c9tat d\u2019origine, les autorit\u00e9s r\u00e9glementaires et le contexte des sanctions d\u00e9terminent la qualit\u00e9 r\u00e9elle du contr\u00f4le.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f241243 elementor-widget elementor-widget-heading\" data-id=\"6f241243\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">08<\/span> \u00c9tudes de cas<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21fec8ac elementor-widget elementor-widget-text-editor\" data-id=\"21fec8ac\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul style=\"list-style:none;padding:0;\"><li style=\"margin:12px 0;font-size:15px;line-height:1.6;\"><b>Bitpanda GmbH (AT) :<\/b> Mod\u00e8le de courtage\/d\u00e9positaire \u00e9tendu\u00a0; agr\u00e9ment de la FMA conform\u00e9ment \u00e0 l\u2019article\u00a063 de la directive MiCA (10.04.2025) avec une offre de services compl\u00e8te. Conclusion\u00a0: la directive MiCA examine principalement la maturit\u00e9 de la gouvernance et du contr\u00f4le dans les mod\u00e8les multiservices.<\/li><li style=\"margin:12px 0;font-size:15px;line-height:1.6;\"><b>Kraken (IE) :<\/b> Division fonctionnelle au sein d&#039;un groupe\u00a0: Payward Europe Solutions d\u00e9tient la licence CASP \u00e9tendue, Payward Global Solutions l&#039;exploitation de la plateforme \u2014 architecture de licence modulaire plus composants MiFID\/monnaie \u00e9lectronique.<\/li><li style=\"margin:12px 0;font-size:15px;line-height:1.6;\"><b>CheckSig (IT) :<\/b> Premier CASP autoris\u00e9 en Italie (Consob, 7 mai 2026). Services de n\u00e9gociation, de conservation et institutionnels, mettant l&#039;accent sur la preuve de r\u00e9serves et la s\u00e9gr\u00e9gation \u2014 l&#039;Italie n&#039;a r\u00e9pertori\u00e9 que neuf acteurs \u00e0 la fin du mois de juin 2026 (s\u00e9lection).<\/li><li style=\"margin:12px 0;font-size:15px;line-height:1.6;\"><b>Cercle (FR) :<\/b> Le cas le plus significatif de titres de monnaie \u00e9lectronique (EMT) est la licence EMI de l&#039;ACPR (1er juillet 2024), conforme aux r\u00e9glementations MiCA de l&#039;USDC et de l&#039;EURC. Les EMT se caract\u00e9risent par leur statut juridique, leur remboursement au pair et leur structure de r\u00e9serves et de protection.<\/li><li style=\"margin:12px 0;font-size:15px;line-height:1.6;\"><b>Bitvavo (NL) :<\/b> Remaniement forc\u00e9 et pr\u00e9coce du march\u00e9\u00a0: approbation CASP le 26 juin 2025 avec seulement une p\u00e9riode de transition de 6 mois aux Pays-Bas \u2014 la licence ou le retrait du march\u00e9 est intervenu particuli\u00e8rement t\u00f4t dans ce cas.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15b92f8b elementor-widget elementor-widget-heading\" data-id=\"15b92f8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"n\">09<\/span> Classification par analyse financi\u00e8re<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23922c87 elementor-widget elementor-widget-html\" data-id=\"23922c87\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div style=\"background:linear-gradient(135deg,#15314e,#0F2942);color:#dCEAf5;border-radius:14px;padding:28px 30px;margin:24px 0;\"><div style=\"font-family:Outfit,sans-serif;font-weight:800;font-size:12px;letter-spacing:.16em;text-transform:uppercase;color:#56CCF2;margin-bottom:10px;\">Commentaire d&#039;expert<\/div><p style=\"margin:8px 0;font-size:15.5px;line-height:1.6;\"><b style=\"color:#fff;\">L&#039;obtention de la licence MiCA est un crit\u00e8re de diligence raisonnable essentiel.<\/b> La distinction entre les entit\u00e9s agr\u00e9\u00e9es MiCA, celles enregistr\u00e9es uniquement au niveau national et celles non r\u00e9glement\u00e9es d\u00e9termine la situation juridique et les modalit\u00e9s de recouvrement en cas de r\u00e9clamation.<\/p><p style=\"margin:8px 0;font-size:15.5px;line-height:1.6;\"><b style=\"color:#fff;\">Pour les CASP agr\u00e9\u00e9s, la s\u00e9gr\u00e9gation, les proc\u00e9dures de traitement des griefs et la supervision s&#039;appliquent.<\/b> La protection des actifs et les demandes d&#039;information sont plus r\u00e9alistes qu&#039;avec les prestataires offshore non r\u00e9glement\u00e9s.<\/p><p style=\"margin:8px 0;font-size:15.5px;line-height:1.6;\"><b style=\"color:#fff;\">Marque \u2260 entit\u00e9 agr\u00e9\u00e9e.<\/b> Kraken et Circle utilisent plusieurs soci\u00e9t\u00e9s de l&#039;UE \u2014 pour la livraison, le gel et la confiscation, c&#039;est l&#039;entit\u00e9 juridique exacte qui compte.