Digital threats are undoubtedly ever-evolving. To address this, the European Union has taken a significant step to fortify its financial sector’s cybersecurity. The Digital Operational Resilience Act (DORA) is set to reshape the landscape of digital security in finance, with far-reaching implications for both traditional institutions and emerging Web3 projects.
As a Web3 audit security firm, Hacken is leading the charge in helping projects navigate this new regulatory environment with our DORA Compliance, a new service suite at Hacken.
The Digital Operational Resilience Act (DORA) is a comprehensive regulatory framework designed to strengthen the IT security of financial entities across the European Union. Adopted in 2023 and set to apply from January 17, 2025, DORA aims to ensure that the financial sector can maintain resilient operations despite severe operational disruptions.
It aims to protect industries that are becoming increasingly dependent on technology and are at risk of cyber-attacks.
The Markets in Crypto-Assets (MiCA) regulation is another important EU framework that aims to create a comprehensive regulatory regime for crypto assets, providing much-needed clarity and security. For Web3 projects, DORA compliance is crucial for meeting MiCA requirements, as many of DORA’s operational resilience and cybersecurity standards are integral to MiCA.
In other words, adhering to DORA is key to achieving full MiCA compliance and preparing your project for a regulated and secure future in the EU financial market.
For projects that fall within DORA compliance requirements, there are special areas in which they must stand by to stay compliant with DORA.
Many of these suggestions follow best practices for maintaining digital security in an age where data and financial assets are increasingly under threat.
While DORA was initially conceived for traditional financial institutions, its scope does extend to various entities in the Web3 space. The financial entities covered are various financial and data avenues from credit institutions, data reporting service providers, and even investing firms.
Decentralized exchanges (DEXs), DeFi protocols, and blockchain service providers are all likely to fall under DORA’s purview. To continue operating within the EU’s regulatory framework, such entities must align their operations with DORA’s compliance standards.
Failing to comply with DORA can have serious repercussions for Web3 projects:
Complying with DORA may seem daunting, but offers several benefits, especially for Web3 projects that have suffered losses, thefts, and devastation from cyber-incidents. Some of the benefits are:
DORA entered into force on January 16, 2023, and will apply from January 17, 2025. This gives Web3 projects a crucial window to prepare and ensure compliance before the regulation takes full effect.
As a specialized Web3 audit security firm, Hacken is uniquely positioned to assist projects in achieving DORA compliance.
Our services include:
Our team of experts understands the unique challenges faced by Web3 projects and can provide guidance on all aspects of DORA compliance.
Don’t let DORA compliance become a stumbling block for your Web3 project. Stay ahead of the regulatory curve and enhance your project’s security posture with Hacken’s DORA Compliance Service.
Contact us today to ensure your project is ready for the future of digital operational resilience in the EU financial sector!
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