Short answer: As of October 21, 2026, MiCA, the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114), is the EU's single rulebook for crypto-assets that aren't already covered by financial-services law. It sets rules for issuing and offering crypto-assets (white papers), for stablecoins (e-money tokens and asset-referenced tokens), and for crypto-asset service providers (CASPs) such as exchanges, brokers and custodians, which need authorisation and can then passport across the EU. Stablecoin rules applied from 30 June 2024 and the rest from 30 December 2024. The longest national transition for existing firms ended on 1 July 2026.
- Last updated
- 2026-10-21 (PT)
- Status as of 2026-10-21
- In force (Regulation (EU) 2023/1114; CELEX 32023R1114)
- Next key date
- 2026-11-12: joint EBA and ACPR supervision of USDC as a significant EMT begins (tracker)
Who MiCA covers, and who it doesn't
In scope:
- Issuers and offerors of crypto-assets to the public in the EU, and people seeking admission to trading.
- Issuers of e-money tokens (EMTs) and asset-referenced tokens (ARTs).
- CASPs: custody and administration, trading platforms, exchange for funds or other crypto, order execution, placing, transfers, reception and transmission of orders, advice, and portfolio management.
- Market abuse rules for crypto-assets admitted to trading.
Out of scope (in general):
- Crypto-assets that count as financial instruments (for example tokenized shares or bonds). These stay under existing financial-services law such as MiFID II (Art. 2(4)(a)).
- Deposits, including structured deposits (Art. 2(4)(b)).
- Crypto-assets that are unique and not fungible with other crypto-assets (Art. 2(3)).
- Services provided in a "fully decentralised" way without an intermediary (recital 22). What counts as genuinely decentralised is one of the points ESMA wants clarified (see below).
Token categories under MiCA
| Category | What it is | Who can issue | Key rules |
|---|---|---|---|
| E-money token (EMT) | Keeps a stable value by referencing one official currency (e.g. a euro or dollar stablecoin) | Only credit institutions or e-money institutions (Art. 48) | Issued and redeemed at par (Art. 49), no interest (Art. 50), reserve and white paper rules; extra requirements if "significant" |
| Asset-referenced token (ART) | Keeps a stable value by referencing another value or right, or a mix, including several currencies or commodities | Authorised ART issuers or credit institutions (Art. 16) | Authorisation, reserve of assets, governance, white paper approval; no interest (Art. 40); extra rules if significant |
| Other crypto-assets | Everything else in scope, e.g. utility tokens and many native tokens | Any offeror meeting the Title II rules | Publish and notify a crypto-asset white paper; marketing rules; liability for the white paper |
CASP authorisation and passporting
- A firm providing crypto-asset services in the EU needs authorisation from a national competent authority in its home member state (Art. 59). Some already-regulated financial entities, such as banks and investment firms, can use a notification route instead (Art. 60).
- Once authorised, a CASP can passport its services to other member states (Art. 65).
- Core duties include: capital requirements, governance and fit-and-proper management, safeguarding client assets, complaints handling, conflict-of-interest rules, outsourcing controls and, for custodians, liability for loss.
- Reverse solicitation is narrow (Art. 61). Actively marketing to EU clients without authorisation is not allowed.
- ESMA keeps an interim register of authorised CASPs and white papers. Check the live register for counts rather than relying on secondary reports.
MiCA timeline
| Date | Milestone | Source |
|---|---|---|
| 9 Jun 2023 | MiCA published in the Official Journal (OJ L 150, p. 40) | EUR-Lex |
| 29 Jun 2023 | Entry into force (20th day after publication) | MiCA Art. 149(1) |
| 30 Jun 2024 | Titles III and IV (ARTs and EMTs) apply | MiCA Art. 149 |
| 30 Dec 2024 | Rest of MiCA applies, including CASP rules | MiCA Art. 149 |
| 1 Jul 2026 | End of the EU-wide maximum transitional period for CASPs operating under national law (member states could opt out or choose shorter periods) | MiCA Art. 143(3) |
| 20 May 2026 | European Commission opens public and targeted consultations on the MiCA review (deadline 31 Aug 2026, later shown as 30 Sep 2026 for the targeted one) | European Commission |
| 30 Sep 2026 | ESMA publishes its response to the Commission's review | ESMA press release |
| 14 Oct 2026 | EBA classifies USDC as the EU's first significant EMT | EBA press release |
| 14 Oct 2026 | De Nederlandsche Bank authorises Qivalis B.V. as an e-money institution | Qivalis press release |
| 12 Nov 2026 | Joint EBA–ACPR supervision of USDC begins | EBA press release |
Stablecoins and "significant" tokens
The EBA classifies an EMT or ART as significant when at least three of the criteria in MiCA Art. 43(1) are met, such as more than 10 million holders, market value or transaction volumes (Arts. 43 and 56). Significant tokens face stricter capital, liquidity and recovery requirements, with the EBA taking a supervisory role.
On 14 Oct 2026 the EBA classified USDC as the EU's first significant e-money token. From 12 Nov 2026 the EBA and France's ACPR supervise it jointly. The EBA takes over own funds, reserve of assets, liquidity, and recovery and redemption plans. The ACPR keeps areas such as governance, qualifying holdings, fit and proper assessment, outsourcing and conflicts of interest (EBA press release, Oct 14, 2026).
On the euro side, Qivalis B.V. (Amsterdam), a euro stablecoin venture backed by 37 European banks across 15 countries, was authorised as an e-money institution by De Nederlandsche Bank on 14 Oct 2026. It can issue a MiCA euro EMT once its white paper is published. Issuance is planned to begin within the next months, subject to MiCA requirements and publication of the white paper (Qivalis, Oct 14, 2026). This is the company's own announcement.
What could change: ESMA's review response (30 Sep 2026)
Responding to the Commission's MiCA review consultation, ESMA proposed:
- stricter rules on marketing crypto-assets, including promotion by influencers and other third parties;
- more cost transparency for clients;
- proportionate requirements for staking, lending and borrowing services;
- clearer criteria for what counts as genuinely decentralised;
- a new regulated service for firms giving access to DeFi protocols;
- rules on how crypto-assets should be classified.
These are recommendations, not law. Any change to MiCA needs EU legislation (ESMA press release). Separately, on 9 Oct 2026 ESMA opened a call for evidence on tokenised collateral at central counterparties (a clearing topic, not MiCA), with responses due 15 Jan 2027.
Compliance checklist for crypto companies entering the EU
- Classify your token or service: EMT, ART, other crypto-asset, or a financial instrument (MiFID II)?
- Pick a home member state and engage its regulator early. Approach and timing vary.
- Prepare the authorisation file: business plan, governance, capital, safeguarding, ICT and DORA readiness, AML/CFT programme.
- White paper and marketing: prepare and notify the white paper, and keep marketing fair, clear and consistent with the white paper. See /industry/marketing.
- Stablecoin listings: check the MiCA status of any EMT or ART you list. Offers to the public and admission to trading require a compliant issuer (Arts. 16 and 48), and ESMA has asked for explicit rules stopping regulated firms from offering services linked to non-compliant stablecoins.
- Travel Rule: the EU Transfer of Funds Regulation (EU) 2023/1113, which covers crypto-asset transfers, applies from 30 Dec 2024 (Art. 40). See /industry/compliance.
- Watch the review: ESMA's proposals on marketing, staking and DeFi may become new obligations.