MICA LIBRARY · GUIDE
The MiCA Regulation, explained.
Regulation (EU) 2023/1114 — Markets in Crypto-Assets — is the EU’s single rulebook for crypto-assets that fall outside existing financial services law. One regulation, directly applicable in all 27 Member States and the wider EEA.
PRIMARY SOURCE: REGULATION (EU) 2023/1114 ↗ · ESMA MICA HUB ↗
At a glance
| Instrument | Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) |
| Adopted | 31 May 2023; in force 29 June 2023 |
| Official Journal | OJ L 150, 9.6.2023, p. 40–205 |
| EUR-Lex | CELEX 32023R1114 ↗ |
| Application | Titles III–IV: 30 June 2024 · full application incl. Title V: 30 December 2024 |
| Status | In force and applying; grandfathering ended 1 July 2026 |
What MiCA covers
MiCA regulates crypto-assets that are not already covered by existing EU financial legislation (assets qualifying as financial instruments stay under MiFID II). It sets rules for three groups of actors: issuers and offerors of crypto-assets, crypto-asset service providers (CASPs), and, through market-abuse provisions, anyone interacting with EU crypto markets. The regulation distinguishes three token categories, each with its own regime:
| Category | What it is · where in MiCA |
|---|---|
| ART | Asset-referenced tokens — tokens that stabilise their value by referencing several currencies, commodities, crypto-assets, or baskets. Title III: authorisation and reserve, governance, and disclosure duties for issuers. |
| EMT | E-money tokens — tokens referencing a single official currency. Title IV: may only be issued by credit institutions or e-money institutions; redeemable at par. |
| OTHER | Crypto-assets other than ART/EMT (incl. utility tokens) — Title II: white-paper disclosure, notification, and marketing rules for public offers and admissions to trading. |
How the regulation is structured
| Title | Subject |
|---|---|
| I | Scope and definitions (Art. 1–3) — including the ten crypto-asset services |
| II | Offers and marketing of crypto-assets other than ART/EMT — the white-paper regime |
| III | Asset-referenced tokens — issuer authorisation, reserves, significant-ART supervision |
| IV | E-money tokens — issuance restricted to credit/e-money institutions |
| V | Crypto-asset service providers — authorisation (Art. 59–64), passporting (Art. 65), conduct and prudential rules; see the CASP guide |
| VI | Market abuse — insider dealing, unlawful disclosure, market manipulation |
| VII | Supervision — NCA powers, ESMA/EBA roles, penalties, registers (Art. 109–110) |
Supervision is national-first: each Member State designates a national competent authority (NCA) that authorises and supervises CASPs and issuers. ESMA maintains the EU-wide register and coordinates convergence; EBA supervises significant ART/EMT issuers.
Application timeline
| Date | Milestone |
|---|---|
| 29 June 2023 | MiCA enters into force (20 days after Official Journal publication, 9 June 2023) |
| 30 June 2024 | Titles III & IV apply — ART and EMT (stablecoin) regimes live |
| 30 December 2024 | Full application, including Title V — Title V applies (some national authorities accepted preparatory applications earlier); transitional (grandfathering) period begins for firms operating under prior national law |
| 23 December 2025 | Crypto-asset white papers must be filed in the mandated iXBRL format (ITS (EU) 2024/2984) |
| 1 January 2026 | First CARF / DAC8 reportable period begins for reporting CASPs (information exchange follows under the applicable timetable) |
| 1 July 2026 | Maximum grandfathering period ends (Art. 143(3)) — providers without MiCA authorisation must cease EU operations (several Member States chose shorter windows) |
Related EU rules that travel with MiCA
Transfer of Funds Regulation (EU) 2023/1113 extends the “travel rule” to crypto transfers — originator/beneficiary information must accompany transactions. DORA (EU) 2022/2554 applies ICT-resilience requirements to CASPs. CARF/DAC8 adds tax reporting — the first reportable period begins in 2026 for reporting CASPs (not every CASP in every circumstance), with information exchange following the applicable timetable. A MiCA authorisation is the licence — these frameworks are the operating conditions around it.
See who is actually authorised today on the MiCA Radar, or continue to the CASP authorisation guide.
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.