MiCA, the Markets in Crypto-Assets Regulation, is the European Union’s single rulebook for crypto. Since the last transitional periods ended on 1 July 2026, any company offering crypto services to people in the EU must hold a MiCA licence. This guide explains the MiCA regulation in plain language: what it covers, the dates of application, how CASP licences work, how each country handled the transition, the rules for stablecoins, what changes for you as a user, and how to check a provider in the ESMA register.
What is MiCA?
MiCA is Regulation (EU) 2023/1114, adopted on 31 May 2023. As a regulation, it applies directly in all 27 member states, replacing the patchwork of national regimes that existed before (such as the PSAN registration in France or the OAM register in Italy). It also applies in Iceland, Liechtenstein and Norway through the European Economic Area.
MiCA sorts crypto-assets into three groups:
- E-money tokens (EMTs): stablecoins that reference a single official currency, such as a euro or dollar stablecoin.
- Asset-referenced tokens (ARTs): tokens that reference a basket of currencies, commodities or other assets.
- Other crypto-assets: everything else, including bitcoin, ether and utility tokens.
Some things fall outside MiCA: crypto-assets that are already financial instruments (covered by MiFID II), unique non-fungible tokens, and services provided in a fully decentralised way without any intermediary.
MiCA dates of application
| Date | What happened |
|---|---|
| 9 June 2023 | MiCA published in the Official Journal of the EU |
| 29 June 2023 | Entry into force |
| 30 June 2024 | Rules for stablecoin issuers (ARTs and EMTs) apply |
| 30 December 2024 | Full application: crypto-asset service providers, white papers, market abuse rules |
| End of Q1 2025 | Deadline set by ESMA for platforms to stop offering non-compliant stablecoins in the EU (sell-only until end of March) |
| 1 July 2026 | End of every national transitional period: unlicensed providers must stop serving EU clients |
The Transfer of Funds Regulation (the crypto “travel rule”) also applied from 30 December 2024. Separately, the DAC8 tax directive requires platforms to collect data on EU residents’ crypto transactions from 1 January 2026, for reporting to tax authorities in 2027.
CASP licences: who needs one
A crypto-asset service provider (CASP) is any company that offers one or more of the services listed in MiCA to EU clients, including:
- custody and administration of crypto-assets for clients;
- operating a trading platform;
- exchanging crypto for money or for other crypto;
- executing, receiving and transmitting orders;
- placing crypto-assets, advice and portfolio management;
- transfer services on behalf of clients.
The licence is granted by the national competent authority of the member state where the company is established: the AMF in France, CONSOB together with the Bank of Italy in Italy, BaFin in Germany, and so on. Once authorised, a CASP can “passport” its licence and serve clients across the EU.
To be licensed, a CASP must meet requirements on capital, governance, fit and proper management, protection and segregation of client assets, complaints handling, conflicts of interest, IT security and anti-money laundering. Companies based outside the EU cannot actively solicit EU clients without a licence; only true “reverse solicitation”, where the client approaches the firm on its own initiative, is tolerated.
Transitional periods by country
MiCA allowed firms already operating legally under national law before 30 December 2024 to continue during a transitional period, until 1 July 2026 at the latest. Each member state could shorten it. According to the list published by ESMA:
| Transitional period | Countries (examples) | End |
|---|---|---|
| 6 months | Netherlands, Poland, Finland, Hungary, Latvia, Slovenia | Mid-2025 |
| 9 months | Sweden | Autumn 2025 |
| 12 months | Germany, Ireland, Austria, Lithuania, Slovakia, Norway | End of 2025 |
| 18 months (maximum) | France, Italy, Spain, Belgium, Portugal, Luxembourg, Malta, Cyprus, Greece, Croatia and others | 1 July 2026 |
Some countries attached conditions: Italy required firms registered as VASPs to apply for MiCA authorisation by 30 December 2025 to benefit from the full period, and Bulgaria, Czechia and Denmark set their own application deadlines. In April 2026, ESMA confirmed that the transitional period would expire across the EU on 1 July 2026, with no extension, and that unauthorised providers had to implement their wind-down plans by that date.
As of October 2026, every transitional period has therefore ended.
Stablecoin rules under MiCA
MiCA sets the strictest rules for stablecoins, explained in more detail in our guide to what stablecoins are:
- Only a credit institution or a licensed e-money institution may issue an e-money token in the EU.
- Holders of an EMT can redeem it at any time, at par value, from the issuer.
- Issuers and CASPs may not pay interest on EMTs or ARTs.
- Reserves must be segregated, held in low-risk assets and partly deposited with banks.
- Tokens that become “significant” (by size or use) are supervised by the European Banking Authority.
- For ARTs and EMTs in non-EU currencies widely used for payments, issuance must stop if use exceeds about 1 million transactions or €200 million per day within a single currency area.
In January 2025, ESMA and the European Commission told platforms to stop offering trading in stablecoins that did not comply with MiCA, allowing only sell orders until the end of March 2025. This is why some well-known dollar stablecoins became unavailable for trading on EU platforms, while MiCA-compliant euro and dollar tokens gained ground.
What changes for users
For someone who buys crypto in the EU, MiCA brings concrete protections:
- Your provider must be authorised, and you can check it in a public register.
- Client crypto-assets must be held separately from the provider’s own assets.
- You must receive clear information, including a white paper for crypto-assets offered to the public, and marketing must be fair and not misleading.
- Every CASP must have a complaints-handling procedure.
- Market abuse rules (insider dealing, manipulation) now apply to crypto.
There are also limits. MiCA does not make crypto safe: prices remain volatile, and crypto-assets are not covered by deposit guarantee or investor compensation schemes. The protection applies only to the specific authorised legal entity, not to other companies of the same group or brand. And the travel rule means that platforms must collect information on the sender and recipient of every transfer, and verify ownership of self-hosted wallets for transfers above €1,000.
To pick a provider, see our guide on how to choose a crypto exchange.
How to check the ESMA MiCA register
ESMA publishes the register on its MiCA page. As of October 2026, it is still the “interim MiCA register”, a set of downloadable files updated regularly.
- Open the ESMA MiCA page and find the Interim MiCA Register section.
- Download the file of authorised crypto-asset service providers (CASPS.csv).
- Open it with a spreadsheet program and search for the legal name of the company, its website or its LEI code, not just the brand.
- Check the home member state, the authorisation date and the list of services it is allowed to provide.
- Also check the file of non-compliant entities, and your national regulator’s warning list.
In mid-October 2026, the CASP file contained about 370 entries. ESMA reminds users that MiCA protections apply only to the authorised EU entity, so compare the name in the register with the company named in your contract or terms of use. If your provider is not listed, move your assets to an authorised provider or to your own wallet. And be wary of anyone claiming a “MiCA licence” you cannot find: it is a common argument in crypto scams.
What comes next
In December 2025, the European Commission proposed giving ESMA direct supervision of crypto-asset service providers, instead of national authorities. As of October 2026 the proposal is still being negotiated by the Council and the European Parliament, with several member states favouring direct supervision only for the largest providers.
Key takeaways
MiCA is now fully in force: every crypto provider serving EU clients needs a licence, stablecoins follow strict reserve and redemption rules, and you can check any provider in the ESMA register in a few minutes. It improves your protection, but it does not remove the investment risk of crypto itself.
