What is MiCA?

The EU adopted MiCA in May 2023. The regulation replaces national crypto rules with one framework across the EU and EEA. MiCA sets requirements for consumer and investor protection and adds disclosure rules to previously unregulated crypto markets. The regulation also addresses market abuse and financial stability, especially for stablecoins. Common rules give businesses legal certainty for cross-border operations.

The MiCA timeline

1. 29 June 2023

   MiCA enters into force

   Regulation (EU) 2023/1114 was published in the Official Journal on 9 June 2023. Under Article 149(1), it entered into force 20 days later.
2. 30 June 2024

   Stablecoin rules apply

   Titles III and IV take effect for asset-referenced tokens (ARTs) and e-money tokens (EMTs).
3. 30 December 2024

   CASP rules apply

   The Title V authorisation regime for crypto-asset service providers takes effect across the EU.
4. 30 June 2025

   Six-month windows close

   Member states could shorten their transitional periods, so national deadlines differed. The Netherlands, Finland and Hungary closed after 30 June 2025, and Slovenia on 1 July 2025.
5. 31 December 2025

   12-month windows close

   Ireland and Slovakia closed after 30 December 2025. Austria, Germany and Lithuania closed after 31 December 2025. See the deadline for each country.
6. 1 July 2026

   Final backstop

   Article 143(3) fixed this date as the end of every transitional period. ESMA said in April 2026 that the period would “officially expire across the EU on 1 July 2026”. Since 1 July 2026, an in-scope provider generally needs an Article 63 CASP authorisation. An eligible Article 60 financial entity can instead complete the required notification. A pending application does not provide permission to operate.

ESMA’s interim register has 365 current legal-entity entries as of 6 October 2026. The largest home states are Germany, France, the Netherlands, Cyprus and Malta. The full CASP register lists every entry.

What is a CASP licence?

A Crypto-Asset Service Provider (CASP) is a company that provides crypto-asset services professionally. A provider that serves EU/EEA customers generally needs an Article 63 authorisation. Eligible financial entities can instead use the Article 60 notification route for permitted services. An old national VASP registration did not convert automatically. The VASP-to-CASP transition guide explains the extra authorisation requirements. A registration in Saint Vincent and the Grenadines gives no MiCA permission. The SVG and MiCA comparison explains the territorial difference. MiCA defines ten regulated services:

1. Custody and administration of crypto-assets on behalf of clients
2. Operation of a trading platform (an exchange/order book)
3. Exchange of crypto-assets for funds (fiat)
4. Exchange of crypto-assets for other crypto-assets
5. Execution of orders on behalf of clients
6. Placing of crypto-assets
7. Reception and transmission of orders
8. Advice on crypto-assets
9. Portfolio management of crypto-assets
10. Transfer services for crypto-assets

Passporting lets an authorised CASP notify its services in other EEA states under Article 65. The CASP first needs authorisation from its home member state. Home-state authorisation alone does not prove notification in every host state. Crypto firms therefore cluster in several licensing hubs. MiCA does not name crypto lending, borrowing or staking-as-a-service as regulated services. The named-service list therefore leaves those activities outside the named CASP services.

If Spain is the firm’s home state, the CNMV MiCA licence guide explains the application route, capital classes, review clocks and ongoing conditions. The country comparison lists the authority and current CASP count for all 30 EEA states.

Stablecoin rules: ART vs EMT

MiCA splits stablecoins into two types. An EMT (e-money token) references a single official currency, for example a euro or dollar token. An ART (asset-referenced token) references another value or right, or a combination, which can include one or more currencies, a commodity or crypto-assets. In-scope EMTs and ARTs generally need the relevant issuer status. An EMT issuer notifies and publishes its white paper, while the competent authority approves the white paper of an authorised ART issuer. MiCA provides limited exemptions from issuer authorisation, but the issuer must still produce a white paper.

Several exchanges restricted or delisted USDT for EEA users during 2024–2025. The dated ESMA snapshot contains no corresponding USDT issuer or white-paper entry. The snapshot contains notifications for tokens such as USDC, EURC and EUROe. The directory shows which exchanges restricted EEA users.

Who enforces MiCA?

National competent authorities (NCAs) handle authorisations, eligible notifications and supervision in their own country. Examples include Germany’s BaFin, France’s AMF, Malta’s MFSA, Luxembourg’s CSSF, the Central Bank of Ireland and Norway’s Finanstilsynet. ESMA (the European Securities and Markets Authority) coordinates across borders and maintains the official public register. The EBA (European Banking Authority) leads the supervision of significant stablecoins.

What MiCA means for you

MiCA duties attach to the specific EEA entity and service recorded in the register. The following duties apply when relevant:

• Safeguarding and segregation duties apply where the entity holds client crypto-assets or funds.
• Article 75 custody liability covers loss attributable to the custodian and is capped by the lost asset’s market value.
• The CASP must provide a free, formal complaints process and investigate complaints in a timely and fair manner (Article 71).
• The CASP must publish clear disclosures and act “honestly, fairly and professionally”.
• The CASP is subject to regulator supervision and market-abuse rules.

A current register entry confirms supervision. Crypto can still lose value, and MiCA does not provide deposit insurance. Verify that the named entity, recorded service and product match what you use. Do not assume that CASP conduct duties or complaint routes apply when no current register entry matches the service. Check your exchange →