EU MiCA Regulation

How MiCA works

MiCA is the first end-to-end EU framework for crypto-asset markets. It introduces a single Crypto-Asset Service Provider (CASP) authorisation that is passportable across the 27 EU member states and the 3 EEA states. It also introduces distinct regimes for issuers of asset-referenced tokens (ART) and e-money tokens (EMT). The CASP perimeter covers ten regulated services, including custody, exchange, placement, advice, portfolio management, transfer services and operating a trading platform.

CASP authorisation in practice

A CASP application is submitted to the national competent authority (NCA) of the member state where the head office is located. The application file is harmonised across the EU but examination style varies materially: Lithuania and the Czech Republic have established themselves as the most predictable mid-cost routes; Germany (BaFin) and France (AMF / ACPR) carry the strongest credibility but materially longer review times; the Netherlands (DNB / AFM) sits between the two clusters. Once authorised, the CASP can provide services across all 30 EEA states under the home-country rule.

ART and EMT — the stablecoin regimes

Asset-referenced tokens (ART) reference baskets of fiat currencies, commodities or other crypto-assets and carry the strictest prudential, governance and reserve obligations. E-money tokens (EMT) reference a single fiat currency and operate close to the existing E-Money Directive regime. Both regimes require authorisation by an NCA, with the EBA designated supervisor for significant tokens. Issuance of ART or EMT in the EU without authorisation has been prohibited since 30 June 2024.

Transitional period country-by-country

Member states have set different end-dates for the transitional period under MiCA Article 143. Germany ends on 30 December 2025; Spain has ended; Lithuania and Estonia run through 2025–2026; France runs to 30 June 2026; Czech Republic, Poland and the Netherlands run various dates between Q2 and Q4 2026. Once the transitional period ends in a given member state, only authorised CASPs can provide services to clients in that state. The choice of member state for CASP authorisation is no longer interchangeable.

How MiCA interacts with other regimes

MiCA does not displace existing financial-services rules. A CASP that also operates as an EMI must hold both authorisations. Securities tokens remain governed by the Prospectus Regulation, MiFID II and other instrument-level rules. Cross-border activity from a non-EU base into the EU triggers MiCA when the activity targets EU clients — the so-called reverse-solicitation defence is narrow.

Where to go next

The European Union regulatory framework drives a specific set of licensing options. The pages below cover the live licences and the comparable jurisdictions.

• All jurisdictions;
• Stablecoin issuer licensing;
• Crypto exchange licensing;
• Crypto License Network — services;

Last updated: 2026-04. Refreshed quarterly.