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Markets in Crypto-Assets (MiCA)

EU

Effective: 2024-12-30

Comprehensive crypto-asset regulation

licensing disclosure stablecoin

Summary

The EU's comprehensive regulatory framework for crypto-assets, covering CASPs, stablecoins (ARTs/EMTs), and market abuse. Requires authorization, capital requirements, and white paper disclosures. Enables EU-wide passporting. 9 CASP service classes with capital from EUR 50K-150K. ART issuers require EUR 350K. Significant ART/EMT issuers face EBA direct supervision. Transition periods vary by member state (France 6 months, Germany 12 months, max 18 months by July 2026).

Key Requirements

  • CASP authorization via national competent authority
  • White paper publication for token issuances
  • Capital requirements (EUR 50K-150K by service class)
  • Governance arrangements and fit-and-proper tests
  • Asset segregation and complaint handling
  • Conflict of interest policies
  • Environmental disclosures
  • EU-wide passporting via notification
  • Market abuse rules for listed crypto-assets
  • The EU's comprehensive regulatory framework for crypto-assets, covering CASPs, stablecoins (ARTs/EMTs), and market abuse. Requires authorization, capi
  • MiCA, Regulation (EU) 2023/1114, is the EU framework for crypto-assets: it requires CASP authorisation, minimum capital and white papers, regulates as
  • MiCA requires a crypto-asset service provider to be authorised by the competent authority of its home Member State (Arts 59, 62–63, Regulation (EU) 20
  • MiCA requires a crypto-asset white paper to be drawn up, notified to the competent authority and published before a public offer or admission to tradi
  • MiCA sets CASP minimum capital by service class: EUR 50,000 (Class 1), EUR 125,000 (Class 2, including custody and exchange) and EUR 150,000 (Class 3,
  • MiCA requires members of a CASP's management body to be of good repute and to have appropriate knowledge, skills and experience, and requires sound go
  • MiCA requires CASPs to safeguard client assets and, for custody, segregate client crypto-assets from their own holdings (Arts 70, 75(7)), and to maint
  • MiCA requires CASPs to identify, prevent, manage and disclose conflicts of interest through effective policies and procedures (Art 72, Regulation (EU)
  • MiCA requires CASPs to publish on their websites the principal adverse climate and environmental impacts of the consensus mechanisms of the crypto-ass
  • MiCA lets an authorised CASP passport across the EU by notifying its home NCA, which forwards the information to host states within 10 working days; t
  • MiCA Title VI (Arts 86–92, Regulation (EU) 2023/1114) prohibits insider dealing, unlawful disclosure of inside information and market manipulation for

Sources

Jurisdictions Implementing This Framework

AD Andorra AE United Arab Emirates AG Antigua and Barbuda AL Albania AM Armenia AT Austria AU Australia AZ Azerbaijan BA Bosnia and Herzegovina BE Belgium BG Bulgaria CR Costa Rica CV Cabo Verde CY Cyprus CZ Czech Republic DE Germany DK Denmark EE Estonia ES Spain ET Ethiopia EU European Union FI Finland FR France GA Gabon GB United Kingdom GE Georgia GI Gibraltar GQ Equatorial Guinea GR Greece GY Guyana HN Honduras HR Croatia HU Hungary IE Ireland IL Israel IM Isle of Man IQ Iraq IR Iran IS Iceland IT Italy JE Jersey KE Kenya KZ Kazakhstan LI Liechtenstein LT Lithuania LU Luxembourg LV Latvia MC Monaco MD Moldova ME Montenegro MG Madagascar MK North Macedonia MT Malta MX Mexico NL Netherlands NO Norway NZ New Zealand OM Oman PL Poland PT Portugal RO Romania RS Serbia SE Sweden SI Slovenia SK Slovakia SM San Marino ST Sao Tome and Principe SY Syria TH Thailand TR Turkey TW Taiwan TZ Tanzania UA Ukraine US United States UY Uruguay VA Holy See VE Venezuela VU Vanuatu

78 jurisdictions reference this framework

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Last updated: 2026-10-23. View all frameworks