MiCA Regulation

MiCA, the Markets in Crypto-Assets Regulation, is the European Union framework that sets harmonised rules for crypto-asset issuers and service providers across all member states. Adopted as Regulation (EU) 2023/1114, it applied first to asset-referenced and e-money tokens in June 2024 and then to crypto-asset service providers in December 2024. It covers authorisation, governance, custody and complaint handling, requires a published white paper for many token offers, and imposes reserve and redemption obligations on stablecoin issuers. Because an authorisation in one member state can be passported across the bloc, MiCA replaces a patchwork of national regimes rather than adding one, though it does not cover fully decentralised arrangements without an identifiable issuer.