Markets in Crypto-Assets (MiCA)
EUEffective: 2024-12-30
Comprehensive crypto-asset regulation
licensing disclosure stablecoin
Summary
The EU's comprehensive regulatory framework for crypto-assets, covering CASPs, stablecoins (ARTs/EMTs), and market abuse. Requires authorization, capital requirements, and white paper disclosures. Enables EU-wide passporting. 9 CASP service classes with capital from EUR 50K-150K. ART issuers require EUR 350K. Significant ART/EMT issuers face EBA direct supervision. Transition periods vary by member state (France 6 months, Germany 12 months, max 18 months by July 2026).
Key Requirements
- CASP authorization via national competent authority
- White paper publication for token issuances
- Capital requirements (EUR 50K-150K by service class)
- Governance arrangements and fit-and-proper tests
- Asset segregation and complaint handling
- Conflict of interest policies
- Environmental disclosures
- EU-wide passporting via notification
- Market abuse rules for listed crypto-assets
- The EU's comprehensive regulatory framework for crypto-assets, covering CASPs, stablecoins (ARTs/EMTs), and market abuse. Requires authorization, capi
Sources
Jurisdictions Implementing This Framework
AD Andorra AE United Arab Emirates AG Antigua and Barbuda AL Albania AM Armenia AT Austria AZ Azerbaijan BA Bosnia and Herzegovina BE Belgium BG Bulgaria CR Costa Rica CV Cabo Verde CY Cyprus CZ Czech Republic DE Germany DK Denmark EE Estonia ES Spain EU European Union FI Finland FR France GB United Kingdom GE Georgia GR Greece GY Guyana HN Honduras HR Croatia HU Hungary IE Ireland IL Israel IM Isle of Man IR Iran IS Iceland IT Italy LI Liechtenstein LT Lithuania LU Luxembourg LV Latvia MC Monaco MD Moldova ME Montenegro MG Madagascar MK North Macedonia MT Malta MX Mexico NL Netherlands NO Norway NR Nauru OM Oman PL Poland PT Portugal PW Palau RO Romania RS Serbia SE Sweden SI Slovenia SK Slovakia SM San Marino SS South Sudan ST Sao Tome and Principe TR Turkey TV Tuvalu TW Taiwan TZ Tanzania UA Ukraine US United States VA Holy See VU Vanuatu
68 jurisdictions reference this framework
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- Andorra -- Licensing Requirements Regulatory Overview Grade A AD
- Andorra -- Securities Classification Regulatory Overview Grade A AD
- Andorra -- Stablecoin Regulations Regulatory Overview Grade A AD
- United Arab Emirates -- Sanctions Compliance Regulatory Overview Grade B AE
- Antigua and Barbuda -- Stablecoin Regulations Regulatory Overview Grade A AG
- Albania -- Custody Regulations Regulatory Overview Grade A AL
- Albania -- Securities Classification Regulatory Overview Grade A AL
- Albania -- Stablecoin Regulations Regulatory Overview Grade A AL
- Armenia -- Licensing Requirements Regulatory Overview Grade B AM
- Austria -- Custody Regulations Regulatory Overview Grade B AT
- Austria -- Licensing Requirements Regulatory Overview Grade A AT
- Austria -- Securities Classification Regulatory Overview Grade A AT
- Austria -- Stablecoin Regulations Regulatory Overview Grade B AT
- Austria -- Regulatory Status Regulatory Overview Grade A AT
- Azerbaijan -- Custody Regulations Regulatory Overview Grade A AZ
- Bosnia and Herzegovina -- Custody Regulations Regulatory Overview Grade A BA
- Bosnia and Herzegovina -- Licensing Requirements Regulatory Overview Grade B BA
- Bosnia and Herzegovina -- Sanctions Compliance Regulatory Overview Grade A BA
- Belgium -- Custody Regulations Regulatory Overview Grade B BE
- Belgium -- Licensing Requirements Regulatory Overview Grade B BE
- Belgium -- Securities Classification Regulatory Overview Grade A BE
- Belgium -- Stablecoin Regulations Regulatory Overview Grade A BE
- Belgium -- Regulatory Status Regulatory Overview Grade A BE
- Belgium -- Travel Rule Implementation Regulatory Overview Grade A BE
- Bulgaria -- Custody Regulations Regulatory Overview Grade B BG
- Bulgaria -- Stablecoin Regulations Regulatory Overview Grade B BG
- Bulgaria -- Regulatory Status Regulatory Overview Grade B BG
- Bulgaria -- Travel Rule Implementation Regulatory Overview Grade A BG
- Costa Rica -- Custody Regulations Regulatory Overview Grade B CR
- Cabo Verde -- Securities Classification Regulatory Overview Grade B CV
