{"id":20046,"date":"2026-02-25T08:00:08","date_gmt":"2026-02-25T08:00:08","guid":{"rendered":"https:\/\/letslaw.es\/?p=20046"},"modified":"2026-02-13T13:25:46","modified_gmt":"2026-02-13T13:25:46","slug":"guide-mica-regulation","status":"publish","type":"post","link":"https:\/\/letslaw.es\/en\/guide-mica-regulation\/","title":{"rendered":"Practical guide to the MiCA Regulation: when it applies and who it affects"},"content":{"rendered":"

The Regulation (EU) 2023\/1114, commonly referred to as the MiCA Regulation<\/a>, establishes a uniform regulatory framework across the European Union for the issuance of previously unregulated crypto-assets<\/strong> and for the service providers operating with them.<\/p>\n

For businesses, MiCA represents a paradigm shift: it provides legal certainty, clear operational safeguards within the EU, and a regulated environment that fosters investment, sector professionalisation, and user trust.<\/p>\n

Objectives of the MiCA Regulation<\/h2>\n

Its overarching objectives are to:<\/p>\n

    \n
  • Promote innovation within a legally secure environment;<\/li>\n
  • Protect users through harmonised standards of transparency, governance, and supervision.<\/li>\n<\/ul>\n

     <\/p>\n

    The Regulation addresses five essential areas:<\/p>\n

      \n
    • Transparency and disclosure rules for the issuance, public offering, and admission of crypto-assets to trading platforms.<\/li>\n
    • Authorisation and supervision of service providers and issuers of asset-referenced tokens (ART) and e-money tokens (EMT).<\/li>\n
    • Organisational, prudential, and governance requirements.<\/li>\n
    • Protection of token holders and clients, including clear information, equal treatment, and withdrawal rights. Prevention of market abuse, including measures against manipulation, insider dealing, and unlawful disclosure of inside information.<\/li>\n<\/ul>\n

      Scope of application and categories of Crypto-Assets<\/h2>\n

      MiCA distinguishes three main categories of crypto-assets:<\/p>\n

        \n
      1. E-Money Tokens (EMT)<\/strong>: crypto-assets referencing an official currency and designed to maintain a stable value relative to it.<\/li>\n
      2. Asset-Referenced Tokens (ART)<\/strong>: crypto-assets referencing one or several assets and intended to maintain a stable value through such reference.<\/li>\n
      3. Other Crypto-Assets<\/strong> that are neither ART nor EMT.<\/li>\n<\/ol>\n

         <\/p>\n

        This classification determines which obligations apply to the issuer and, where relevant, the service provider.<\/p>\n

        Accordingly, the MiCA Regulation applies whenever an activity involves any of these categories and is carried out within the European Union.<\/p>\n

        Issuers and Crypto-Asset Service Providers<\/h2>\n

        Issuers of these crypto-assets must:<\/p>\n

          \n
        1. Be a legal entity.<\/li>\n
        2. Publish a clear and accurate whitepaper.<\/li>\n
        3. Act honestly, professionally, and transparently.<\/li>\n
        4. Provide adequate information to investors and manage conflicts of interest.<\/li>\n
        5. Assume liability for the information they provide and grant users a right of withdrawal.<\/li>\n<\/ol>\n

           <\/p>\n

          Example<\/strong>: a company launching a utility token granting access to digital services must comply with these obligations.<\/p>\n

          Obligations of Asset-Referenced Tokens<\/strong><\/h2>\n

          Given their potential financial impact, ART issuers are subject to stricter compliance obligations. Their main duties include:<\/p>\n

          Structural and authorisation requirements<\/h3>\n
            \n
          • Being a legal entity established in the EU.<\/li>\n
          • Obtaining authorisation from the home Member State, except for credit institutions (which only need an approved whitepaper).<\/li>\n<\/ul>\n

            Transparency and liability<\/h3>\n
              \n
            • Publishing the whitepaper and all related communications on their website.<\/li>\n
            • Assuming liability for damages caused by incorrect information.<\/li>\n<\/ul>\n