<\/p><p style=\"margin:8px 0;font-size:15.5px;line-height:1.6;\"><b style=\"color:#fff;\">La bretelle de sortie avec CASP r\u00e9glement\u00e9 est le point de r\u00e9f\u00e9rence le plus concret.<\/b> pour la coop\u00e9ration avec les autorit\u00e9s, les donn\u00e9es relatives aux r\u00e8gles de voyage et la protection des actifs.<\/p><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-734afc50 elementor-widget elementor-widget-html\" data-id=\"734afc50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div style=\"margin-top:40px;border-top:1px solid #E5E7EB;padding-top:24px;\"><div style=\"font-family:Outfit,sans-serif;font-weight:800;font-size:12px;letter-spacing:.18em;text-transform:uppercase;color:#B0892F;margin-bottom:14px;\">Base de donn\u00e9es source<\/div><div style=\"font-size:13.5px;line-height:1.6;color:#54606e;margin-bottom:12px;\"><b style=\"display:block;font-family:Outfit;font-size:11px;letter-spacing:.12em;text-transform:uppercase;color:#1E3A5F;margin-bottom:3px;\">UE \/ ESMA (Principal)<\/b>Texte int\u00e9gral de MiCA (R\u00e8glement EUR-Lex 2023\/1114) \u00b7 Manuel unique interactif de l&#039;ESMA \u00b7 Registre de l&#039;ESMA Art. 109\/110 \u00b7 Liste des p\u00e9riodes transitoires nationales de l&#039;ESMA (Art. 143).<\/div><div style=\"font-size:13.5px;line-height:1.6;color:#54606e;margin-bottom:12px;\"><b style=\"display:block;font-family:Outfit;font-size:11px;letter-spacing:.12em;text-transform:uppercase;color:#1E3A5F;margin-bottom:3px;\">Supervision nationale<\/b>BaFin \/ KMAG \u00b7 AMF &amp; ACPR (FR) \u00b7 Consob &amp; Banca d&#039;Italia (IT) \u00b7 AFM &amp; DNB (NL) \u00b7 CSSF (LU) \u00b7 Banque centrale d&#039;Irlande \u00b7 FMA Autriche.<\/div><div style=\"font-size:13.5px;line-height:1.6;color:#54606e;\"><b style=\"display:block;font-family:Outfit;font-size:11px;letter-spacing:.12em;text-transform:uppercase;color:#1E3A5F;margin-bottom:3px;\">Fournisseur et secondaire<\/b>Annonces des entreprises (Circle, Kraken, CheckSig, Bitpanda) \u00b7 Financial Times (chiffres de l&#039;ESMA) \u00b7 EU Crypto Register (r\u00e9plication du registre, uniquement avec r\u00e9f\u00e9rence \u00e0 la source primaire).<\/div><p style=\"font-size:12px;color:#9aa6b3;margin-top:6px;line-height:1.6;\">Cette s\u00e9lection n\u2019est pas exhaustive\u00a0; le registre ESMA en vigueur (art.\u00a0109) et les registres nationaux font foi. Les r\u00e9f\u00e9rences aux registres secondaires ne sont prises en compte qu\u2019apr\u00e8s v\u00e9rification de leur plausibilit\u00e9 \u00e0 l\u2019aide de sources primaires. \u00c9tat\u00a0: 1er juillet 2026.<\/p><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-45a44650 e-con-full e-flex e-con e-child\" data-id=\"45a44650\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-75c5933b e-con-full e-flex e-con e-child\" data-id=\"75c5933b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6df91fd4 elementor-widget elementor-widget-image\" data-id=\"6df91fd4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/06\/david-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-image-2403\" alt=\"Portrait professionnel d&#039;un homme m\u00fbr portant un blazer fonc\u00e9 et une chemise blanche \u00e0 motifs, regardant l&#039;objectif.\" srcset=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/06\/david-1-150x150.jpg 150w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/06\/david-1-300x300.jpg 300w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/06\/david-1-12x12.jpg 12w, https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/06\/david-1.jpg 400w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-48293ca8 e-con-full e-flex e-con e-child\" data-id=\"48293ca8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-29be028d elementor-widget elementor-widget-text-editor\" data-id=\"29be028d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>David L\u00fcdtke<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2190db24 elementor-widget elementor-widget-text-editor\" data-id=\"2190db24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Directeur g\u00e9n\u00e9ral \u00b7 Analyste OSINT et expert en criminalistique cryptographique \u00b7 Financial Forensics GmbH<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d257b33 elementor-widget elementor-widget-text-editor\" data-id=\"5d257b33\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Analyse des transactions cryptographiques admissible devant les tribunaux, enqu\u00eates sur les actifs bas\u00e9es sur l&#039;OSINT et rapports d&#039;expertise pour les avocats de la d\u00e9fense, les administrateurs judiciaires et les entreprises. Expert certifi\u00e9 Crystal (CECF, CEEI, CEUI). <b>Criminalistique financi\u00e8re<\/b> Soutient les cabinets d&#039;avocats, les entreprises, les organismes d&#039;enqu\u00eate et les administrateurs judiciaires \u2014 domaines d&#039;intervention\u00a0: criminalistique de la blockchain, analyse de portefeuilles num\u00e9riques, documentation admissible devant les tribunaux, OSINT.