MiCA (Markets in Crypto-Assets) is an EU-level regulation that sets uniform rules for crypto assets not already covered by existing financial services law. It establishes obligations and guardrails for issuers and crypto asset service providers (CASPs), including requirements on disclosures, authorisation, supervision, transparency, and conduct, with the goals of legal certainty, stronger consumer/investor protection, market integrity, and reducing fragmented national approaches across the bloc.
The framework covers several categories of tokens: e-money tokens (EMTs), whose value is pegged to a single fiat currency; asset referenced tokens (ARTs), whose value references a basket of assets or rights; and “other” crypto-assets that do not qualify as financial instruments under current EU rules. Across these categories, MiCA sets issuance rules, white paper/disclosure standards, prudential and governance requirements, and ongoing supervision for CASPs (such as exchanges, custodians, and brokers).
Formally adopted on 31 May 2023 as Regulation (EU) 2023/1114, MiCA entered into force in June 2023, with phased application for certain stablecoin provisions and the full regime becoming applicable on 30 December 2024. As an EU regulation (not a directive), it applies directly and uniformly in all EU Member States, and extends to the EEA where the EEA Agreement brings EU financial regulation into scope, ensuring consistent treatment across EU (and, in practice, most EEA) jurisdictions.
