EU / MiCA

The EU offers a single, passportable regime under MiCA: prescriptive but predictable. Stablecoins (asset-referenced and e-money tokens) came into scope mid-2024; CASP authorisation and conduct rules apply from end-2024. The AML "Travel Rule" and DORA operational-resilience obligations sit alongside MiCA for in-scope entities. The regime is permissive but heavily regulated.

Key regulations

  • MiCA (Reg. (EU) 2023/1114)
  • Transfer of Funds Regulation ("Travel Rule")
  • DORA (Reg. (EU) 2022/2554)

Entities

  • CASPs
  • token issuers (ART/EMT)
  • custodians
  • trading venues

Activities

  • issuance
  • custody
  • trading
  • stablecoins
  • staking

Developer orientation. Not legal advice.

What to Watch

  • Classification line between MiCA crypto-assets and MiFID financial instruments.
  • ESMA scrutiny of marketing that overstates regulatory coverage.
  • DORA resilience expectations for authorised entities.

See also