MiCA — Markets in Crypto-Assets Regulation
The EU's single framework for crypto-asset issuers, exchanges, and wallet providers. Authorisation, capital, conduct, and white-paper rules — in one regime, across all 27 Member States.
Three asset categories. Three different rulebooks.
MiCA splits crypto-assets into three buckets — and each gets its own requirements. Knowing which one your token falls into is the first thing your supervisor will check.
Asset-Referenced Tokens (ARTs)
Stablecoins backed by a basket of assets, currencies, or commodities. EBA authorisation needed. Reserve requirements, redemption rights, capital floors. Significant ARTs (above thresholds) face stricter rules and ECB consultation.
E-Money Tokens (EMTs)
Stablecoins backed 1:1 by a single fiat currency. Must be issued by an authorised credit institution or electronic-money institution. 1:1 reserve requirement, par-value redemption, no interest payments.
Other crypto-assets
Utility tokens, payment tokens, governance tokens. Lighter regime: white-paper notification (not approval), marketing rules, market-abuse provisions. No reserve requirements but still subject to honest-and-fair conduct rules.
Who needs MiCA authorisation?
Out of scope: pure NFTs (unless fractionalised), CBDCs, central bank money, and crypto-assets that qualify as financial instruments under MiFID II (which fall under existing securities law instead).
Six obligations every CASP has to nail.
Authorisation file
Programme of operations, governance arrangements, internal control mechanisms, IT and security policies, complaint-handling procedures, and proof of management's good repute and competence.
Prudential capital
Class 1 CASPs (advice, order-reception): €50k floor. Class 2 (custody, exchange of crypto-to-fiat): €125k. Class 3 (operating a trading platform): €150k. Continuously maintained — own funds must cover at least 25% of fixed annual overheads.
Custody and segregation
Client crypto-assets held off your balance sheet, segregated from your own holdings. Daily reconciliation. Books and records that survive your insolvency. Liability for any loss attributable to your operations.
Marketing communications rules
All ads, social-media posts, influencer content: must be fair, clear, not misleading. Risk warnings on every comms. Records retained for five years. Cross-border promotion needs prior notification to host-state authority.
White paper
Required before publicly offering a new crypto-asset in the EU or admitting it to trading. Content prescribed by MiCA Annex I. Translated into language of every Member State you target. Notify (or in the case of ARTs and EMTs, get approval from) the home-state authority.
Market-abuse regime
Insider dealing, unlawful disclosure, market manipulation — all prohibited for crypto-assets admitted to trading. Surveillance systems, suspicious-transaction reporting (STR/STOR), insider lists. Mirrors MAR for traditional markets.
How ComplyOne handles MiCA.
MiCA — quick answers
When did MiCA take effect?⌄
MiCA entered force on 29 June 2023. Provisions for stablecoins (ART and EMT issuers) applied from 30 June 2024. The full CASP authorisation regime applied from 30 December 2024. A transitional period for existing service providers runs until July 2026 in most Member States.
Does MiCA apply to my non-EU crypto business?⌄
Yes — if you actively solicit EU customers or provide crypto-asset services into the EU, you need authorisation as a CASP. The 'reverse solicitation' exemption is narrow: it only covers situations where an EU customer initiates the relationship entirely on their own, without any marketing or promotion from you.
What's the difference between an ART, an EMT, and 'other' crypto-assets?⌄
An ART (Asset-Referenced Token) is backed by a basket of assets or currencies. An EMT (E-Money Token) is backed by a single fiat currency — effectively a regulated stablecoin. 'Other crypto-assets' covers everything else: utility tokens, governance tokens, payment tokens, etc. Each category has different white-paper, capital, and authorisation requirements.
What happens if we operate without MiCA authorisation?⌄
Operating as an unauthorised CASP in the EU is a criminal offence in several Member States and grounds for administrative penalties of up to €5M or 3% of annual turnover (whichever is higher) for legal persons. Plus an enforced exit from the EU market.
Get your MiCA readiness score.
See exactly where you stand against the authorisation file, capital floor, custody, and marketing rules — in minutes.