Money & markets
Regulation (EU) 2023/1114
MiCA
Markets in Crypto-Assets Regulation
Issuing a token or running a crypto exchange in the EU now looks like financial regulation: white papers, authorisation, reserve rules for stablecoins, and a ban on pretending a token is risk-free.
Does this hit me?
A licensed EU exchange should tell you the risks and, for a genuine e-money token, let you redeem at par. You can still lose money. Unlicensed offshore apps remain a warning, not a loophole the EU can switch off.
Check in the wizardPick a country in the header to see who enforces this at home. Union text is not the last word for directives.
How it rolls in
Jun 2023
Entered into force.
Jun 2024
Titles on ARTs and EMTs apply.
Dec 2024
CASP authorisation and remaining titles apply.
Why it exists
Crypto sat between securities law and nothing. After collapses and run-risk on ‘stable’ coins, the Union wrote a single rulebook instead of 27 sandboxes.
What actually changes
- Crypto-asset service providers (exchanges, custodians, brokers) need authorisation in one Member State and can passport.
- Asset-referenced and e-money tokens face reserve, redemption and own-funds rules.
- A white paper before an offer to the public, with liability for misleading statements.
- Market abuse and a clearer split from instruments that are already MiFID financial instruments.
How it hits you
A licensed EU exchange should tell you the risks and, for a genuine e-money token, let you redeem at par. You can still lose money. Unlicensed offshore apps remain a warning, not a loophole the EU can switch off.
Heard this? Not quite.
Claim: Bitcoin itself is banned.
Bitcoin as a commodity-like crypto-asset is in scope of transparency and CASP rules, not a ban. The heavy regime is on issuers of stablecoins and on service providers.
Latest official statements
All EU NewsNo tagged Commission, Parliament or Council statement in the current feeds.
Board one-pager
Board one-pager
Who this is for: EU finance, trade and reporting teams. Regulation (EU) 2023/1114. Stablecoin rules from June 2024; CASP rules from December 2024.
Scope
- You offer crypto-assets to the public in the EU, admit them to trading, or run exchange, custody, transfer or advice as a business.
First 90 days
- Week 1: Legal characterisation: MiCA crypto-asset, EMT/ART, or MiFID instrument.
- Week 2: If you serve EU users, pick the NCA and gap the CASP authorisation file.
- Month 1: Kill marketing that implies capital preservation without a legal basis.
Penalties: NCA fines, ban on offers, public warnings; criminal law remains national.
For companies
How to stay on the right side of this file
Practical order of work, not a substitute for counsel. Issuers of crypto-assets and authorised crypto-asset service providers in the Union.
You are probably
Issuers of crypto-assets and authorised crypto-asset service providers in the Union.
Effort
Treat as an operating process, not a project.
Budget
SME: owner time plus one honest vendor. Large: a named lead, not a taskforce slide.
Roles in this file
The same company can wear more than one hat. Classify before you buy a tool.
Legal
This pack names Legal as an owner of early work.
Legal characterisation: MiCA crypto-asset, EMT/ART, or MiFID instrument.
Compliance
This pack names Compliance as an owner of early work.
If you serve EU users, pick the NCA and gap the CASP authorisation file.
Comms
This pack names Comms as an owner of early work.
Kill marketing that implies capital preservation without a legal basis.
Are you in scope?
Act now- You offer crypto-assets to the public in the EU, admit them to trading, or run exchange, custody, transfer or advice as a business.
Usually not, if
- A merchant that only accepts crypto as payment through a licensed processor.
- Crypto-assets that are already MiFID financial instruments — those stay in MiFID, not a free pass.
First moves
- Week 1Legal characterisation: MiCA crypto-asset, EMT/ART, or MiFID instrument.Legal
- Week 2If you serve EU users, pick the NCA and gap the CASP authorisation file.Compliance
- Month 1Kill marketing that implies capital preservation without a legal basis.Comms
- Do not ‘passport’ from a Telegram group. If EU users are targeted, you are in.
If you skip this
- Assuming NFTs are always out.
- Using a non-EU entity while geo-targeting EU retail.
Done looks like
- Authorisation or transitional status
- White papers
- Reserve attestations for ART/EMT
- Wallet-segregation controls
Keep this evidence
- Authorisation or transitional status
- White papers
- Reserve attestations for ART/EMT
- Wallet-segregation controls
Ask vendors
- Are you a licensed CASP in the Union, and for which services?
- How are client assets segregated?
Where programmes usually break
- Assuming NFTs are always out.
- Using a non-EU entity while geo-targeting EU retail.
