Markets in Crypto-Assets, explained
MiCA is the EU's comprehensive framework for crypto-assets not already covered by existing financial-services law. It applies across all member states and phases in through 2024–2026.
The four pillars of MiCA
Crypto-asset service providers
CASPs — exchanges, custodians, brokers — must be authorised by a national competent authority and meet governance, prudential and conduct requirements.
Asset-referenced tokens
ARTs reference a basket of assets, currencies or crypto. Issuers face reserve, governance and disclosure obligations proportional to scale.
E-money tokens
EMTs reference a single fiat currency. Only authorised credit or e-money institutions may issue them, with full redemption at par.
Market integrity
Rules against insider dealing and market manipulation, plus mandatory white-paper disclosure for public offers.
Implementation timeline
Explore who's authorised
See how these rules translate into real authorisations across the register.