On January 14, 2025, Quantum Rise, osoba rizikového kapitálu s.r.o., submitted a formal inquiry to the Czech National Bank (CNB) regarding the application of the Markets in Crypto-Assets (MiCA) Regulation, which takes effect on December 30, 2024.

As a management company defined under Section 15(1) of the Act on Investment Companies and Investment Funds (AMCIF), Quantum Rise seeks to clarify its position and obligations under MiCA. The regulation introduces a comprehensive framework for crypto-assets across the EU, but certain aspects concerning management companies remain ambiguous.

Points Raised in the Letter

Quantum Rise highlighted the following key issues:

1. Unclear Applicability to Management Companies

MiCA does not explicitly state whether management companies, such as those defined under Section 15(1) of the AMCIF, fall under the same exemption procedures as other entities. This leaves a gap in understanding the specific obligations for such companies.

2. Absence of Defined Procedures

The regulation does not outline the procedures applicable to management companies investing in crypto-assets. This raises concerns about how these companies can comply with the requirements while managing funds for investors’ benefit.

3. Distinction from Crypto-Asset Service Providers

As Quantum Rise manages investors’ funds according to its investment policy without entering into agreements for the provision of crypto-asset services, the company contends that it does not meet the definition of a crypto-asset service provider under MiCA.

Request for CNB’s Position

Quantum Rise has formally requested the CNB to provide:

• A clear position on whether management companies defined under Section 15(1) of the AMCIF are permitted to manage investors’ funds by investing in crypto-assets on regulated platforms to generate profits and benefits for investors.

• Guidance on compliance requirements, including the specific steps and regulatory procedures applicable to such companies under MiCA.

Commitment to Compliance

Quantum Rise remains committed to aligning its operations with regulatory standards and ensuring investor protection. The company anticipates that the CNB’s response will offer clarity on these matters, enabling the proper implementation of MiCA while supporting innovation and growth in the investment and crypto-asset sectors.

Quantum Rise looks forward to the CNB’s detailed guidance and will share further updates as they become available.