MiCA (Markets in Crypto-Assets Regulation) is the EU's framework for regulating crypto-asset service providers (CASPs) and stablecoin issuers, in force progressively from 2024.
Scope:
- Stablecoin issuance (asset-referenced tokens, e-money tokens) is brought under banking-style supervision, with reserve, governance, and disclosure requirements.
- CASPs, exchanges, custodians, advisory services, portfolio management, require authorization and ongoing supervision in a member state, valid across the EU via passporting.
- Market abuse rules (insider trading, market manipulation) apply.
- Travel Rule obligations apply to transfers between regulated entities.
For security and operations, MiCA adds documented requirements around custody segregation, ICT risk (overlapping with DORA), incident reporting, and outsourcing controls. The regulatory ramp is significant, but it also creates a clearer field of play than the prior patchwork of national rules.