Worldpay: Your Trusted Payments Partner for Regulations Like MiCA and Beyond

On October 3, blockchain leaders and stakeholders gathered at London’s Sancroft for a panel discussion hosted by Worldpay, Ripple and Goodwin Law Firm.

The discussion examined the evolving regulatory environment shaped by the EU’s upcoming Markets in Crypto-Assets (MiCA) framework, which comes into effect on December 30, and its transformative impact on blockchain companies even beyond European borders. With a spotlight on stablecoins – designated for distinct treatment within MiCA as they become integral to digital payment infrastructures – the panel dissected the complexities of obtaining and maintaining regulatory licenses in a post-MiCA world.

With December 30 drawing near, the industry is on the cusp of a new era, and many are asking how they can ensure full compliance with MiCA’s new rules. Worldpay’s Senior Legal Counsel, Manoj Peiris, summed the situation up when he said, “People are saying, ‘We want to comply, we want to be regulated but what do we need to do?’ There are forecasts and deadlines looming, and yet regulators haven’t published all the details about how you can apply for the license and what your obligations are going to be.”

Game changer: The appeal of MiCA’s framework

The panel agreed that MiCA has been largely welcomed, with many in the European crypto industry rightly viewing compliance not as a burden but as an opportunity to build trust and influence future regulation. The framework mandates more stringent risk management and operational procedures for service providers, which many see as necessary in legitimizing the industry.

One of the key benefits of MiCA compliance is the ability to secure a license that grants businesses access to the entire EU market, home to over 450 million consumers. However, the steep penalties for noncompliance – potential fines of up to 12.5% of annual revenue – underscore the importance of getting compliance right from the start, even if MiCA’s rules and guidelines aren’t fully set in stone or even clear in some scenarios.

While MiCA won’t be fully implemented until 2026, the panelists were in agreement that Europe’s clear regulatory roadmap is already attracting crypto businesses. Ripple’s Myers emphasized that countries like France, Luxembourg and Ireland are positioning themselves as hubs for the crypto industry, thanks in part to their proactive stance on regulation. Nevertheless, some questions remain.

“They’re more at the forefront of attracting businesses, but there are other considerations. How easy is it for us to attract talent and employ people there? How easy will my relationship be with a regulator?” asked Myers.

Andrew Henderson, a partner at Goodwin, added that factors beyond regulation, such as employment laws and local culture, also play a critical role in determining the best jurisdiction for operations. “There are also broader factors. We've had clients who didn’t like particular employment laws in a specific country, while others don’t want to move due to limited entertainment options.”

For established firms and new entrants alike, the stakes are high. As the panel discussion demonstrated, partnering with a knowledgeable advisor like Worldpay becomes crucial for navigating these complex and constantly evolving regulatory waters.

Shaping regulation beyond Europe

One important insight that emerged from the panel’s discussion was that companies with operations outside the EU don’t have the luxury of burying their heads in the sand when it comes to MiCA. Other jurisdictions will likely soon create legal frameworks that replicate at least some of its requirements.

The United States, for instance, may not be far behind. Peiris elaborated on this point, saying, “The U.S. may very well wait and see how the regulations in Europe are implemented, and they'll then go through a tick box exercise to see which elements work and which don't. They might look to cherry pick because the penny may drop as they realize they’re losing money, market share and business due to the reality on the ground.”

As the U.S. and U.K. look to introduce their own digital asset regulations, they are watching Europe closely. The aim: draw insights from MiCA’s impact and apply them in crafting their own regulatory playbooks.

Finding the right partner to navigate MiCA and beyond

Just like MiCA, the legal frameworks that will likely emerge in the years ahead will present a vital chance for crypto exchanges, custodians and stablecoin issuers to build trust and legitimacy by adhering to stricter Know-Your-Customer (KYC) and Anti-Money Laundering (AML) guidelines, proving financial stability and demonstrating robust risk management capabilities. But no one is under any illusions about the challenges. The complexity and cost of complying with these kinds of legislation are potentially very significant indeed.

In a new, more highly regulated environment, the firms that will emerge victorious will likely be the ones that implement solutions that are robust in terms of compliance but also cost-effective and streamlined. Here, Worldpay is leading the way.

By partnering with Worldpay, businesses can take advantage of its unique stablecoin infrastructure to meet MiCA’s regulatory requirements and seamlessly integrate themselves into the EU’s digital financial ecosystem. Crypto asset service providers may well find that building around Worldpay’s stablecoin solution, designed with compliance frameworks in mind, will make obtaining EU licenses and accessing those 450 million-plus consumers a more straightforward process. And through advisory services that clarify regulatory requirements and support the articulation of innovative business models, Worldpay enables firms to present their models to regulators in ways that promote both compliance and growth.

Conclusion

The clock is ticking, and the path to compliance is becoming clearer thanks to initiatives such as MiCA. Whether businesses are fully established or newcomers seeking to enter the European market, engaging with Worldpay will be critical to ensuring they remain ahead of the curve. Now is the time to take proactive steps toward compliance, solidifying their place in the future of payments and digital asset finance.