Learning Point Hub

Safety & rules · 2 min read

What is MiCA?

By Oliver James Whitmore · Updated 20 October 2026

In one sentence

MiCA — the Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114 — is the European Union's common rulebook for issuing crypto-assets and for companies that provide crypto-asset services.

MiCA key dates, from adoption in 2023 to the end of the transitional period in 2026.31 May 2023adopted29 Jun 2023in force30 Jun 2024stablecoin rules30 Dec 2024all rules1 Jul 2026transition endsRegulation (EU) 2023/1114 — dates as published in the Official Journal
MiCA key dates, from adoption in 2023 to the end of the transitional period in 2026.

How it works

Before MiCA, each EU country had its own approach, or none. MiCA replaced that patchwork with one set of rules for the whole Union. It was adopted on 31 May 2023, published in the Official Journal on 9 June 2023 and entered into force on 29 June 2023. Its rules on asset-referenced tokens and e-money tokens have applied since 30 June 2024, and the rest since 30 December 2024. Firms already operating under national law could continue during a transitional period that ended no later than 1 July 2026.

MiCA covers three main groups:

  • Issuers of crypto-assets that offer them to the public, who must publish a crypto-asset white paper with set information and keep their marketing fair, clear and not misleading.
  • Issuers of stablecoin-type tokens — asset-referenced tokens and e-money tokens — who need authorisation and must meet rules on reserves and redemption.
  • Crypto-asset service providers (CASPs), such as firms offering custody or exchange services, who need authorisation and must follow rules on governance, safekeeping of client assets, conflicts of interest and complaints. An authorisation in one member state can be used across the EU.

Some things are outside its scope, including crypto-assets that already count as financial instruments, crypto-assets that are unique and not fungible, and services provided in a fully decentralised way without an intermediary.

A simple example

A company wants to offer custody of crypto-assets to customers in several EU countries. Under MiCA it applies for one authorisation from the authority in its home country. Once authorised, it notifies the other countries and can serve customers there, instead of seeking a separate licence in each one.

Common misconception

Misconception: MiCA means the EU vouches for crypto-assets and protects their value.

In fact: MiCA sets duties for issuers and providers; it does not protect anyone from losses when values fall. White papers for most crypto-assets are notified to authorities, not approved by them, and must say so. Crypto-assets are not covered by deposit guarantee schemes.

Where you meet it

  • Authorisation statements on the websites of EU service providers.
  • ESMA's register of authorised providers and white papers.
  • Rules on stablecoins in the EU.

Sources

This card explains a technical concept for general education. It is not a recommendation to acquire, sell or hold any crypto-asset, and it is not financial advice.