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-757024a4 elementor-widget elementor-widget-text-editor\" data-id=\"757024a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Contact:<\/b>\u00a0<a href=\"mailto:postfach@finanz-forensik.de\">postfach@finanz-forensik.de<\/a> +49 6057 772 994 86\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-712dd71a e-flex e-con-boxed e-con e-parent\" data-id=\"712dd71a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-539bb1d1 e-con-full e-flex e-con e-child\" data-id=\"539bb1d1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-270da3f1 elementor-widget elementor-widget-heading\" data-id=\"270da3f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Audit fournisseur ou r\u00e9cup\u00e9ration de cryptomonnaies ?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65161a17 elementor-widget elementor-widget-text-editor\" data-id=\"65161a17\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"color:#cdddea;font-size:16px;line-height:1.6;\">Nous examinons le statut MiCA et l&#039;entit\u00e9 juridique, classons les voies de sortie d&#039;un point de vue r\u00e9glementaire et fournissons la base m\u00e9dico-l\u00e9gale pour la divulgation, le gel et la protection des actifs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5a381166 e-con-full e-flex e-con e-child\" data-id=\"5a381166\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-195abb14 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"195abb14\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/finanz-forensik.de\/fr\/contact\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Demander une consultation initiale<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9f3307 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"b9f3307\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2026\/07\/Whitepaper_MiCA-lizenzierte-Krypto-Anbieter_Finanz-Forensik.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"><\/path><polyline points=\"7 10 12 15 17 10\"><\/polyline><line x1=\"12\" y1=\"15\" x2=\"12\" y2=\"3\"><\/line><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Rapport au format PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Research Report Nr. 06 \u00b7 Regulierung &amp; Markt MiCA-lizenzierte Krypto-Anbieter \u2014 244 zugelassen, 1.738 raus Rechtsrahmen, Marktbereinigung, Anbieterliste, Gesch\u00e4ftsmodelle und Aufsicht \u2014 plus Checklisten f\u00fcr Anbieter und Investoren. 244MiCA-zugelassene Anbieter (ESMA, 1. Juli 2026)1.738Anbieter ohne EU-Lizenz ausgeschieden50k\u2013150k \u20acEigenkapital je Klasse (Anhang IV)seit 1. Juli 2026verbindlich \u00b7 EU-Passporting Vollst\u00e4ndiger Report (PDF) Online lesen Report 2026 Executive [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":2313,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-2672","page","type-page","status-publish","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"MiCA-Report: Rechtsrahmen, 244 zugelassene Anbieter vs 1.738 ausgeschieden, Anbieterliste, Gesch\u00e4ftsmodelle, Kapitalklassen, Aufsicht &amp; Sanktionen, Checklisten.\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO Pro (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"fr_FR\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Finanz Forensik -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"MiCA-lizenzierte Krypto-Anbieter: 244 zugelassen, 1.738 raus\" \/>\n\t\t<meta property=\"og:description\" content=\"MiCA-Report: Rechtsrahmen, 244 zugelassene Anbieter vs 1.738 ausgeschieden, Anbieterliste, Gesch\u00e4ftsmodelle, Kapitalklassen, Aufsicht &amp; Sanktionen, Checklisten.