Glossary
MiCA (Markets in Crypto-Assets Regulation)
MiCA (Markets in Crypto-Assets) is the European Union regulation 2023/1114 that sets common rules for crypto-asset issuers, stablecoins and crypto-asset service providers (CASPs) in all member states. It fully applies since 30 December 2024.
Also called Markets in Crypto-Assets, MiCA regulation, MiCAR, Regulation (EU) 2023/1114
See also
MiCA, the Markets in Crypto-Assets Regulation, is the European Union’s rulebook for crypto. Adopted as Regulation (EU) 2023/1114, it replaces a patchwork of national regimes with one set of rules for the whole EU. A company licensed in one member state can serve clients in all the others, a mechanism known as passporting.
Key dates
- 29 June 2023: MiCA enters into force, after publication in the EU Official Journal on 9 June 2023.
- 30 June 2024: the rules on stablecoins (asset-referenced tokens and e-money tokens) apply.
- 30 December 2024: the rest of the regulation applies, including the licence for crypto-asset service providers.
- 1 July 2026: the latest end of the transitional period. Firms already active under national law could keep operating until this date at most, or until their MiCA application was decided; several countries chose shorter periods. Since then, a firm serving EU clients needs a MiCA licence.
How MiCA works
MiCA covers three groups:
- Crypto-asset service providers (CASPs): exchanges, brokers, custodians and platforms must be authorised, hold capital, segregate client assets, handle complaints and follow conduct rules.
- Issuers of crypto-assets: most public offers require a white paper that is notified to the regulator and published.
- Stablecoin issuers: e-money tokens and asset-referenced tokens face strict reserve, redemption and authorisation rules. Read more in our entry on the stablecoin.
ESMA, the EU markets authority, publishes a register of authorised CASPs and white papers. Identity checks and the travel rule come from separate anti-money laundering rules; see KYC.
A simple example
A French investor wants to buy €100 of bitcoin. Under MiCA, the platform must hold a CASP licence from an EU regulator, keep her coins separate from its own assets and tell her clearly about fees and risks. She can check the platform’s name in the ESMA register before opening an account.
Why it matters
For users, MiCA brings clearer protections, a public list of authorised firms and rules on stablecoins. For companies, it offers one licence for 27 countries. Our full guide, MiCA regulation explained, goes into more detail.
Limits
- MiCA does not cover crypto-assets that are financial instruments, such as tokenized shares, nor most unique NFTs.
- Fully decentralized services without an intermediary are largely outside its scope.
- A licence is not a guarantee: crypto prices stay volatile and there is no deposit insurance on crypto holdings.