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. ESMA.
MiCA is an EEA-relevant act that covers the whole EEA. The EEA incorporated the regulation into the EEA Agreement in 2025. MiCA therefore also applies in Norway, Iceland and Liechtenstein, as well as the 27 EU member states. Norway’s national Crypto-Asset Act applied from 1 July 2025.
The MiCA timeline
- 9 June 2023MiCA enters into forceRegulation (EU) 2023/1114 is published in the Official Journal.
- 30 June 2024Stablecoin rules applyTitles III and IV take effect for asset-referenced tokens (ARTs) and e-money tokens (EMTs).
- 30 December 2024CASP rules applyThe Title V authorisation regime for crypto-asset service providers takes effect across the EU.
- 31 December 2025Early-closing statesMember states could shorten their transitional periods, so national deadlines differed. Germany (BaFin) closed on 31 December 2025, and Ireland (CBI) closed on 30 December 2025. The Netherlands, Finland and several other states used periods of about six months. See the deadline for each country.
- 1 July 2026Final backstop: no extensionESMA confirmed that no transitional period could continue after this date and that there would be no extension. 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 had around 244 entries at the 30 June 2026 cutoff. The register now has 318 current legal-entity entries as of 31 July 2026. Entries are concentrated in Germany, France, the Netherlands 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:
- Custody and administration of crypto-assets on behalf of clients
- Operation of a trading platform (an exchange/order book)
- Exchange of crypto-assets for funds (fiat)
- Exchange of crypto-assets for other crypto-assets
- Execution of orders on behalf of clients
- Placing of crypto-assets
- Reception and transmission of orders
- Advice on crypto-assets
- Portfolio management of crypto-assets
- 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 a basket of currencies, commodities or crypto. In-scope EMTs and ARTs generally need the relevant issuer status. MiCA provides limited exemptions from issuer authorisation. A notified and published white paper is still required.
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.
The authoritative list of current and ended MiCA CASP entries is the ESMA register ↗. EU MiCA republishes the data in a searchable tracker. Confirm the live status with ESMA before you act.
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 with defined response times.
- 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 →
Sources include EUR-Lex: Regulation (EU) 2023/1114, ESMA: MiCA, and the EUR-Lex official summary. The page provides general information. Obtain legal advice for your case.