MiCA and EU crypto regulation glossary

What does it actually mean in practice?

Which MiCA concepts are explained in this glossary?

The Crypto Register glossary defines the recurring concepts a reader meets when working through MiCA, the ESMA register, and the EU's wider crypto-regulatory architecture. Each entry begins with a direct one-paragraph answer, gives the precise legal definition, and then explains how the concept operates in practice with sources. Source: entries are grounded in Regulation (EU) 2023/1114 and adjacent EU legal texts.

Term	One-line definition
Asset-Referenced Token (ART)	An asset-referenced token is a type of crypto-asset that aims to maintain a stable value by referencing the value of another asset or right, or a basket of assets or rights, including one or more offi
CASP	A CASP is a legal person whose occupation or business is the provision of one or more crypto-asset services to third parties, authorised under Article 63 of MiCA. There are ten defined service categor
Crypto-asset white paper	Under MiCA, a crypto-asset white paper is a mandatory disclosure document that issuers must publish before publicly offering a crypto-asset or having it admitted to trading in the EEA. The required co
E-Money Token (EMT)	An e-money token is a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency. EMTs are regulated under MiCA Title IV (Articles 48-58), which en
EBA's role under MiCA	The European Banking Authority (EBA) supervises significant Asset-Referenced Token issuers and significant E-Money Token issuers under MiCA, sets binding technical standards, and coordinates AML/CFT s
EMI License	An Electronic Money Institution licence is granted under the EU's Electronic Money Directive (EMD2, Directive 2009/110/EC). It authorises an entity to issue electronic money. Under MiCA Title IV, sing
ESMA Register	The ESMA Register is the authoritative public list of crypto-asset service providers authorised under MiCA across the EEA. It is published by the European Securities and Markets Authority and updated
GLEIF	GLEIF is the Switzerland-based foundation that manages the global Legal Entity Identifier system on behalf of the G20 Financial Stability Board. GLEIF maintains the authoritative public database of LE
ISO 17442	ISO 17442 is the international standard that defines the format of the Legal Entity Identifier (LEI). It specifies a 20-character alphanumeric code that uniquely identifies a legal entity globally. Mi
Legal Entity Identifier (LEI)	A Legal Entity Identifier is a 20-character alphanumeric code that uniquely identifies a legal entity engaged in financial transactions globally. It is issued under the ISO 17442 standard and managed
MiCA	MiCA is Regulation (EU) 2023/1114, the European Union's first comprehensive framework for crypto-assets. It introduces an EEA-wide authorisation regime for crypto-asset service providers, a stablecoin
MiCA Article 143 - Transitional period	Article 143 of MiCA permits Member States to allow pre-existing national-regime crypto firms to continue operating without an immediate MiCA authorisation, during a transitional period of up to 18 mon
MiCA Article 59	Article 59 of MiCA is the central prohibition: no person may provide crypto-asset services in the European Union unless that person is an authorised CASP (Article 63), a credit institution, or another
MiCA Article 61	MiCA Article 61 is the narrow exception that allows a third-country firm to provide a crypto-asset service to an EU client when the relationship was initiated exclusively at the client's own initiativ
MiCA Article 63 - Authorisation	Article 63 of MiCA sets out the standard authorisation procedure for a crypto-asset service provider. An applicant submits a detailed file to the National Competent Authority of its home Member State.
MiCA Article 65 - Passporting	Article 65 of MiCA enables an authorised CASP, once licensed by its home Member State's National Competent Authority, to provide its authorised services across all 30 EEA Member States by notifying ea
MiCA Article 70 - Client asset segregation	MiCA Article 70 requires authorised CASPs to segregate client crypto-assets from their own assets, to maintain accurate records of client holdings, and to avoid using client assets for the CASP's own
MiCA Title III	Title III of MiCA (Articles 16-47) regulates the issuance of Asset-Referenced Tokens - stablecoins that reference a basket of assets or rights, including baskets of official currencies. Title III ente
MiCA Title IV	Title IV of MiCA (Articles 48-58) regulates the issuance of E-Money Tokens - single-currency-pegged stablecoins. Title IV entered force on 30 June 2024. EMTs may only be issued by authorised credit in
MiCA Title V	Title V of MiCA (Articles 59-85) is the section that governs Crypto-Asset Service Providers - authorisation, ongoing obligations, conduct of business, prudential requirements, and the passporting regi
MiFID II vs MiCA	MiFID II regulates investment firms and financial instruments; MiCA regulates crypto-assets that are not financial instruments. The dividing line is whether the asset qualifies as a transferable secur
National Competent Authority (NCA)	A National Competent Authority is the supervisory body designated by each EEA Member State to authorise and supervise crypto-asset service providers and issuers under MiCA. NCAs make the actual author
Prudential capital under MiCA	MiCA Article 67 requires authorised CASPs to maintain prudential own funds at a level set by Annex IV, ranging from €50,000 to €150,000 of permanent minimum capital depending on the service class, plu
Reverse solicitation	Reverse solicitation is the narrow exception in MiCA Article 61 that allows a third-country firm to provide a crypto-asset service to an EU client when the relationship was initiated exclusively at th
Travel Rule	The Travel Rule requires originating and beneficiary crypto-asset service providers to collect and exchange identifying information about the sender and recipient of crypto-asset transfers above speci

How is each entry structured?

Each glossary page follows the same shape: a question-coded H1, a one-paragraph direct answer, the precise legal definition with primary-source citation, three to five paragraphs of practical explanation, a table of operational examples, a list of related terms with cross-links, an FAQ block, and a sources list with at least four primary references. Every claim is attributable. Source: The Crypto Register methodology.

Why use this glossary instead of a regulator's text directly?

The regulatory texts themselves are the authoritative source and you should consult them for any decision that matters. The role of this glossary is to lower the activation cost of doing that: each entry tells you which article to read next, which adjacent concept is relevant, and what the practical effect is. Regulators do not write for retail users; this glossary translates without substituting. Source: ESMA - MiCA landing page.

How current is the content?

The glossary is rebuilt weekly from the same sources that feed the rest of The Crypto Register: ESMA's register, EUR-Lex, the relevant national competent authorities, and the EBA. The date in the footer of each entry shows when that page was last verified. Source: ESMA - MiCA register and guidelines.