- Cyprus -- Custody Regulations Regulatory Overview Grade A CY
- Cyprus -- Securities Classification Regulatory Overview Grade A CY
- Cyprus -- Stablecoin Regulations Regulatory Overview Grade A CY
- Cyprus -- Regulatory Status Regulatory Overview Grade A CY
- Cyprus -- Cryptocurrency Tax Framework Regulatory Overview Grade A CY
- Cyprus -- Travel Rule Implementation Regulatory Overview Grade A CY
- Czech Republic -- Custody Regulations Regulatory Overview Grade B CZ
- Czech Republic -- Licensing Requirements Regulatory Overview Grade A CZ
- Czech Republic -- Securities Classification Regulatory Overview Grade A CZ
- Czech Republic -- Regulatory Status Regulatory Overview Grade A CZ
- Germany -- AML/CFT Compliance Regulatory Overview Grade B DE
- Germany — Regulatory Status Grade A DE
- Germany -- Licensing Requirements Regulatory Overview Grade A DE
- Germany -- Stablecoin Regulations Regulatory Overview Grade A DE
- Germany -- Regulatory Status Regulatory Overview Grade A DE
- Denmark -- Custody Regulations Regulatory Overview Grade B DK
- Denmark -- Licensing Requirements Regulatory Overview Grade A DK
- Denmark -- Securities Classification Regulatory Overview Grade A DK
- Denmark -- Stablecoin Regulations Regulatory Overview Grade B DK
- Denmark -- Regulatory Status Regulatory Overview Grade A DK
- Estonia -- Custody Regulations Regulatory Overview Grade B EE
- Estonia -- Licensing Requirements Regulatory Overview Grade B EE
- Estonia -- Sanctions Compliance Regulatory Overview Grade B EE
- Estonia -- Securities Classification Regulatory Overview Grade B EE
- Estonia -- Regulatory Status Regulatory Overview Grade B EE
- Estonia -- Travel Rule Implementation Regulatory Overview Grade B EE
- Spain -- Custody Regulations Regulatory Overview Grade B ES
- Spain -- Stablecoin Regulations Regulatory Overview Grade B ES
- Spain -- Regulatory Status Regulatory Overview Grade A ES
- Spain -- Tax Source Discovery Regulatory Overview Grade A ES
- Spain -- Cryptocurrency Tax Framework Regulatory Overview Grade A ES
- European Union — Regulatory Status Grade A EU
- European Union -- Securities Classification Regulatory Overview Grade A EU
- European Union -- Travel Rule Implementation Regulatory Overview Grade A EU
- Finland -- Securities Classification Regulatory Overview Grade A FI
- Finland -- Stablecoin Regulations Regulatory Overview Grade B FI
- Finland -- Regulatory Status Regulatory Overview Grade A FI
- France -- AML/CFT Compliance Regulatory Overview Grade A FR
- France -- Custody Regulations Regulatory Overview Grade A FR
- France -- Stablecoin Regulations Regulatory Overview Grade A FR
- France -- Regulatory Status Regulatory Overview Grade A FR
- United Kingdom -- Stablecoin Regulations Regulatory Overview Grade A GB
- Georgia -- Stablecoin Regulations Regulatory Overview Grade A GE
- Greece -- Custody Regulations Regulatory Overview Grade B GR
- Greece -- Enforcement Actions Regulatory Overview Grade B GR
- Greece -- Licensing Requirements Regulatory Overview Grade B GR
- Greece -- Sanctions Compliance Regulatory Overview Grade A GR
- Greece -- Securities Classification Regulatory Overview Grade A GR
- Greece -- Cryptocurrency Tax Framework Regulatory Overview Grade A GR
- Greece -- Travel Rule Implementation Regulatory Overview Grade A GR
- Guyana -- Custody Regulations Regulatory Overview Grade A GY
- Honduras -- Sanctions Compliance Regulatory Overview Grade A HN
- Croatia -- Custody Regulations Regulatory Overview Grade A HR
- Croatia -- Enforcement Actions Regulatory Overview Grade A HR
- Croatia -- Licensing Requirements Regulatory Overview Grade A HR
- Croatia -- Sanctions Compliance Regulatory Overview Grade A HR
- Croatia -- Securities Classification Regulatory Overview Grade A HR
- Croatia -- Regulatory Status Regulatory Overview Grade B HR
- Croatia -- Travel Rule Implementation Regulatory Overview Grade A HR
- Hungary -- Custody Regulations Regulatory Overview Grade B HU
- Hungary -- Licensing Requirements Regulatory Overview Grade A HU
- Hungary -- Stablecoin Regulations Regulatory Overview Grade B HU
- Hungary -- Regulatory Status Regulatory Overview Grade A HU
- Hungary -- Travel Rule Implementation Regulatory Overview Grade B HU
