Marsh, the insurance broking and risk advisory business of Marsh McLennan, has launched MiCAssure, an insurance solution tailored for crypto-asset service providers in the EU.  

This new offering has been launched in response to the impending MiCA, which is set to take effect on 30 December 2024.  

It will offer coverage to digital asset custodians, exchanges and administrators operating within the bloc. 

MiCA aims to establish a regulatory framework for the crypto-assets market within the EU, addressing issues such as legal certainty, consumer protection and market fragmentation. 

MiCAssure, developed by Marsh Specialty in collaboration with Lloyd’s and London market insurers, offers coverage for third-party claims related to misrepresentations, confidentiality breaches, business interruption and legal obligations.  

It also covers gross negligence in safeguarding clients’ crypto-assets and funds.  

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This insurance solution will assist companies in meeting MiCA’s prudential requirements without the need to allocate their own capital for risk exposure, the company said. 

Marsh Specialty UK digital asset leader Rupert Poland said: “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. 

“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.” 

The introduction of MiCAssure follows the launch in March of Marsh’s insurance facility for digital asset custodians, including financial institutions.  

This facility, said to be the largest of its kind, provides an insurance capacity of up to $825m and is available to Marsh clients worldwide.  

The facility specifically supports organisations that store digital assets in ‘cold storage’, or offline.