MiCA Compliance Guide

The EU Markets in Crypto-Assets Regulation — in plain English, as of 2026.

Reviewed by Stephan Kulik · Last updated: 2026-04-21 · How we rank

Short answer

MiCA is the EU's unified crypto regulation. Stablecoin rules (ART/EMT) applied from June 2024 — this is why some EU exchanges delisted USDT. Crypto-asset service provider (CASP) authorisation applied from December 2024 — any platform serving EU residents needs a CASP licence in one EU member state (passportable across all 27). MiCA materially strengthens customer-asset segregation and disclosure — an improvement over pre-MiCA. Verify any platform's CASP status on ESMA's register before depositing.

Timeline

June 2023 — MiCA entered into force (Regulation (EU) 2023/1114)
30 June 2024 — Title III (Asset-Referenced Tokens) and Title IV (E-Money Tokens) applied — stablecoin regime active
30 December 2024 — Title V+ (CASP authorisation and conduct-of-business rules) applied — platforms must hold CASP licence
June 2026 — End of transition/grandfathering period for previously-registered VASPs (varies by member state — some extended)

The two token regimes

Asset-Referenced Token (ART)

An ART is a crypto-asset that references multiple fiat currencies, commodities, other crypto-assets, or a combination. Example: a multi-currency basket stablecoin. ART issuers must be authorised as a credit institution or hold specific MiCA authorisation, hold fully-backing reserves, publish detailed whitepapers, meet redemption-at-par rules, and face supervision by EBA.

E-Money Token (EMT)

An EMT is a single-currency fiat-backed stablecoin (e.g., USDC, EURe). EMT issuers must be authorised as an e-money institution or credit institution, hold 1:1 reserves in segregated accounts with daily redemption at par value. USDC is a compliant EMT; EURe is a compliant euro EMT; USDT has faced EU delistings by regulated exchanges because its transparency disclosures do not meet EMT reserve reporting requirements.

Other crypto-assets

Tokens that are neither ART nor EMT are "other crypto-assets" (BTC, ETH, and most altcoins). Issuers must publish MiCA-compliant white papers before public offering but do not face the reserve-and-redemption regime of stablecoins. Trading and custody of these is under CASP rules.

CASP authorisation

Any firm providing one of these services to EU residents must be authorised as a CASP:

Custody and administration of crypto-assets
Operation of a trading platform for crypto-assets
Exchange of crypto-assets for fiat or other crypto-assets
Execution of orders on behalf of clients
Placing of crypto-assets
Reception and transmission of orders
Advice on crypto-assets
Portfolio management
Transfer services

Authorisation is issued by a national competent authority (AMF France, BaFin Germany, CONSOB Italy, CNMV Spain, FCA Ireland, Central Bank of Ireland, etc.). Once authorised in one member state, a CASP can passport services across the EEA.

What changed for users

Stronger custody protection (Article 75)

CASPs must hold customer crypto-assets in segregated accounts clearly identifiable per customer. No commingling with the CASP's own assets. In bankruptcy, segregated customer assets are not part of the insolvency estate. This is materially better than pre-MiCA rules and better than US rules in most cases.

Mandatory disclosures

CASPs must provide clear, fair, non-misleading information on risks, fees, and conflicts of interest before service provision. Marketing communications must match offering-document content.

Conduct-of-business rules

Best-execution, client-asset-safeguarding, complaints-handling, conflict-of-interest management — all standardised across the EU.

Harmonised cross-border access

EU residents can access any EU-authorised CASP on equal terms. No more patchwork of national registrations with uneven consumer protection.

