SEC says qualified custodian. MiCA says self-custody under CASP. MAS says trust arrangement. You need to satisfy all three — without three separate legal opinions every time something changes.
These are live contradictions affecting tokenized real estate, treasuries, and private credit platforms operating cross-border.
SEC Custody Rule requires assets held by a qualified custodian (external, regulated)
MiCA allows CASP self-custody with segregation and DLT record-keeping
Dual structure: US qualified custodian + EU CASP direct custody. Both independently satisfied.
Reg D 506(b) prohibits general solicitation and public advertising
MiCA requires a PUBLIC crypto-asset whitepaper filed with NCA before offering
Geographic segmentation: whitepaper published for EU only, US offering via 506(c) (accredited + verification) or separate 506(b) with no public marketing.
GENIUS Act requires 1:1 fiat reserves in US-regulated institutions
MiCA ART requires 30% minimum in EU credit institutions with diversification rules
Superset compliance: reserves meet both US and EU composition rules, held across qualifying institutions in both jurisdictions.
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