EU CRYPTO REGISTER · GLOSSARY · LAST VERIFIED
What is MiCA (Markets in Crypto-Assets Regulation)?
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 issuance regime, and consumer-protection and market-integrity rules. The Title V crypto-asset service provider regime enters full force on 1 July 2026.
What is the exact legal definition?
Source: Regulation (EU) 2023/1114. The regulation entered into force 29 June 2023; its provisions apply progressively: Title III (stablecoins as Asset-Referenced Tokens) and Title IV (E-Money Tokens) from 30 June 2024, and Title V (crypto-asset service providers) from 30 December 2024 with a transitional period under Article 143 ending 1 July 2026.
What does it actually mean in practice?
What the framework covers. MiCA regulates three things: the issuance of stablecoins (asset-referenced tokens and e-money tokens), the issuance and trading of other crypto-assets via white papers, and the activities of crypto-asset service providers (CASPs) such as exchanges, custodians and brokers. It excludes financial instruments already covered by MiFID II.
Who supervises. National Competent Authorities (NCAs) in each EU Member State authorise CASPs and supervise day-to-day compliance. ESMA, the European Securities and Markets Authority, maintains the public Register of Authorised CASPs and publishes guidelines on technical questions such as reverse solicitation. The European Banking Authority (EBA) has parallel roles for significant stablecoin issuers.
Why 1 July 2026 matters. Under Article 143, Member States may permit firms that were operating under national crypto regimes before 30 December 2024 to continue under those national rules during a transitional period. The latest a Member State may extend that transition to is 1 July 2026. After that date, providing crypto-asset services to EEA residents without MiCA authorisation breaches Article 59. Source: Articles 59, 143 MiCA.
What MiCA does not do. MiCA does not provide a deposit-guarantee scheme for crypto-assets. It does not regulate non-fungible tokens unless they are issued in series. It does not apply to crypto-assets that are financial instruments under MiFID II (those remain in the MiFID regime). It does not pre-empt national tax rules.
Where do we see this in the public record?
| Example | What it shows |
|---|---|
| Title III enforcement date | 30 June 2024 (Asset-Referenced Tokens) |
| Title V enforcement date | 30 December 2024 (CASP authorisation regime) |
| Transitional period end | 1 July 2026 (Article 143) |
| Authorised CASPs as of latest ESMA register update | Searchable via the public ESMA register |
What else do users ask about this?
When does MiCA become enforceable?
MiCA's substantive crypto-asset service provider rules become fully enforceable on 1 July 2026, the end of the Article 143 transitional period. Title III (asset-referenced tokens) and Title IV (e-money tokens) entered force earlier on 30 June 2024.
Does MiCA apply outside the EU?
MiCA applies within the European Economic Area: the EU 27 plus Iceland, Liechtenstein and Norway. Third-country providers may not solicit EEA clients but may serve them under the narrow reverse-solicitation exception in Article 61.
Is MiCA the same as MiFID II?
No. MiCA covers crypto-assets that are not financial instruments under MiFID II. Derivatives on crypto-assets, security tokens and tokenised securities fall under MiFID II, not MiCA.
Which sources is this entry based on?
- Regulation (EU) 2023/1114 (MiCA) on EUR-Lex
- ESMA - MiCA landing page and register
- ESMA Final Report on Reverse Solicitation Guidelines (17 December 2024)
- European Banking Authority - MiCA stablecoin role
Glossary entries on The Crypto Register are sourced from primary legal texts (Regulation (EU) 2023/1114, ESMA guidelines, national regulator publications). They are not legal advice. Last verified .