\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2025\/12\/finanz-forensik-logo.png\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2025\/12\/finanz-forensik-logo.png\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-07-08T08:41:12+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-07-11T14:06:11+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"MiCA-lizenzierte Krypto-Anbieter: 244 zugelassen, 1.738 raus\" \/>\n\t\t<meta name=\"twitter:description\" content=\"MiCA-Report: Rechtsrahmen, 244 zugelassene Anbieter vs 1.738 ausgeschieden, Anbieterliste, Gesch\u00e4ftsmodelle, Kapitalklassen, Aufsicht &amp; Sanktionen, Checklisten.\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2025\/12\/finanz-forensik-logo.png\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/mica-lizenzierte-krypto-anbieter\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/#listItem\",\"name\":\"Whitepaper\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/#listItem\",\"position\":2,\"name\":\"Whitepaper\",\"item\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/mica-lizenzierte-krypto-anbieter\\\/#listItem\",\"name\":\"MiCA-lizenzierte Krypto-Anbieter\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/mica-lizenzierte-krypto-anbieter\\\/#listItem\",\"position\":3,\"name\":\"MiCA-lizenzierte Krypto-Anbieter\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/#listItem\",\"name\":\"Whitepaper\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/#organization\",\"name\":\"Finanz Forensik\",\"url\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/\",\"telephone\":\"+49605777299486\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/finanz-forensik.de\\\/wp-content\\\/uploads\\\/2025\\\/12\\\/finanz-forensik-logo.png\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/mica-lizenzierte-krypto-anbieter\\\/#organizationLogo\",\"width\":1280,\"height\":1173},\"image\":{\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/mica-lizenzierte-krypto-anbieter\\\/#organizationLogo\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/mica-lizenzierte-krypto-anbieter\\\/#webpage\",\"url\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/mica-lizenzierte-krypto-anbieter\\\/\",\"name\":\"MiCA-lizenzierte Krypto-Anbieter: 244 zugelassen, 1.738 raus\",\"description\":\"MiCA-Report: Rechtsrahmen, 244 zugelassene Anbieter vs 1.738 ausgeschieden, Anbieterliste, Gesch\\u00e4ftsmodelle, Kapitalklassen, Aufsicht & Sanktionen, Checklisten.\",\"inLanguage\":\"fr-FR\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/whitepaper\\\/mica-lizenzierte-krypto-anbieter\\\/#breadcrumblist\"},\"datePublished\":\"2026-07-08T10:41:12+02:00\",\"dateModified\":\"2026-07-11T16:06:11+02:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/#website\",\"url\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/\",\"name\":\"Finanz Forensik\",\"inLanguage\":\"fr-FR\",\"publisher\":{\"@id\":\"https:\\\/\\\/finanz-forensik.de\\\/fr\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO Pro -->\r\n\t\t<title>MiCA-lizenzierte Krypto-Anbieter: 244 zugelassen, 1.738 raus<\/title>\n\n","aioseo_head_json":{"title":"Fournisseurs de cryptomonnaies agr\u00e9\u00e9s MiCA\u00a0: 244 approuv\u00e9s, 1\u00a0738 refus\u00e9s","description":"Rapport MiCA : Cadre juridique, 244 prestataires agr\u00e9\u00e9s contre 1 738 exclus, liste des prestataires, mod\u00e8les commerciaux, cat\u00e9gories de capital, supervision et sanctions, listes de contr\u00f4le.","canonical_url":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/finanz-forensik.de\/fr#listItem","position":1,"name":"Home","item":"https:\/\/finanz-forensik.de\/fr","nextItem":{"@type":"ListItem","@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/#listItem","name":"Whitepaper"}},{"@type":"ListItem","@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/#listItem","position":2,"name":"Whitepaper","item":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/","nextItem":{"@type":"ListItem","@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/#listItem","name":"MiCA-lizenzierte Krypto-Anbieter"},"previousItem":{"@type":"ListItem","@id":"https:\/\/finanz-forensik.de\/fr#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/#listItem","position":3,"name":"MiCA-lizenzierte Krypto-Anbieter","previousItem":{"@type":"ListItem","@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/#listItem","name":"Whitepaper"}}]},{"@type":"Organization","@id":"https:\/\/finanz-forensik.de\/fr\/#organization","name":"Finanz