MICA (Markets in Crypto-Assets Regulation) is the European Union's comprehensive regulatory framework for crypto-assets. It was created to provide legal certainty, protect consumers, ensure market integrity, and support innovation in the crypto-asset sector while maintaining financial stability.

MICA was published in June 2023. The stablecoin provisions (ARTs and EMTs) became applicable in June 2024, while the full regulation, including CASP requirements, became applicable in December 2024.

MICA applies to all 27 European Union member states. It creates a harmonized regulatory framework across the EU single market for crypto-assets.

A CASP (Crypto-Asset Service Provider) is an entity providing services related to crypto-assets such as custody, trading, exchange, or advisory services. If you provide any of the nine CASP services defined in MICA within the EU, you need authorization from the relevant competent authority.

The authorization process typically takes 3-6 months, depending on the complexity of the application and the completeness of documentation provided. Competent authorities have up to 60 working days to assess complete applications.

Minimum capital requirements vary by service type, ranging from €50,000 to €750,000. Additional capital may be required based on the volume and complexity of operations.

Operating without required authorization is a serious violation that can result in administrative fines up to €5 million or 10% of annual turnover, criminal penalties, and immediate cessation orders. Entities may also be added to non-compliant lists.

Authorized entities must maintain compliance with capital requirements, governance standards, risk management systems, client asset protection measures, and regular reporting obligations. They must also implement anti-money laundering and market abuse prevention measures.

MICA Watch is an independent platform that aggregates and presents MICA entity data in a user-friendly format with interactive maps, search functionality, and comprehensive analytics. While ESMA provides the official interim register, MICA Watch enhances the data presentation for better accessibility and analysis.

The data is updated regularly based on ESMA's interim register publications. The current data reflects the status as of July 11, 2025. We monitor ESMA's updates and refresh our database accordingly.

MICA Watch displays official data from ESMA. For corrections or updates to entity information, you must contact the relevant competent authority in your jurisdiction. Once official records are updated, changes will be reflected in our platform.

CASPs must implement robust ICT systems, cybersecurity measures, operational resilience frameworks, and business continuity plans. They must also comply with data protection requirements and maintain appropriate backup and recovery systems.

Yes, CASPs providing custody services must implement strict safeguarding measures including segregation of client assets, secure storage solutions, insurance coverage, and detailed record-keeping. They must also have procedures for handling client asset recovery and transfer.