MiCA — the Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114 — is the European Union's single framework for crypto-assets that are not already covered by existing financial-services law. Before MiCA, each member state set its own rules; MiCA replaced that patchwork with one rulebook.
What it covers
- Stablecoins. MiCA creates two categories: e-money tokens (EMTs), which reference a single official currency, and asset-referenced tokens (ARTs), which reference a basket or other assets. Issuers must be authorised and hold reserves under specific requirements. These rules applied from 30 June 2024.
- Crypto-asset service providers (CASPs). Exchanges, brokers, custodians and similar firms need a licence as a CASP. The rest of the regulation, including the CASP regime, applied from 30 December 2024.
- Disclosure and marketing. Issuers of many crypto-assets must publish a white paper with prescribed information, and marketing communications must be fair, clear and consistent with it.
- Market abuse. MiCA introduces rules against insider dealing and market manipulation in crypto-assets.
Passporting
A CASP licensed by the regulator of one member state can "passport" its services to clients across the whole EU. That is why licence announcements matter commercially: one authorisation opens a market of 27 countries. ESMA, the EU securities regulator, maintains a register of authorised firms.
Transitional periods
Member states could allow firms already operating under national rules to continue during a transition while they applied for a MiCA licence, for up to 18 months — so no later than 1 July 2026 — with individual states free to set shorter windows. The end of those windows is why licensing gaps and deadline stories dominated EU crypto coverage through mid-2026.
Enforcement
National regulators enforce MiCA. Our coverage in August 2026 reported what was described as Austria's first published MiCA penalty, which concerned white papers and marketing communications rather than trading — a reminder that the disclosure rules are enforced, not only the licensing ones.
In MoonWire analysis
Our crypto regulation hub tracks MiCA licensing and enforcement as reported, read against the primary source where possible.