              Holder protection<\/h3>\n
                \n
              • Ensuring redemption at any time at market value or delivering the underlying assets.<\/li>\n
              • Communicating fairly, clearly, and without misleading information.<\/li>\n
              • Acting in the best interest of all holders and ensuring equal treatment.<\/li>\n
              • Implementing effective complaints-handling procedures.<\/li>\n<\/ul>\n

                Prudential requirements and reserve management<\/h3>\n
                  \n
                • Maintaining sufficient and segregated reserve assets to cover all liabilities towards holders.<\/li>\n
                • Holding own funds equal to the highest of: EUR 350,000; 2% of the average value of reserve assets; One quarter of the previous year\u2019s fixed overheads.<\/li>\n
                • Preparing recovery and redemption plans.<\/li>\n<\/ul>\n

                  Obligations of E-Money Tokens<\/h2>\n

                  As EMT<\/strong> function similarly to electronic money, issuers must comply with requirements comparable to those applicable under existing e-money legislation:<\/p>\n

                  Structural requirements<\/h3>\n
                    \n
                  • Being an authorised credit institution or electronic money institution.<\/li>\n<\/ul>\n

                    Transparency and liability<\/h3>\n
                      \n
                    • Publishing a whitepaper and assuming liability for inaccuracies.<\/li>\n<\/ul>\n

                      Issuance and redemption rules<\/h3>\n
                        \n
                      • Issuing tokens at nominal value upon receiving funds.<\/li>\n
                      • Ensuring redemption at nominal value at any time.<\/li>\n<\/ul>\n

                        Reserve asset management<\/h3>\n
                          \n
                        • Investing received funds only in secure, low-risk assets denominated in the same currency.<\/li>\n
                        • Depositing funds in an independent account with a credit institution.<\/li>\n<\/ul>\n

                          Continuity plans<\/h3>\n
                            \n
                          • Preparing recovery and redemption plans.<\/li>\n<\/ul>\n

                             <\/p>\n

                            The European Banking Authority (EBA)<\/strong> may classify certain ART or EMT as \u201csignificant\u201d. These issuers must comply with additional requirements and will be subject to enhanced supervision.<\/p>\n

                            Crypto-asset service providers (CASP)<\/h2>\n

                            As for crypto-asset service providers, which will be referred to as CASP<\/strong>, MiCA defines it as legal persons or undertakings that provide one or more crypto-asset services professionally to clients and hold an authorisation in accordance with Article 50.<\/p>\n

                            This includes, among others: exchanges, custodians, trading platforms, brokers, and advisors<\/strong>.<\/p>\n

                            To operate within the EU, CASPs must be legal persons established in a Member State and must:<\/p>\n

                              \n
                            1. Act honestly, fairly, and professionally in the best interest of clients.<\/li>\n
                            2. Provide clear, accurate, and non-misleading information on services, risks, pricing, and fees.<\/li>\n
                            3. Maintain minimum own funds and prudential guarantees.<\/li>\n
                            4. Segregate client assets and refrain from using them for own-account purposes.<\/li>\n
                            5. Apply effective AML\/CFT measures and conflict-of-interest policies.<\/li>\n
                            6. Establish transparent and effective complaints-handling procedures.<\/li>\n
                            7. Implement appropriate controls when outsourcing and maintain a plan for the orderly wind-down of activities.<\/li>\n<\/ol>\n

                               <\/p>\n

                              CASPs are also subject to specific rules on market abuse, acquisitions involving ART\/EMT issuers, and coordinated supervision by national authorities, the EBA and the European Securities and Markets Authority (ESMA).<\/p>\n

                              Situations excluded from MiCA<\/h2>\n

                              The MiCA Regulation does not apply to:<\/p>\n

                                \n
                              • Crypto-assets already regulated under other EU financial services laws (e.g., financial instruments, pension products, insurance products).<\/li>\n
                              • Intra-group crypto-asset services (between parent companies and subsidiaries) or services provided by liquidators or insolvency administrators.<\/li>\n
                              • Activities carried out by EU public institutions such as the ECB, national central banks, the EIB, or European stability mechanisms.<\/li>\n
                              • Crypto-assets that are unique and non-fungible, such as certain types of NFTs.<\/li>\n<\/ul>\n

                                Contact Us<\/h2>\n
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