Forensik","url":"https:\/\/finanz-forensik.de\/fr\/","telephone":"+49605777299486","logo":{"@type":"ImageObject","url":"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2025\/12\/finanz-forensik-logo.png","@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/#organizationLogo","width":1280,"height":1173},"image":{"@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/#organizationLogo"}},{"@type":"WebPage","@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/#webpage","url":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/","name":"MiCA-lizenzierte Krypto-Anbieter: 244 zugelassen, 1.738 raus","description":"MiCA-Report: Rechtsrahmen, 244 zugelassene Anbieter vs 1.738 ausgeschieden, Anbieterliste, Gesch\u00e4ftsmodelle, Kapitalklassen, Aufsicht & Sanktionen, Checklisten.","inLanguage":"fr-FR","isPartOf":{"@id":"https:\/\/finanz-forensik.de\/fr\/#website"},"breadcrumb":{"@id":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/#breadcrumblist"},"datePublished":"2026-07-08T10:41:12+02:00","dateModified":"2026-07-11T16:06:11+02:00"},{"@type":"WebSite","@id":"https:\/\/finanz-forensik.de\/fr\/#website","url":"https:\/\/finanz-forensik.de\/fr\/","name":"Finanz Forensik","inLanguage":"fr-FR","publisher":{"@id":"https:\/\/finanz-forensik.de\/fr\/#organization"}}]},"og:locale":"fr_FR","og:site_name":"Finanz Forensik -","og:type":"article","og:title":"MiCA-lizenzierte Krypto-Anbieter: 244 zugelassen, 1.738 raus","og:description":"MiCA-Report: Rechtsrahmen, 244 zugelassene Anbieter vs 1.738 ausgeschieden, Anbieterliste, Gesch\u00e4ftsmodelle, Kapitalklassen, Aufsicht &amp; Sanktionen, Checklisten.","og:url":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/","og:image":"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2025\/12\/finanz-forensik-logo.png","og:image:secure_url":"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2025\/12\/finanz-forensik-logo.png","article:published_time":"2026-07-08T08:41:12+00:00","article:modified_time":"2026-07-11T14:06:11+00:00","twitter:card":"summary_large_image","twitter:title":"MiCA-lizenzierte Krypto-Anbieter: 244 zugelassen, 1.738 raus","twitter:description":"MiCA-Report: Rechtsrahmen, 244 zugelassene Anbieter vs 1.738 ausgeschieden, Anbieterliste, Gesch\u00e4ftsmodelle, Kapitalklassen, Aufsicht &amp; Sanktionen, Checklisten.","twitter:image":"https:\/\/finanz-forensik.de\/wp-content\/uploads\/2025\/12\/finanz-forensik-logo.png"},"aioseo_meta_data":{"post_id":"2672","title":"Fournisseurs de cryptomonnaies agr\u00e9\u00e9s MiCA\u00a0: 244 approuv\u00e9s, 1\u00a0738 refus\u00e9s","description":"MiCA-Report: Rechtsrahmen, 244 zugelassene Anbieter vs 1.738 ausgeschieden, Anbieterliste, Gesch\u00e4ftsmodelle, Kapitalklassen, Aufsicht &amp; Sanktionen, Checklisten.","keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"WebPage","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"seo_analyzer_scan_date":"2026-07-11 16:07:20","breadcrumb_settings":null,"limit_modified_date":false,"reviewed_by":null,"open_ai":null,"ai":{"faqs":[],"keyPoints":[],"schemas":[],"titles":[],"descriptions":[],"socialPosts":{"email":{"subject":"","preview":"","content":""},"linkedin":[],"twitter":[],"facebook":[],"instagram":[]}},"created":"2026-07-08 08:39:01","updated":"2026-07-11 16:07:20"},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t<a href=\"https:\/\/finanz-forensik.de\/fr\" title=\"Home\">Home<\/a>\n<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\t<a href=\"https:\/\/finanz-forensik.de\/fr\/whitepaper\/\" title=\"Whitepaper\">Whitepaper<\/a>\n<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\tMiCA-lizenzierte Krypto-Anbieter\n<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/finanz-forensik.de\/fr"},{"label":"Whitepaper","link":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/"},{"label":"MiCA-lizenzierte Krypto-Anbieter","link":"https:\/\/finanz-forensik.de\/fr\/whitepaper\/mica-lizenzierte-krypto-anbieter\/"}],"_links":{"self":[{"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/pages\/2672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/comments?post=2672"}],"version-history":[{"count":4,"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/pages\/2672\/revisions"}],"predecessor-version":[{"id":2685,"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/pages\/2672\/revisions\/2685"}],"up":[{"embeddable":true,"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/pages\/2313"}],"wp:attachment":[{"href":"https:\/\/finanz-forensik.de\/fr\/wp-json\/wp\/v2\/media?parent=2672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}