Artlex Consult

As the MiCA regulation enters into force and the 2026 compliance deadline approaches, the legal landscape for crypto-asset service providers (CASPs) is becoming increasingly complex. A recent clarification from the European Banking Authority (EBA) sheds light on a crucial regulatory dilemma: Do transactions involving electronic money tokens (EMTs) fall under PSD2—and if so, when?  At Artlex Consult, we have reviewed the EBA’s position and prepared a concise guide for businesses operating with fiat-backed stablecoins.  EBA: EMTs Are Both Crypto Assets and Electronic Money   According to the EBA, EMTs (such as USDC) fall under a dual classification: a) as crypto-assets under MiCA , and b) as electronic money under PSD2 . This dual status means that CASPs engaging in certain types of EMT-related activity may be deemed to provide payment services—triggering the application of PSD2 and its licensing requirements.  When Does PSD2 Apply   The EBA emphasizes that not al...

As the Markets in Crypto-Assets Regulation (MiCA) enters into force, crypto-asset service providers (CASPs) must move beyond checkbox compliance. European regulators now demand that AML/CFT systems reflect operational reality — not just policy templates. In particular, in the Czech Republic, where CASPs were previously governed under Act №253/2008 Coll., the shift to MiCA introduces stricter expectations around governance, independence, and internal control.  AML Governance Under MiCA: Structural Expectations: MiCA requires that firms implement robust internal governance and control mechanisms (Article 63), including:  A clear three-lines-of-defense model;  An independent Money Laundering Reporting Officer (MLRO); A Board-level oversight function;  A dedicated compliance function with the authority to act licensing and regulatory liaison process to ensure ongoing conformity with MiCA and TFR.  At Artlex Consult, we have designed a MiCA-aligned AML structure that...

Since January 1, 2021, the Czech Republic has implemented the provisions of the 5th Anti-Money Laundering Directive (AMLD5) into national legislation. Act No. 253/2008 Coll., on Certain Measures Against the Legalization of Proceeds of Crime (commonly referred to as the AML Act), governs the obligations of obliged entities with respect to customer identification and the prevention of money laundering.  At the heart of this framework is a risk-based approach to customer, which includes three escalating levels:  SDD – Zjednodušená kontrola (Simplified Due Diligence); CDD – Standardní kontrola (Standard Due Diligence); EDD – Zesílená kontrola (Enhanced Due Diligence). The correct application of each level is essential not only for regulatory compliance, but also to protect businesses from reputational, financial, and supervisory risks.  1. Simplified Due Diligence (SDD) According to §13 of the AML Act, simplified due diligence (SDD) may only be applied when:  The risk of...