MICA LIBRARY · GLOSSARY
The vocabulary of MiCA.
22 terms that recur across EU crypto-asset regulation — each defined in plain language, with the regulation as the source of truth.
SOURCES: REGULATION (EU) 2023/1114 · (EU) 2023/1113 · (EU) 2022/2554 · DIRECTIVE (EU) 2023/2226 · ESMA / EBA GUIDANCE
| Term | Meaning |
|---|---|
| MiCA / MiCAR | Regulation (EU) 2023/1114 on Markets in Crypto-Assets — the EU's single rulebook for crypto-assets outside existing financial services law. 'MiCA' and 'MiCAR' refer to the same regulation. |
| CASP | Crypto-Asset Service Provider — a firm authorised under MiCA Title V to provide one or more of the ten crypto-asset services as a business in the EU. |
| VASP | Virtual Asset Service Provider — the pre-MiCA, FATF-derived national registration category. VASP regimes were replaced by CASP authorisation; existing VASPs used the grandfathering window to transition. |
| ART | Asset-Referenced Token — a crypto-asset stabilising its value by referencing multiple currencies, commodities, or crypto-assets (Title III). Issuers need authorisation and full reserve backing. |
| EMT | E-Money Token — a crypto-asset referencing a single official currency (Title IV). Only credit institutions and e-money institutions may issue them; holders can redeem at par. |
| Utility token | A crypto-asset intended to provide access to a good or service supplied by its issuer — regulated under Title II's white-paper regime rather than Titles III/IV. |
| Crypto-asset white paper | The disclosure document required before a public offer or admission to trading of a crypto-asset (Title II). Since 23 December 2025 it must be filed in iXBRL format. Not approved by any authority — the issuer is solely responsible. |
| NCA | National Competent Authority — the Member-State regulator (e.g. CySEC in Cyprus, BaFin in Germany, AMF in France) that authorises and supervises CASPs and issuers. |
| ESMA | European Securities and Markets Authority — maintains the EU-wide MiCA register (Art. 109), coordinates supervisory convergence, and publishes the register files this site's Radar is built on. |
| EBA | European Banking Authority — supervises significant ART and EMT issuers and co-authors joint MiCA guidance with ESMA. |
| Passporting | The right of an authorised CASP to provide its services in every EEA Member State on the basis of its single home-state authorisation, after notifying its NCA (Art. 65). |
| Grandfathering | The transitional regime (Art. 143(3)) allowing pre-existing providers to keep operating under national law while their MiCA application was processed — until 1 July 2026 at the latest; many Member States set shorter windows. |
| Simplified procedure | Art. 143(6) — Member States could apply a lighter authorisation process for entities already authorised under national law on 30 December 2024. |
| Reverse solicitation | The narrow exemption where an EU client approaches a third-country firm at its own exclusive initiative. ESMA guidance reads it strictly — it is not a passporting workaround. |
| Travel rule / TFR | Regulation (EU) 2023/1113 — requires originator and beneficiary information to accompany crypto-asset transfers, applying FATF's travel rule in the EU alongside MiCA. |
| DORA | Regulation (EU) 2022/2554 on digital operational resilience — ICT-risk, incident-reporting, and third-party-risk requirements that apply to CASPs as financial entities. |
| CARF / DAC8 | The OECD Crypto-Asset Reporting Framework and its EU implementation (Directive 2023/2226, 'DAC8') — tax-reporting obligations for reporting CASPs, with the first reporting period from 1 January 2026. |
| Significant ART/EMT | Tokens crossing thresholds (holders, market value, transaction volumes) that trigger enhanced requirements and direct EBA supervision. |
| Own funds | The capital a CASP must hold at all times: the higher of its Annex IV class minimum (€50k/€125k/€150k) or one quarter of prior-year fixed overheads (Art. 67). |
| Non-compliant entity | An entity reported by an NCA and listed by ESMA as providing crypto-asset services without required authorisation — a public warning list maintained alongside the register. |
| LEI | Legal Entity Identifier — the 20-character code identifying each authorised entity in the ESMA register; used by this site's Radar to deduplicate records. |
| Admission to trading | Listing a crypto-asset on a trading platform — triggers Title II white-paper and notification duties even without a public offer. |
Educational summary of public sources. This guide condenses the text of Regulation (EU) 2023/1114 (MiCA) and official ESMA/EBA materials for general information. It is not legal advice; obligations depend on your specific facts and Member State. Verify against the official sources linked below before relying on any point.