Call counsel when
- NCA fines, ban on offers, public warnings; criminal law remains national.
- A supervisor letter, a dawn information request, or a deal that warrants this file.
Enforcement
NCA fines, ban on offers, public warnings; criminal law remains national.
National competent authorities; EBA for significant ARTs/EMTs; ESMA coordination.
Need a stack, not one file? Open the company desk
Professional briefing
Legal architecture and duties
For counsel, compliance, and policy teams. Not advice. The Official Journal still wins.
- Instrument
- Regulation
- Legal basis
- Arts 114 and 53 TFEU · Regulation (EU) 2023/1114
- Application
- ART/EMT titles from 30 June 2024; CASP and remaining titles from 30 December 2024. Transitional CASP regimes are national and time-limited.
A licensing and disclosure code for crypto-asset issuance and services that are not already MiFID instruments. White-paper liability and stablecoin prudential rules are the teeth. Targeting EU users without authorisation is the usual failure.
How the file is built
Titles II–IV
Offers to the public and admission to trading; ARTs; EMTs — different own-funds and reserve worlds.
Title V
CASP authorisation, passport, governance, custody, complaints.
Operators
| Role | Who | Core duties |
|---|---|---|
| Offeror / issuer | Places a crypto-asset with the public or seeks admission. | White paper, notification, marketing rules; extra for ART/EMT. |
| CASP | Exchange, custody, transfer, advice, portfolio management of crypto-assets. | Authorisation, prudential safeguards, segregation. |
Scope
Services provided in the Union, including by reverse solicitation limits. A website aimed at EU retail is in.
In
- Crypto-assets not already financial instruments, deposits or structured deposits
- ARTs and EMTs
- CASP services listed in Annex
Out, or narrower than assumed
- Fully unique NFTs in many cases — a series of interchangeable tokens is not unique
- MiFID instruments, which stay in MiFID
Operative provisions
| Anchor | Rule | What it does in practice |
|---|---|---|
| Art 4–15 | White paper and offer rules for other crypto-assets. | Liability for misleading information; not a prospectus-lite hobby. |
| Art 16–58 | ART/EMT authorisation, reserves, redemption. | Run-risk is a prudential file. |
| Art 59–72 | CASP authorisation and passport. | Pick an NCA; do not shop silence. |
Secondary law and guidance
- ESMA and EBA RTS/ITS
- Supervisory statements on reverse solicitation
National layer. NCAs authorise. Some States ran generous transitionals — they expire. Criminal law on unlicensed offers is national.
How it sits with other files
Enforcement and private rights
Who
NCAs; EBA for significant stablecoins.
Tools
Fines, bans, public warnings, withdrawal of authorisation.
Private rights
White-paper liability to holders in defined cases.
Risk register
| Risk | Signal | Control |
|---|---|---|
| Unlicensed EU targeting | English site, EUR pairs, EU influencers | Geo and authorisation strategy, or stop. |
| EMT as a deposit | Yield on a ‘stable’ token | Product legal opinion before marketing. |
Open issues
- NFT borderline.
- DeFi protocols with no issuer.
- Transitionals ending unevenly.
Primary sources
Issuing a token or running a crypto exchange in the EU now looks like financial regulation: white papers, authorisation, reserve rules for stablecoins, and a ban on pretending a token is risk-free.
You feel it now
Duties are already live.
Next
Stablecoin rules from June 2024; CASP rules from December 2024
Where it lands
| Channel | People | Companies |
|---|---|---|
| Licence as a product | A licensed EU exchange should tell you the risks and, for a genuine e-money token, let you redeem at par. You can still lose money. Unlicensed offshore apps remain a warning, not a loophole the EU can switch off. | CASP authorisation is a passport. Operating without it is the enforcement snack. |
| Stablecoins are banking-adjacent | A licensed EU exchange should tell you the risks and, for a genuine e-money token, let you redeem at par. You can still lose money. Unlicensed offshore apps remain a warning, not a loophole the EU can switch off. | ART/EMT reserve, redemption and own-funds rules are not a white-paper exercise. |
| Marketing liability | A licensed EU exchange should tell you the risks and, for a genuine e-money token, let you redeem at par. You can still lose money. Unlicensed offshore apps remain a warning, not a loophole the EU can switch off. | White-paper misstatements and ‘risk-free yield’ claims travel. |
Who gains
Users who want a licensed on-ramp; supervisors who want a file.
Who pays
Issuers and platforms, in capital, reports and custody controls.
Who pays
Issuers and platforms, in capital, reports and custody controls.
Who benefits
Users who want a licensed on-ramp; supervisors who want a file.
Read the official text