Markets in Crypto-Assets (MiCA)
The European Union's unified rulebook for crypto-assets, phased in across member states during 2024 and 2025.
MiCA gives the 27-nation bloc one licensing regime instead of 27 national ones. Firms issuing tokens or running exchanges register in a single member state and passport across the rest. Stablecoin rules took effect in mid-2024; the broader regime followed that December.
The framework leans hard on stablecoins, capping daily transaction volumes for large issuers and demanding reserves held one-to-one. It deliberately leaves out fully decentralized finance and most NFTs, which fall outside its current scope.
Related terms
A crypto token designed to hold a steady value, almost always pegged one-to-one with the US dollar.
CustodyThe safekeeping of crypto assets and the private keys that control them, often handled by a regulated third party.
AML (Anti-Money Laundering)The laws and procedures meant to stop criminals from disguising illicit money as legitimate funds.