THE EUROPEAN FRAMEWORK
Markets in Crypto-Assets Regulation
MiCA, formally Regulation (EU) 2023/1114, is the European Union's dedicated framework for crypto-assets and certain crypto-asset services.
Explore CASP RequirementsTHE CONTEXT
Overview
It was introduced to establish a more consistent regulatory environment across the EU and to address areas including consumer protection, market integrity, governance, transparency and financial stability.
MiCA also establishes requirements for businesses providing regulated crypto-asset services.
02 / MiCA
What MiCA Covers
Depending on the activity, MiCA addresses:
- Crypto-asset service providers
- Crypto-asset issuance
- Asset-referenced tokens
- E-money tokens
- Market integrity
- Client protection
- Governance
- Prudential safeguards
- Transparency
- Disclosure
- Sustainability information
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CASPs
MiCA Article 59 establishes the authorisation principle for persons providing crypto-asset services in the Union, subject to specified routes available under the Regulation.
The regulation therefore changes the question from:
"Does this company operate in crypto?"
to:
"What regulated service does this company provide, where is it established, and under what regulatory basis?"
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Current Position
- 29 JUNE 2023
MiCA entered into force on 29 June 2023.
- 30 DECEMBER 2024
The main provisions applicable to CASPs became applicable on 30 December 2024.
- 1 JULY 2026
The maximum CASP transitional period under Article 143(3) ended on 1 July 2026, subject to the specific transitional treatment applied by Member States and the earlier occurrence of authorisation or refusal.
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Official Sources
European Commission and EUR-Lex materials should be consulted for the legislation and implementing/delegated measures.
THE CONNECTED FRAMEWORK