MiCA (Markets in Crypto-Assets Regulation)

The Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, is the EU's single rulebook for crypto-assets that existing financial services law does not already cover. It entered into force on 29 June 2023 and applied in two steps: the rules for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) in Titles III and IV from 30 June 2024, and everything else, including the authorization of crypto-asset service providers (CASPs) and the market abuse rules, from 30 December 2024.

MiCA sorts firms into four groups:

• Offerors of other crypto-assets, and persons seeking their admission to trading, must draw up and publish a white paper (Title II).
• ART issuers need authorization, or, for credit institutions, an approved white paper.
• EMT issuers must already be a credit institution or an electronic money institution.
• CASPs, which provide services such as custody, exchange, transfers or advice, need authorization under Title V and can then passport it across the EU.

The transition is over. Article 143(3) let firms already operating under national law continue until 1 July 2026 at the latest, and several member states chose shorter windows. As of 30 September 2026, a firm serving EU clients is authorized, notified under Article 60 as an existing financial entity, exempt, or operating unlawfully. ESMA's interim MiCA register lists authorized CASPs, issuers and white papers.

Much of the detail sits in regulatory technical standards and guidelines from ESMA and the EBA. CASPs and ART issuers also fall under DORA for ICT risk, and from 10 July 2027 CASPs become obliged entities under the EU's new AML Regulation, with the largest cross-border firms eligible for direct supervision by AMLA. The Commission's review report under Article 140 is due by 30 June 2027. Our MiCA compliance checklist maps the obligations by entity type.

This entry is general information, not legal advice.