Crypto glossary
MiCA (Markets in Crypto-Assets Regulation)
MiCA, the Markets in Crypto-Assets Regulation, is the European Union's single legal framework for crypto-asset issuers and service providers.
MiCA, formally Regulation (EU) 2023/1114, creates one rulebook for the whole EU. Its rules on stablecoins, which it calls e-money tokens and asset-referenced tokens, apply since 30 June 2024, and the regulation has been fully applicable since 30 December 2024.
Crypto-asset service providers, including exchanges, custodians and brokers, need authorization from a national regulator. Once licensed in one country, they can passport their services across the EU. Issuers of most tokens must publish a white paper, and stablecoin issuers face reserve, redemption and capital requirements. Firms already operating under national regimes could use transitional periods, which ended by 1 July 2026 at the latest.
MiCA does not cover everything: fully decentralized services and most NFTs fall outside its scope, and anti-money laundering duties are set by separate EU rules.
Example
An exchange licensed by France's AMF under MiCA can serve customers in Spain or Italy without a separate license, but it must delist or restrict stablecoins that lack MiCA authorization for EU users.
Related terms
Latest articles on MiCA
- Cardano Foundation Responds to EU Public Consultation Reviewing MiCA Framework
- ESMA Expands MiCA Register to 375 Entities With BingX and YouHodler Additions
- BingX Wins MiCA Approval in Austria to Enter 29 European Markets
- Could Europe’s MiCA Stablecoin Wind-Down Build a Stronger, Safer Digital Euro Future?
- BNY Enters Europe’s Regulated Crypto Market With MiCA-Approved Custody Services
