MiCA Explained: the EU’s new crypto-asset law

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.

As a Senior Consultant for XReg Consulting, David leads on client engagements for licensing and registration applications, independent audits and assists in the development of risk management frameworks. He also plays a pivotal role in the onboarding of prospective clients. While at XReg, he has worked with regulatory authorities to draft virtual asset rules and guidance and other public sector bodies to draft legislation. He also made a significant contribution to Crypto UK’s working group on virtual asset financial promotions.

David began his career at the Guernsey Financial Services Commission where he was responsible for the ongoing supervision and risk assessment of a portfolio of banks and insurance companies. He later joined the Commission’s Enforcement team, where he undertook investigations into potential regulatory breaches by licensed financial services companies and individuals. During his time at the Commission, David also worked with the Intelligence team, identifying and preventing fraudulent financial conduct.

Following his time at the GFSC, David joined EY Gibraltar as a Senior Consultant where he undertook a range of client consultancy work including internal audits and AML risk assessments, the development of policies and controls, and assistance with regulatory compliance. Whilst at EY, David completed a number of secondments to financial services firms and public sector bodies in Gibraltar.

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.