GLOSSARY · BLOCKCHAIN & WEB3
MiCA (Markets in Crypto-Assets Regulation)
MiCA is the European regulation governing the issuance of and services related to crypto-assets across the EU.
WHAT IS IT? · FOR DUMMIES
MiCA works like the traffic rules for the crypto world in Europe: it sets the same signs and standards in every country so everyone drives the same way. Before, each country did its own thing; now there is a single common code for issuing coins and offering crypto services. Its goal is to protect users and give companies legal certainty.
WHAT IS IT? · PRO
MiCA (Regulation (EU) 2023/1114, Markets in Crypto-Assets) establishes a harmonized EU framework for the issuance, offer to the public and admission to trading of crypto-assets, as well as for the provision of services relating to them. It distinguishes three categories: asset-referenced tokens (ART), e-money tokens (EMT) and other crypto-assets.
Under Article 2(4), MiCA does not apply to crypto-assets that qualify as financial instruments within the meaning of MiFID II Directive 2014/65/EU; in that case, securities markets law applies rather than MiCA.
01 / Key points
- A regulation directly applicable in all EU Member States.
- Governs crypto-asset issuers and service providers (CASPs).
- Three categories: ART, EMT and other crypto-assets.
- Does not apply to crypto-assets that are financial instruments under MiFID II (Art. 2(4)).