Who is authorised (indicative list as of April 2026)

Platform	CASP jurisdiction	Status
Revolut Bank UAB	Lithuania	Authorised (credit institution scope)
Nexo	Italy (OAM), Poland	Authorised in selected jurisdictions
Crypto.com	France (AMF), Italy (OAM), Malta (MFSA)	Multiple authorisations
Coinbase Germany	Germany (BaFin)	Authorised
Kraken	Ireland, Netherlands	Authorised
Bitstamp	Luxembourg (CSSF)	Authorised
Bitpanda	Austria (FMA)	Authorised, expanding
Wirex	Ireland, others	In progress (verify)
Plutus	Various	Verify current

Always verify current CASP status on the national competent authority register or ESMA's consolidated list before depositing. This table is indicative and authoritations change.

What MiCA does NOT cover

NFTs (unless they function economically as fungible tokens)
Fully decentralised DeFi protocols without identifiable issuer or service provider
Central bank digital currencies (CBDCs)
Crypto-assets that qualify as financial instruments under MiFID II (covered by MiFID II instead)
Security tokens (under securities regulation)

Frequently asked questions

What is MiCA? +

MiCA (Regulation (EU) 2023/1114 on Markets in Crypto-Assets) is the European Union's comprehensive regulatory framework for crypto-asset issuers and crypto-asset service providers. It replaces the patchwork of national regulations with a single pan-EU passport regime. It entered into force in June 2023, with Title III/IV rules (stablecoins) applying from June 2024 and Title V+ rules (CASP authorisation) from December 2024.

What is a CASP under MiCA? +

CASP = Crypto-Asset Service Provider. Any firm providing crypto-asset services to EU residents — custody, exchange, order execution, portfolio management, advice, transfer services — must be authorised as a CASP in at least one EU member state. Once authorised, the CASP can passport the licence across all 27 member states. Non-CASP firms may not actively solicit EU customers (though reverse-solicitation exemptions apply narrowly).

What are ART and EMT under MiCA? +

ART = Asset-Referenced Token (e.g., multi-currency basket stablecoins). EMT = E-Money Token (e.g., single-currency fiat-backed stablecoins like USDC). ART and EMT issuers need separate authorisation with reserve, redemption, and disclosure requirements. USDT (Tether) has faced EU delistings because its transparency disclosures do not meet MiCA EMT requirements; USDC (Circle) is MiCA-compliant.

How do I verify a platform is MiCA-authorised? +

Check ESMA's consolidated CASP register (esma.europa.eu) or the national competent authority's register in the platform's home jurisdiction (AMF France, BaFin Germany, CONSOB Italy, CNMV Spain, AFM Netherlands, FSMA Belgium, FIN-FSA Finland, FCMA Austria, etc.). Do not rely on platform marketing pages — some "pending" authorisations are not yet valid.

What does MiCA not regulate? +

MiCA does not cover: NFTs (unless they function economically like fungible tokens), fully decentralised DeFi protocols with no identifiable issuer or service provider, central bank digital currencies, crypto-assets that qualify as financial instruments under MiFID II (those fall under MiFID II, stricter regime), or security tokens (under securities regulation). Coverage of DeFi remains a policy discussion.

Does MiCA protect my crypto in bankruptcy? +

MiCA significantly strengthens customer-asset protection vs pre-MiCA rules. Article 75 requires CASPs to hold customer crypto-assets in segregated accounts, clearly identifiable per customer, with no commingling with the CASP's own assets. In bankruptcy, segregated customer crypto is not part of the insolvency estate. This is materially better protection than pre-MiCA and better than US custodial-platform structures in most cases.

Which platforms are MiCA-authorised (as of 2026)? +

As of April 2026, platforms with confirmed CASP authorisations in at least one EU jurisdiction include (selective): Revolut (via Revolut Bank UAB, Lithuania), Nexo (Italy, Poland, selected jurisdictions), Crypto.com (France AMF, Italy OAM, Malta MFSA), Coinbase Germany (BaFin), Kraken (Ireland, Netherlands), Bitstamp (Luxembourg CSSF), Bitpanda (Austria FMA and expanded). Verify each platform's current CASP status at ESMA.europa.eu before making a large deposit.