[ FRAMEWORK · EUROPEAN UNION ]
MiCA, tracked end to end.
The Markets in Crypto-Assets Regulation (MiCA) is the EU's single rulebook for crypto. It creates a harmonised authorisation regime for crypto-asset service providers (CASPs), rules for asset-referenced tokens (ARTs) and e-money tokens (EMTs), and market-abuse standards — replacing 27 fragmented national regimes.
[ LEGISLATION ]
MiCA at a glance.
- Full name
- Markets in Crypto-Assets Regulation
- Jurisdiction
- European Union
- Legal basis
- Regulation (EU) 2023/1114
- In force
- 30 December 2024 (CASP); 30 June 2024 (stablecoins)
[ WHO IT COVERS ]
Who has to comply with MiCA.
- •Crypto-asset service providers (exchanges, custodians, brokers, advisers, portfolio managers)
- •Issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs)
- •Issuers of crypto-assets other than ARTs/EMTs that publish a whitepaper
- •Persons offering crypto-assets to the public or seeking admission to trading in the EU
[ KEY REQUIREMENTS ]
What MiCA requires.
- 01CASP authorisation from a national competent authority, with EU-wide passporting
- 02Whitepaper approval (with narrow exemptions) before any public offer or admission to trading
- 03Prudential, governance, conflict-of-interest, custody and outsourcing requirements
- 04Enhanced requirements for significant ARTs/EMTs supervised directly by the EBA
- 05Market-abuse provisions prohibiting insider dealing, unlawful disclosure and market manipulation
- 06Sanctions-screening, AML compliance under AMLD and future AMLR/AMLA supervision
[ TRY IT ]
See every MiCA obligation in your workspace.
14-day trial across up to 8 jurisdictions. MiCA Level 2 standards, guidance, and enforcement — all tracked.
[ WHAT XHS™ MONITORS ]
MiCA surface area, in one workspace.
- •EBA and ESMA Level 2 Regulatory and Implementing Technical Standards
- •Level 3 Guidelines on authorisation, market abuse, suitability, custody
- •National competent authority (NCA) guidance and enforcement under MiCA
- •ESMA Q&A and public statements on MiCA interpretation
- •Transitional-measure decisions by member states under Article 143
- •Cross-references with DORA, AMLR, the Transfer of Funds Regulation (TFR)
[ TIMELINE ]
MiCA milestones.
- ›29 June 2023 — MiCA published in the Official Journal of the EU
- ›30 June 2024 — Titles III (ARTs) and IV (EMTs) came into effect
- ›30 December 2024 — Remaining provisions including Title V (CASP) came into effect
- ›1 July 2026 — end of the longest national transitional measure window
[ QUESTIONS ]
MiCA, answered.
How does XHS™ Copilot help with MiCA compliance?
XHS™ Copilot tracks every EBA and ESMA technical standard, Q&A and guideline under MiCA, plus national competent authority decisions and transitional measures. Lens™ AI maps each change to the obligations specific to your entity type (CASP, ART issuer, EMT issuer, offeror).
When did MiCA come into force?
MiCA entered into application in two phases: the rules on asset-referenced tokens (Title III) and e-money tokens (Title IV) applied from 30 June 2024; all remaining provisions, including the CASP authorisation regime (Title V), applied from 30 December 2024.
Who needs a MiCA CASP licence?
Any legal person or undertaking whose occupation or business is the provision of one or more crypto-asset services to third parties on a professional basis in the EU. Services include custody, exchange of crypto-assets for fiat or other crypto-assets, operation of a trading platform, order execution, reception and transmission of orders, placement, portfolio management and advice.
Does MiCA cover Bitcoin?
MiCA covers services related to crypto-assets including Bitcoin (CASP activities such as custody, exchange, trading platforms). However, MiCA's issuer-focused rules on whitepapers and market-abuse only apply to offers, admissions and issuances in the EU — a permissionless asset like Bitcoin does not have an issuer subject to those rules.
What is the difference between an ART and an EMT under MiCA?
Asset-Referenced Tokens (ARTs) reference multiple fiat currencies, commodities or other crypto-assets to maintain a stable value. Electronic Money Tokens (EMTs) reference the value of one single official fiat currency. EMTs are regulated more tightly, with issuers requiring an EMI or credit-institution authorisation in addition to MiCA-specific approval.
See every MiCA change in your workspace.
14-day free trial. Up to 8 jurisdictions. Cancel any time. No credit card.