MiCA – Markets in Crypto-Assets Regulation

Regulation (EU) 2023/1114 on markets in crypto-assets (Markets in Crypto-Assets Regulation)

In Force Effective: 30/12/2024 EU-wide EU Regulation

Overview

The Markets in Crypto-Assets Regulation (MiCA) is the first comprehensive EU regulation for crypto-assets. It creates a harmonised legal framework for the issuance and trading of crypto-assets and for crypto-asset service providers across the EU.

Who Is Affected?

MiCA covers three main groups:

  • Issuers of crypto-assets (utility tokens, asset-referenced tokens, e-money tokens)
  • Crypto-asset service providers (CASPs): exchanges, trading platforms, custodians, advisers, portfolio managers
  • Entities offering or trading crypto-assets in the course of their business

DeFi protocols (if fully decentralised) and NFTs (if non-fungible) are not covered.

Core Obligations

  1. Authorisation: CASPs require authorisation from the national competent authority
  2. White paper: Publication of a crypto-asset white paper before public offering
  3. Capital requirements: Own funds requirements depending on the service provided
  4. Governance: Requirements for corporate governance and risk management
  5. Market abuse: Prohibition of insider dealing and market manipulation in crypto-assets
  6. Reserve requirements: Stablecoin issuers must maintain sufficient reserves

National Transposition

As an EU regulation, MiCA applies directly:

  • Germany: BaFin as the competent supervisory authority; existing crypto custody licence regime transitions to MiCA
  • Austria: FMA supervises crypto-asset service providers
  • Switzerland: Not directly affected; FINMA has an independent regulatory framework for crypto-assets

Legal Sources

MiCA: Does it affect you?

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Frequently Asked Questions

Who is affected by MiCA?

Issuers of crypto-assets (utility tokens, asset-referenced tokens, e-money tokens) and crypto-asset service providers (exchanges, custodians, advisers) operating in the EU.

When does MiCA apply?

Rules for stablecoins have applied since 30 June 2024. All remaining provisions, including the authorisation requirement for CASPs, have applied since 30 December 2024.

Do crypto companies need authorisation?

Yes, all crypto-asset service providers (CASPs) require authorisation from their national competent authority. Existing providers may use a transitional period of up to 18 months.