MiCA
Markets in Crypto-Assets Regulation
The EU's comprehensive regulatory framework for crypto-assets, establishing rules for issuers, crypto-asset service providers (CASPs), stablecoins, and market integrity.
Overview
MiCA (Markets in Crypto-Assets Regulation) establishes a harmonized EU framework for crypto-assets that don't qualify as financial instruments, e-money, or deposits.
Key Objectives
- Legal certainty: Clear definitions and requirements for crypto-asset issuers and service providers
- Consumer protection: Disclosure requirements, conduct rules, and safeguards
- Market integrity: Rules against market abuse and insider dealing
- Financial stability: Enhanced requirements for stablecoins (ARTs/EMTs)
Regulation Structure
Subject Matter, Scope and Definitions
Articles 1-3
Defines crypto-assets, ARTs, EMTs, CASPs, and scope exclusions.
Crypto-Assets Other Than ARTs or EMTs
Articles 4-15
White paper requirements, marketing communications, and liability for issuers.
Asset-Referenced Tokens (ARTs)
Articles 16-47
Authorization, reserve requirements, governance, and significant ARTs.
E-Money Tokens (EMTs)
Articles 48-58
EMT issuance requirements, redemption rights, and significant EMTs.
Authorisation & Operating Conditions for CASPs
Articles 59-74
CASP authorization, capital requirements, governance, and conduct rules.
Prevention of Market Abuse
Articles 86-92
Insider dealing, market manipulation, and disclosure requirements.
Frequently Asked Questions
Who needs MiCA authorization?
Crypto-Asset Service Providers (CASPs) offering services like custody, exchange, trading platforms, or advice in the EU must be authorized under MiCA. Existing providers had until December 30, 2025 to apply, with a grandfathering period until July 1, 2026.
What is the minimum capital for CASPs?
MiCA requires minimum capital based on services: €50,000 for advisory/order transmission, €125,000 for placement/execution, and €150,000 for custody, exchange, or trading platforms. The higher of this minimum or 1/4 of fixed overheads applies.
What's the difference between ARTs and EMTs?
E-Money Tokens (EMTs) reference a single official currency and function like e-money. Asset-Referenced Tokens (ARTs) reference multiple assets, commodities, or currencies. Different authorization and reserve requirements apply to each.
Key Dates
June 29, 2023
MiCA entered into force
June 30, 2024
Title III (ARTs) & IV (EMTs) applicable
December 30, 2025
Full MiCA application (all titles)
July 1, 2026
Grandfathering period ends for existing CASPs