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Regulation on markets in crypto-assets
The Markets in Crypto-Assets Regulation establishes a comprehensive framework for crypto-asset service providers (CASPs), issuers of asset-referenced tokens (ARTs), and electronic money tokens (EMTs). It mandates authorisation, white paper disclosures, reserve requirements, and consumer protection obligations across all 27 EU Member States.
149
Articles
27+EEA
Member States
6
CASP Service Types
Dec 2024
Enforced
9 June 2023
Published in Official Journal of the EU
29 June 2023
Entered into force
30 June 2024
Title III (ARTs) and Title IV (EMTs) apply
30 December 2024
Full application — all titles enforceable
Authorization from national competent authority, registered office in EU, segregated reserve of assets matching token liabilities, redemption rights at market value, recovery and orderly redemption plans.
Authorization via credit institution or e-money institution route, redemption rights at par value on demand, investment of received funds in same-currency assets, liquidity and reserve ratio compliance.
Registered office with substantive business in EU, fit-and-proper management body, honest and professional conduct standards, anti-money laundering controls, prudential requirements, conflicts of interest policies.
Mandatory white papers for all public offerings, key information summary, fair and transparent presentation, notification to competent authorities before offering.
Segregation of customer assets from proprietary holdings, custody with regulated institutions only, compliance with Union technical standards for security.
EUR 15 million or 10% annual turnover
Whichever is higher, for general MiCA breaches
Up to EUR 700,000
For individual violations
EUR 15 million (legal) / EUR 1 million (natural)
For insider dealing or market manipulation offences
Schedule a consultation with our regulatory experts to assess your MiCA compliance posture and build a practical roadmap.