Marsh Introduces Insurance Solution for EU Crypto-Asset Service Providers

cryptonews.com:

Marsh, the insurance broking and risk advisory business of Marsh McLennan, has unveiled an insurance solution designed for crypto-asset service providers operating within the European Union (EU).

The launch of MiCAssure comes in anticipation of the forthcoming Markets in Crypto-Assets Regulation (MiCA), which is set to be implemented on December 30, 2024, according to a Thursday press release. 

MiCAssure is intended to address the regulatory framework established by MiCA, which seeks to provide legal certainty, consumer protection, and address market fragmentation within the EU’s crypto-assets market.

The insurance solution, developed in collaboration with Lloyd’s and London market insurers by Marsh Specialty, offers coverage for third-party claims related to misrepresentations, confidentiality breaches, business interruption, legal obligations, and gross negligence in safeguarding clients’ crypto assets and funds.

“Regulatory advancements such as MiCA enhance the credibility of the digital asset ecosystem by offering security and stability to retail users and institutions venturing into the digital assets space, while providing robust guidance and frameworks for crypto-asset service providers,” Rupert Poland, the UK digital asset leader at Marsh Specialty, said.

He claimed that MiCAssure serves as both an operational safeguard and a means to unlock capital, facilitating growth for crypto-asset service providers operating in the EU.

“MiCAssure not only offers clients an operational safeguard but also has the potential to free up capital and facilitate growth, making it a vital insurance and risk management solution for crypto-asset service providers operating in the EU.”