Member Info for SURGIO

Wouldnt want to miss out tomorrow for next week

No, the FCA's Innovation Pathway program is not the same as the Regulatory Sandbox, including the stablecoin cohort. The Sandbox is for testing new products live in a controlled environment, while the Innovation Pathway offers guidance for firms not yet ready for live testing.

Key differences:

Purpose: The Regulatory Sandbox provides a controlled, live environment for firms to test new products and services with real consumers, which includes the special cohort specifically for stablecoins. The Innovation Pathway is for firms at an earlier stage that need help understanding the regulatory regime, but are not yet ready for live testing.

Stage of development: Companies can apply to the Innovation Pathway at any stage of development, even at the "idea stage," and are not required to be ready to launch. Acceptance into the Sandbox, however, requires a clear readiness to begin testing and a well-defined test plan.

Activities: The Sandbox allows firms to carry out limited regulated activities under supervision, and can provide regulatory tools like restricted authorizations, waivers, or modifications. The Innovation Pathway primarily offers regulatory guidance and support.

Interaction with the FCA: Firms in the Sandbox get a dedicated case manager to help develop and implement a test. The Innovation Pathway provides a way for firms to engage with the FCA to understand how regulations apply to their business model.

Https://www.fca.org.uk/firms/innovation/regulatory-sandbox/stablecoins-cohort

Hope this is the one for GST

Re Billy

The one and only.

GST was accepted to Innovation pathway program in june 2023, The Innovation path has dedicated case manager. I would imagine with more than 24 moth of interactions, the program we should be well ahead than others, Plus if we obtained MICA, it would assist with FCA acceptance of Sandbox.

Https://gsmoneyweb.caliber.com.sg/ 😎

£2.50 You will be flying in your own Jet to Melb 👌

Last week was the top up signal when we had the podcast 😉 , Gluck LTH

Topped up more

My fav part of melb would be the daylesford lakehouse or peninsula hot spring. Bathing box - Brighton , not far from St Kilda. Enjoy your stay in melb.

I’ll be in HK during Xmas, if you like the beach pass by Sydney and we catchup one day

Not long to go…… ready to load up more

Https://find-and-update.company-information.service.gov.uk/company/06953910/filing-history

ℹ️ MiCA Licensing Update:

The MiCA application process is progressing as expected, and we remain optimistic about a positive outcome in the near future. Our team is in continuous communication with the regulatory authority overseeing the MiCA framework and has been diligently working to meet all necessary requirements.

We are confident in the results and will keep our customers informed as soon as we have an update.

Https://www.linkedin.com/posts/arminasbanys_adamano-micar-mica-activity-7388499725605408768-cmdt?utm_source=share&utm_medium=member_ios&rcm=ACoAAF56-7gB0KuNS6yW8P2lck4ZqyuS4Mv_Stw

//****/bake_en

6427 members

*************bake_en

Lock and loaded since 2023

GSTechnologies is a MiCA Applicant: GSTechnologies has officially stated its intention to secure a MiCA license. In corporate updates from March 2025, the company confirmed it has hired legal counsel to assist with the application and has incurred "significant MiCA compliance costs" to meet the licensing requirements.

The Application is in Lithuania: The company's crypto-asset operations are consolidated under its Lithuanian subsidiary, GS Fintech UAB. This is the entity that would be applying to the Bank of Lithuania for the license.

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GS Fintech UAB is a Lithuanian Private Limited Liability Company (UAB) that, based on its existing activities, would fall under the scope of companies needing a Crypto-Asset Service Provider (CASP) license under the European Union's Markets in Crypto-Assets (MiCA) Regulation.

🇱🇹 GS Fintech UAB and MiCA CASP License

GS Fintech UAB, which operates the digital asset platform Bake and GS20, currently offers services like instant swaps, staking, lending, and fiat on/off-ramp solutions, which are activities regulated under MiCA.

Current Licensing: GS Fintech UAB previously completed the acquisition of a Crypto Currency Exchange Licence in Lithuania, supervised by the Financial Crime Investigation Service (FCIS). This was the license required before the MiCA regulation came into effect.

CASP Requirement: Under MiCA, all Virtual Asset Service Providers (VASPs) like GS Fintech UAB must transition to or obtain the new CASP license to continue operating legally in the EU.

Regulatory Authority: In Lithuania, the main authority for CASP licensing and supervision under MiCA is the Bank of Lithuania.

MiCA Transition: Existing crypto service providers in the EU (like those with a Lithuanian VASP license) have a transition period. They must typically apply for the CASP authorization by July 31, 2025, and have until December 31, 2025 (or potentially July 1, 2026, depending on the member state's extension) to comply or cease operations.

Given that MiCA is the new, mandatory legal framework for crypto services in the EU, GS Fintech UAB is a potential applicant or is currently in the process of applying to the Bank of Lithuania for the CASP license to ensure its continued operation and ability to "passport" its services across the EU.

💡 What is a CASP License?

The Crypto-Asset Service Provider (CASP) license is the mandatory authorization required for companies in the European Union that offer professional services related to crypto-assets, as defined by the Markets in Crypto-Assets (MiCA) Regulation.

Key Features Description

Purpose To regulate and harmonize the crypto-asset sector across the EU, ensuring consumer protection, financial stability, and market integrity.

Services Covered A broad range of activities, including: Custody and administration of crypto-assets (wallets), Exchange of crypto-assets for fiat or other crypto-assets, Operation of a trading platform, and Advice on crypto-assets.

Authority The license is issued by the National Competent Authority (NCA) (e.g., the Bank of Lithuania) in the EU member state where the company is established.

Passporting Once a company obtains a CASP license in one EU member state, it can "passport" its services to all other EU member states.

Requirements CASPs must meet stringent requirements for corporate governance, minimum share capital (ranging from €50,000 to €150,000 depending on the services offered), Anti-Money Laundering (AML)/KYC procedures, and robust IT/cybersecuri

Hey Billy,

I think non compliance means when an entity went ahead with their business operation in EU without MICA License , penalties will apply together with reputations damages.

I googled here

https://key2law.com/en/news/penalties-and-risks-for-non-compliance-with-mica

Non-compliance with MiCA is not merely a regulatory lapse; it is a fundamental risk to a business’s financial stability, operational continuity, and reputation. The penalties, ranging from substantial fines to criminal liabilities, highlight the importance of taking MiCA’s requirements seriously. For crypto businesses operating or planning to enter the EU market, aligning with MiCA is both a legal necessity and a strategic advantage.