Markets in Crypto-Assets Regulation
MiCAAlso called miCAR, EU crypto-assets regulation
The Markets in Crypto-Assets Regulation is the EU law that sets common rules for issuing, offering and trading crypto-assets not already covered by financial services law. It covers stablecoins, crypto-asset service providers and market abuse, and replaces national crypto regimes with one authorisation that can be passported across the EU.
How it works
MiCA sorts crypto-assets into three groups. Asset-referenced tokens and e-money tokens, the two kinds of stablecoin, face the strictest rules on reserves, redemption and authorisation. Other crypto-assets need a white paper, notified to the regulator and published, before being offered to the public or admitted to trading. Crypto-assets that qualify as financial instruments stay under MiFID II, and unique non-fungible tokens are largely out of scope.
Firms that provide crypto services, such as custody, exchange or trading platforms, need authorisation as a crypto-asset service provider from a national regulator, and can then serve clients across the EU. MiCA also bans insider dealing and market manipulation in crypto-assets. The stablecoin rules applied from 30 June 2024 and the rest from 30 December 2024. Firms relying on national transitional periods had to be authorised by 1 July 2026 at the latest.
The rules
Require stablecoin issuers to be authorised, hold reserve assets, publish a white paper and give holders redemption rights.
Issuers of asset-referenced tokens and e-money tokensApplies the remaining rules on white papers, authorisation of crypto-asset service providers and market abuse in crypto-assets.
Crypto-asset offerors, trading platforms and crypto-asset service providersLet existing providers continue under national rules until authorised or refused, and no later than 1 July 2026; member states could shorten or skip the period.
Firms providing crypto services under national law before 30 December 2024Common questions
Does MiCA apply to firms outside the EU?
It applies to crypto-asset services provided to clients in the EU. A firm based elsewhere needs MiCA authorisation through an EU entity to serve EU clients, except where a client approaches it on their own exclusive initiative.
Is MiCA the same as the crypto travel rule?
No. The crypto travel rule sits in a separate law, Regulation (EU) 2023/1113, which applied on the same date as most of MiCA. MiCA covers authorisation, conduct and market abuse; the travel rule covers information sent with transfers.
What changed when the transitional period ended?
From 1 July 2026, firms without MiCA authorisation can no longer provide crypto services in the EU under national rules. ESMA expected unauthorised firms to wind down in an orderly way and move client assets to an authorised provider or the client's own wallet.
