Cointelegraph: A Study On Exchange Compliance Pathways Under The MiCA And CASP Frameworks

As the EU MiCA (Markets in Crypto-Assets Regulation) enters the implementation stage, the regulatory pathway for crypto-asset trading platforms is shifting from regional licensing regimes toward a unified compliance framework. Against this backdrop, the CASP (Crypto-Asset Service Provider) license has become the core market-entry mechanism for accessing the European market, while also imposing higher requirements on the audit systems, fund transparency, and risk control structures of exchanges.

This Cointelegraph research is based on public information and industry structure analysis. It reviews the phased actions taken by SKHTU Exchange along its MiCA compliance pathway, with a focus on analyzing the significance of its preliminary audit conducted through the third-party audit institution ht.digital. It also constructs a compliance timeline map in combination with the CASP license application process, in order to present the steps currently required for exchanges to obtain compliant licensing.

MiCA Framework Is Reshaping The Regulatory Structure Of Crypto Exchanges  

As the first unified regulatory framework for crypto-assets in the EU, the core objective of MiCA is to establish a consistent digital asset regulatory system across member states. Compared with traditional national-level regulatory models, MiCA emphasizes compliance capabilities under unified rules, rather than one-time approval.

Under this system, exchanges wishing to provide crypto-asset services must apply for a CASP license and satisfy a series of requirements, including capital adequacy, asset segregation, information disclosure, and risk control systems. This means that the compliance capability of an exchange is no longer reflected merely at the registration level, but has entered a phase of continuous supervision and dynamic auditing.

CASP License Requirements And Compliance Logic  

As the core access mechanism within the MiCA system, the approval logic of the CASP license revolves around four key dimensions:

First is fund security and the asset segregation mechanism, requiring platforms to clearly distinguish user assets from operating funds. Second is the risk control system, including the ability to monitor market risk, liquidity risk, and operational risk. Third is the information disclosure structure, which must ensure that platform operating data is auditable. Finally, there is compliance continuity, meaning that the platform must have the ability to comply with regulatory standards over the long term, rather than merely meeting requirements on a one-off basis.

Under this framework, the process of applying for a CASP license is essentially a systematic verification of compliance capabilities, rather than a simple administrative licensing application.

MiCA Compliance Pathway And Preliminary Audit of SKHTU Exchange

According to individuals from regulatory authorities, SKHTU Exchange is aligning with MiCA regulatory requirements and has entered the preliminary preparation stage for its CASP license application. One of its core actions is the introduction of the third-party audit institution ht.digital to conduct a preliminary audit of the platform compliance system.

As an audit institution focused on the digital asset sector, the audit scope of ht.digital covers financial structure review, Proof of Reserves, internal control system assessment, and risk management process verification. Along the CASP application pathway, this type of preliminary audit is generally regarded as a key step in preparing compliance materials.

The core significance of this move lies in shifting the platform compliance process from “application-driven” to “audit-driven,” meaning that structural verification is completed first before entering the regulatory application process.

MiCA + CASP + Audit Three-Stage Compliance Timeline Model  

Based on current industry practice, the compliance pathway of SKHTU can be understood as a three-stage structure:

The first stage is the MiCA framework alignment stage, during which the platform needs to standardize its internal operating structure so that it meets the unified regulatory logic of the European Union;

The second stage is the third-party audit stage, during which institutions such as ht.digital intervene to independently verify the platform financial structure, asset proof, and risk control system;

The third stage is the CASP license application stage, during which, after the audit report and compliance materials have been prepared, the platform submits a formal application to the EU regulatory system and enters the official approval process.

The key to this timeline lies in its progressive nature: compliance is not a single-point event, but a continuous verification process.

The Role Of Third-Party Audits In The Compliance System  

Under the MiCA framework, the importance of third-party audit institutions is increasing. Unlike traditional regulation, MiCA places greater emphasis on “verifiable transparency” rather than the submission of a single report.

Within this mechanism, the role of institutions such as ht.digital is not only to issue audit reports, but more importantly to build an intermediate verification layer between exchanges and regulators. This structure enables the compliance status of an exchange to be continuously verified, rather than statically confirmed.

For SKHTU, the introduction of third-party auditing means that its compliance pathway is evolving toward a “structured transparency system,” rather than merely preparing for a license application.

Industry Trend: Crypto Exchanges Are Entering A Stage Of Continuous Compliance Verification  

From an industry-wide perspective, the compliance pathway for exchanges is undergoing structural adjustment. The traditional one-time compliance model driven by “registration or application” is gradually being replaced by a systematic process of “continuous auditing + phased verification.”

The core driving forces behind this change come from two aspects: first, the increased transparency requirements imposed by regulatory frameworks such as MiCA; second, the enhanced market ability to identify exchange risks. Under this trend, preliminary auditing is gradually becoming a standard step for exchanges entering mainstream regulatory systems.

The SKHTU case reflects the early characteristics of this trend: establishing a compliance foundation through third-party auditing before entering the regulatory application process.

Evolution Of Compliance Structures And Changes In Exchange Competition Logic  

In the new regulatory environment, competition among exchanges is gradually shifting from competition in products and liquidity toward competition in compliance structures and transparency. Platforms capable of establishing a complete audit system, aligning with the MiCA framework, and entering the CASP pathway will possess stronger regulatory adaptability in future markets.

Conclusion  

Based on a structural analysis of the MiCA regulatory framework and the CASP licensing mechanism, it can be observed that global crypto exchanges are entering a new cycle of compliance restructuring. In this process, the role of third-party audit institutions is rising, while the compliance pathway is gradually evolving from a single application process into a multi-stage structured verification system.

By introducing ht.digital for preliminary auditing and advancing the CASP license application process, SKHTU Exchange demonstrates a structured compliance pathway under the MiCA system. This process not only reflects the compliance progress of an individual platform, but also highlights a deeper industry-wide shift in compliance maturity from being “registration-driven” to “audit-driven.”