{"id":20261,"date":"2026-04-09T08:04:54","date_gmt":"2026-04-09T08:04:54","guid":{"rendered":"https:\/\/letslaw.es\/?p=20261"},"modified":"2026-04-09T09:40:46","modified_gmt":"2026-04-09T09:40:46","slug":"mica-the-new-european-regulatory-framework","status":"publish","type":"post","link":"https:\/\/letslaw.es\/en\/mica-the-new-european-regulatory-framework\/","title":{"rendered":"MiCA: the new European regulatory framework"},"content":{"rendered":"

In recent years, the development of the crypto-asset market has been characterised by significant innovation, but also by a lack of regulatory harmonisation across the European Union. This situation has resulted in legal uncertainty, increased risks for investors, and a clear fragmentation of the market.<\/p>\n

With the adoption of Regulation (EU) 2023\/1114<\/strong> in 2023, the EU has taken a strategic step towards the consolidation of a regulated, competitive and secure crypto market. Rather than hindering innovation, MiCA<\/strong> aims to channel it through transparency, supervision and stability.<\/p>\n

What is MiCA and why does it matter?<\/h2>\n

MiCA (Markets in Crypto-Assets)<\/strong> constitutes the first comprehensive regulatory framework at EU level specifically designed for crypto-assets that were not previously covered by existing financial legislation. Its objective is twofold: to promote innovation based on technologies such as blockchain<\/a>, while simultaneously mitigating the risks associated with their use.<\/p>\n

From a strategic standpoint, MiCA represents a turning point in the maturity of the sector, transforming what was once an experimental market into a compliance-driven environment.<\/p>\n

What does MiCA regulate?<\/h2>\n

One of the core pillars of MiCA is the classification of crypto-assets into three distinct categories<\/strong>, depending on their structure and the risks they entail. This distinction is not merely conceptual, but determines the level of regulatory requirements applicable in each case.<\/p>\n

1. Electronic Money Tokens (EMTs)<\/h3>\n

Electronic Money Tokens<\/strong> are crypto-assets whose value is linked to a single official currency. They operate as a means of payment and as a digital substitute for fiat currency. The Regulation requires that such tokens grant holders a right of redemption at any time and at par value, reinforcing confidence in their stability. Their issuance is restricted to authorised entities, such as credit institutions or electronic money institutions.<\/p>\n

2. Asset-Referenced Tokens (ARTs)<\/h3>\n

Asset-Referenced Tokens (ARTs)<\/strong> are crypto-assets whose value is stabilised by reference to a basket of assets, rights or currencies, including combinations thereof. Unlike EMTs, they are not limited to a single currency, which increases both their complexity and their potential systemic impact. MiCA imposes particularly stringent requirements on their issuers, including:<\/p>\n