What is MiCA? The EU's crypto regulation explained

MiCA — the Markets in Crypto-Assets Regulation, formally Regulation (EU) 2023/1114 — is the European Union’s single, harmonised framework for crypto-assets. It replaces the previous patchwork of national rules with one regime that applies across all EU/EEA member states.

What MiCA covers

• Crypto-asset service providers (CASPs) — exchanges, custodians, brokers and similar firms must be authorised by a national competent authority (e.g. BaFin in Germany, the AMF in France, CONSOB in Italy, the Central Bank of Ireland) and can then “passport” that authorisation across the EU.
• Stablecoins — split into asset-referenced tokens (ARTs) and e-money tokens (EMTs), with issuance and reserve rules.

Key dates

• 30 June 2024 — the stablecoin (ART/EMT) titles became applicable.
• 30 December 2024 — the full regime, including CASP authorisation, became applicable. Member states set transitional windows for firms previously registered nationally.

On this map, EU members generally show VASP licensing: regime in force and stablecoin: in force because of MiCA. See how it plays out across Germany, France and Ireland, or compare two EU countries. For where MiCA sits globally, browse the country rankings.

Source: the consolidated text of MiCA is published on EUR-Lex; implementation details come from each member state’s financial regulator.

Data basis: Regulation (EU) 2023/1114 (MiCA), via EUR-Lex and national competent authorities.