{"id":46402,"date":"2022-09-30T12:44:25","date_gmt":"2022-09-30T16:44:25","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/mica-renews-sense-of-urgency-for-new-crypto-transaction-analysis-tools\/"},"modified":"2022-11-16T10:51:41","modified_gmt":"2022-11-16T15:51:41","slug":"mica-renews-sense-of-urgency-for-new-crypto-transaction-analysis-tools","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/mica-renews-sense-of-urgency-for-new-crypto-transaction-analysis-tools\/","title":{"rendered":"MiCA renews sense of urgency for new crypto transaction analysis tools"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0827e90901f]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0827e90901f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">MiCA renews sense of urgency for new crypto transaction analysis tools<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0827e90e615'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services <\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">September 30, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0827e910522'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Cryptocurrency markets have evolved and have garnered increased institutional interest, especially over the last two years. What was initially interest from Private Banking, Family offices and select Hedge funds has now morphed into broader participation from larger hedge funds, ETF issuers and more traditional buyside and sellside customers.<\/p>\n<p>Despite investment into digital assets from many of the largest firms, many barriers to institutional adoption of cryptocurrencies remain. Regulation remains the #1 concern for many, but it has been changing quickly and preparing for regulatory changes remains a challenge.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Crypto market analysis, data, and insight, delivered monthly to your inbox.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4394111207494409319\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/account\/newsletters\/crypto\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 style=\"margin-bottom: 10.0pt\"><span lang=\"EN\">Regulatory push<\/span><\/h2>\n<p>On June 30, 2022, the Council of Europe reached an agreement on Markets in Crypto-Assets (MiCA) regulation, becoming the first international entity to bring crypto-assets, crypto-assets issuers and crypto-asset service providers under a regulatory framework.<\/p>\n<p>MiCA will cover any type of market abuse related to any type of transaction or service, notably for market manipulation and insider dealing. It will also require stablecoins issuers to build up a sufficiently liquid reserve, with the aim of a more transparent and robust market in which customers are better protected.<\/p>\n<p>In the US, regulation is both seen as a challenge and an opportunity. While potential new rules could redesign the market dynamics, participants also expect them to boost competition and market transparency and volumes.<\/p>\n<p>MiCA\u2019s provisional agreement is now subject to approval by the Council and the European Parliament before going through the formal adoption procedure. Pending unexpected hurdles, one can expect it to be ratified in late 2022, and come into force late 2023 or early 2024.<\/p>\n<p>As well as significant for Europe, the MiCA is also expected to set a benchmark for other regulatory regimes for crypto globally.<\/p>\n<h2 style=\"margin-bottom: 10.0pt\"><span lang=\"EN\">How Tradfi Can Unpack the MiCA challenges &amp; opportunities<\/span><\/h2>\n<p>BTCA &#8211; A proven methodology now available for Crypto<\/p>\n<p>As part of its multi-asset expansion, Bloomberg Transaction Cost Analysis (BTCA) is now supporting crypto currencies, providing customers with benchmarking options and the range of BTCA\u2019s trade surveillance and analytics capabilities ahead of new regulations in a growing market.<\/p>\n<p>BTCA is a recognised Trade Cost Analysis Provider delivering insightful data for both best execution and compliance purpose. It\u2019s exception-based workflow that provides fully automated surveillance of trading activity across asset classes.<\/p>\n<p>Today, BTCA can apply its expertise in crypto currencies and support customers aiming for MiCA compliance and looking after Best Execution monitoring.<\/p>\n<p>Below is a sample of XBTUSD trades, highlighting the deviation between Execution price and market levels at Order arrival and Placement arrival times, with an example of visualization in order to quickly spot outliers. Customers can also define tolerance thresholds and exceptions will be captured in a dedicated dashboard.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"693\" height=\"207\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/crypto2.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"crypto2\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/crypto2.png 693w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/crypto2.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/crypto2.png 600w\" sizes=\"auto, (max-width: 693px) 100vw, 693px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"424\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/David-bardfeld-chart.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"David-bardfeld-chart\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/David-bardfeld-chart.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/David-bardfeld-chart.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/David-bardfeld-chart.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/David-bardfeld-chart.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/David-bardfeld-chart.png 1071w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>On the compliance side, BTCA has a suite of standard compliance rules that can be configured to monitor for a wide range of potential market abuse and unusual behavior scenarios. Each rule is preset to monitor all trade flows for specific trading patterns and can be enabled with default settings.<\/p>\n<h2>BTCA Prices &#8211; Benchmarking a fragmented market<\/h2>\n<p>As an initial step, BTCA is supporting Spot crypto currency pairs that are available on terminal, using BGN as pricing source.<\/p>\n<p>BGN, Bloomberg\u2019s preferred default source for generic FX data, is a streaming composite designed to show market-consensus.It is based on live quotes from multiple contributors. BGN pricing of crypto currencies is never-ending, being open 24 hours a day. By composition, BGN offers prices relevant to institutional customers and therefore integrates well in the BTCA framework.<\/p>\n<p>The list of pairs currently supported can be accessed via DAS &lt;GO&gt; on the Terminal, under <em>Source: Bloomberg \/ BGN<\/em>. The current list as of September 2022 is below:<\/p>\n<p>Bitcoin (USD, EUR, JPY)<\/p>\n<p>Bitcoin Cash (USD, EUR, XBT)<\/p>\n<p>Ethereum (USD, XBT, EUR, JPY)<\/p>\n<p>Ethereum Classic (USD)<\/p>\n<p>Litecoin (USD, EUR)<\/p>\n<p>Dash (USD, XBT)<\/p>\n<p>Monero (USD)<\/p>\n<p>EOS Tokens (USD, EUR)<\/p>\n<p>Ripple (USD, EUR)<\/p>\n<p>Zcash (USD<\/p>\n<p>BTCA provides Arrival Prices at order, placement and execution levels. Customers can access bid, Mid and Ask and can choose Near and Far Touch based on the direction of their own trade, for more granular benchmarking.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0827e91a1eb]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0827e91a1eb'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || 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