MiCA explained: the EU cryptoasset law

Siân is Chair at XReg Consulting, a group of former regulators with practical experience in formulating public policy and developing regulation for blockchain, Distributed Ledger Technology (DLT) and cryptoassets.

As XReg’s strategy and public policy lead, Siân’s background in regulation and extensive experience in policy formulation, regulatory framework development and implementation is leveraged by governments and public authorities to guide the development of policies within their jurisdictions, as they come to terms with the new frontier of cryptoassets and with the Financial Action Task Force's (FATF) standards and guidelines as they apply to virtual assets and virtual asset service providers (VASPs).  

Siân led a global initiative to develop a new standard for interVASP messaging to assist the virtual asset industry to more rapidly respond to the FATF Recommendations. She is also a member of the International Standards Organisation (ISO) technical committee on DLT and has sat as an expert on several of its working groups. She also sits on the BSI National Mirror Committee on DLT, the Financial Markets Law Committee DLT working group and, until July 2019, was a delegate and technical expert on virtual assets on the FATF’s Policy Development Group. Siân also leads the Brussels-based European Digital Currency and Blockchain Technology Forum, a public policy platform helping EU policymakers and legislators shape sound policy and regulation.

Before XReg Consulting, Siân was seconded to the Gibraltar Financial Services Commission as Senior Adviser on DLT, having previously architected Gibraltar’s DLT regulatory framework. Her 48-year career in information technology, security, data protection and compliance has included working in Europe, the Middle East and Asia in industries as diverse as banking, transport, healthcare, pharmaceuticals and security.

Ernest is one of the founding Partners at XReg Consulting and a qualified lawyer with over 17 years of experience working in financial services regulation. As XReg’s legal and regulatory policy lead, he is highly experienced in the design, development and implementation of crypto legislative frameworks that meet both global and local policy objectives.

At XReg, Ernest leverages in-house expertise on Europe’s Markets in Crypto-assets (MiCA) Regulation to advise clients in Europe or those looking to enter the European market. He also leads engagement with European public sector officials and National Competent Authorities in their transition to MiCA compliance.

Ernest has also spoken at industry conferences and trained international regulatory authorities on Europe’s MiCA regulation and how it will shape the future of crypto’s international regulatory landscape. He also sits on the Financial Markets Law Committee to address issues arising from the use of cryptoassets and DLT.

Prior to XReg, he was the Head of Policy at the Gibraltar Financial Services Commission, where was instrumental in the design and implementation of the Distributed Ledger Technology regime. He also led and managed the Legislative Reform Program, the single largest financial services legislation reform in the jurisdiction, and worked to transpose several EU Directives into Gibraltar law.

Ana is a Senior Consultant at XReg Consulting, where she delivers comprehensive advisory services to both public and private sector clients. Her expertise includes regulatory authorisations, remediation, development of tailored regulatory frameworks, risk assessments, training and implementing systems to mitigate risks and ensure compliance.

Since joining XReg in 2019, Ana has advised national governments on crypto-asset risk assessments, supported regulatory authorities in drafting rules and guidance and contributed to global associations’ responses to EU crypto-asset legislation. Her thought leadership extends to XReg’s content marketing efforts, where she has authored reports and articles and hosted webinars on the latest developments in the crypto-asset sector.

Ana began her career at the Gibraltar Financial Services Commission (GFSC), serving in the Authorisations and International and Government Affairs teams. As International Policy Advisor, she liaised with regulators and public sector entities, enhancing GFSC's role in global forums. Ana holds the Chartered Insurance Institute’s core qualification (CII) and a Global Certificate in Securities Markets Regulation from IOSCO/PIFS-Harvard Law School.