End of the MiCA transition period: Ministry of Finance and GIIF oppose de-risking

On July 1, 2026, the transition period provided for in the MiCA Regulation for entities conducting activities in the field of virtual currencies officially expired. In response to these changes, the Ministry of Finance published Communication No. 116.

This document-based on AMLA guidelines-sets out the framework for financial institutions’ conduct toward entities operating in the filed of crypto-assets without the required authorization.

CASP licence, AML/CFT risks and de-risking – the GIIF’s position

• Increased AML/CFT risk for unlicensed entities

Operating in the crypto-asset sector without authorization under MiCA entails an increased risk of money laundering and terrorist financing. Both customers and financial institutions should verify the status of their counterparties in the public registry maintained by ESMA.

• Prohibition on Automatic De-risking by Banks

The Ministry of Finance and the GIIF unequivocally state that financial institutions (e.g., banks maintaining accounts) may not apply automatic and unconditional measures against entities without a MiCA license. Mass and top-down termination of bank account agreements could, among other things, prevent these entities from safely and legally winding down their operations and settling accounts with their customers.

• The Obligation to Conduct an Individualized Risk Assessment

Both the GIIF (recalling its earlier Communication No. 73) and the European AMLA impose an obligation on financial institutions to conduct a thorough, individualized risk assessment for each client separately.

What mitigates the risk posed by an unlicensed entity?

According to the official AMLA interpretive note, factors that can realistically lower the risk profile of an entity without a MiCA license include:

• having and faithfully implementing a detailed wind-down plan,
• the proper and meticulous application of internal AML/CFT procedures during the transition and wind-down periods.

End of the MiCA transition period: obligations for banks and unlicensed CASP entities

The end of the MiCA transition period does not give banks the green light to wholesale cut off crypto firms from custodial and operational account infrastructure. The financial sector must implement precise scoring mechanisms while avoiding impermissible de-risking.

In turn, entities that have not obtained a CASP license and intend to wind down their operations must absolutely ensure they have a documented operational plan and impeccable AML compliance to maintain stable banking relationships.

If you require support with AML/CFT risk assessment, preparing a business wind-down plan or maintaining banking relationships after the end of the MiCA transition period, please do not hesitate to contact us. Our team will help you adapt your compliance procedures, mitigate the risk of de-risking and prepare your organisation for the regulatory requirements of the crypto-asset market.