MiCA
Markets in Crypto-Assets Regulation
EU comprehensive regulatory framework for crypto-assets, stablecoins, and crypto-asset service providers.
What is MiCA?
The Markets in Crypto-Assets (MiCA) Regulation is the EU's comprehensive framework for regulating crypto-assets. Adopted in 2023, MiCA establishes uniform rules for crypto-asset issuers and service providers across all EU member states, replacing the patchwork of national regulations.
MiCA covers three main categories: crypto-assets other than asset-referenced tokens or e-money tokens, asset-referenced tokens (stablecoins backed by multiple assets), and e-money tokens (stablecoins backed by single fiat currency). It also establishes authorization requirements for Crypto-Asset Service Providers (CASPs).
Who Needs MiCA?
- Crypto-asset issuers in the EU
- Crypto exchanges serving EU customers
- Stablecoin issuers
- Crypto custody providers
- Crypto trading platforms and brokers
Key Requirements
Core compliance areas for MiCA
CASP Authorization
Obtain authorization from national competent authority to provide crypto-asset services in the EU.
Whitepaper Requirements
Publish detailed whitepapers for crypto-asset offerings meeting specific content requirements.
Asset-Referenced Token Rules
Maintain adequate reserves, governance, and redemption rights for stablecoin issuers.
Market Abuse Prevention
Implement controls to prevent insider dealing and market manipulation.
Consumer Protection
Provide clear disclosures, complaint handling, and conflict of interest management.
Benefits of MiCA Compliance
- Passport to operate across all EU member states
- Legal certainty for crypto operations
- Access to EU's 450M consumer market
- Enhanced institutional credibility
- Standardized compliance requirements
- Competitive advantage over unregulated providers
Official Resources
Related Frameworks
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GDPR
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BSA/AML
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