- Ireland -- AML/CFT Compliance Regulatory Overview Grade A IE
- Ireland -- Custody Regulations Regulatory Overview Grade A IE
- Ireland — Licensing Requirements Grade B IE
- Ireland -- VASP Registry Regulatory Overview Grade B IE
- Ireland -- Sanctions Compliance Regulatory Overview Grade A IE
- Ireland -- Stablecoin Regulations Regulatory Overview Grade A IE
- Ireland -- Regulatory Status Regulatory Overview Grade A IE
- Israel -- Sanctions Compliance Regulatory Overview Grade A IL
- Isle of Man -- Sanctions Compliance Regulatory Overview Grade A IM
- Isle of Man -- Stablecoin Regulations Regulatory Overview Grade A IM
- Iran -- Sanctions Compliance Regulatory Overview Grade A IR
- Iceland -- Custody Regulations Regulatory Overview Grade B IS
- Iceland -- Stablecoin Regulations Regulatory Overview Grade B IS
- Iceland -- Regulatory Status Regulatory Overview Grade B IS
- Italy -- AML/CFT Compliance Regulatory Overview Grade A IT
- Italy -- Custody Regulations Regulatory Overview Grade A IT
- Italy -- Licensing Requirements Regulatory Overview Grade A IT
- Italy -- Sanctions Compliance Regulatory Overview Grade A IT
- Italy -- Stablecoin Regulations Regulatory Overview Grade A IT
- Italy -- Regulatory Status Regulatory Overview Grade A IT
- Liechtenstein -- Custody Regulations Regulatory Overview Grade B LI
- Liechtenstein -- Securities Classification Regulatory Overview Grade A LI
- Lithuania -- Licensing Requirements Regulatory Overview Grade A LT
- Lithuania -- Stablecoin Regulations Regulatory Overview Grade A LT
- Lithuania -- Regulatory Status Regulatory Overview Grade A LT
- Lithuania -- Cryptocurrency Tax Framework Regulatory Overview Grade A LT
- Luxembourg -- Custody Regulations Regulatory Overview Grade B LU
- Luxembourg -- Licensing Requirements Regulatory Overview Grade B LU
- Luxembourg -- Securities Classification Regulatory Overview Grade A LU
- Luxembourg -- Stablecoin Regulations Regulatory Overview Grade B LU
- Luxembourg -- Regulatory Status Regulatory Overview Grade B LU
- Latvia -- Custody Regulations Regulatory Overview Grade A LV
- Latvia -- Licensing Requirements Regulatory Overview Grade A LV
- Latvia -- Securities Classification Regulatory Overview Grade A LV
- Latvia -- Stablecoin Regulations Regulatory Overview Grade A LV
- Latvia -- Regulatory Status Regulatory Overview Grade B LV
- Latvia -- Cryptocurrency Tax Framework Regulatory Overview Grade A LV
- Monaco -- Stablecoin Regulations Regulatory Overview Grade A MC
- Moldova -- Custody Regulations Regulatory Overview Grade A MD
- Moldova -- Securities Classification Regulatory Overview Grade A MD
- Moldova -- Stablecoin Regulations Regulatory Overview Grade A MD
- Moldova -- Regulatory Status Regulatory Overview Grade B MD
- Montenegro -- Custody Regulations Regulatory Overview Grade B ME
- Montenegro -- Licensing Requirements Regulatory Overview Grade B ME
- Montenegro -- Securities Classification Regulatory Overview Grade A ME
- Montenegro -- Stablecoin Regulations Regulatory Overview Grade B ME
- Madagascar -- Licensing Requirements Regulatory Overview Grade A MG
- North Macedonia -- Licensing Requirements Regulatory Overview Grade B MK
- North Macedonia -- Securities Classification Regulatory Overview Grade A MK
- North Macedonia -- Stablecoin Regulations Regulatory Overview Grade B MK
- North Macedonia -- Regulatory Status Regulatory Overview Grade A MK
- Malta -- AML/CFT Compliance Regulatory Overview Grade B MT
- Malta -- Custody Regulations Regulatory Overview Grade B MT
- Malta -- Stablecoin Regulations Regulatory Overview Grade B MT
- Malta -- Regulatory Status Regulatory Overview Grade B MT
- Mexico -- Enforcement Actions Regulatory Overview Grade A MX
- Netherlands -- AML/CFT Compliance Regulatory Overview Grade A NL
- Netherlands -- Custody Regulations Regulatory Overview Grade A NL
- Netherlands -- Stablecoin Regulations Regulatory Overview Grade A NL
- Netherlands -- Regulatory Status Regulatory Overview Grade A NL
- Norway -- Custody Regulations Regulatory Overview Grade B NO
- Norway -- Licensing Requirements Regulatory Overview Grade B NO
- Norway -- Securities Classification Regulatory Overview Grade A NO
- Norway -- Stablecoin Regulations Regulatory Overview Grade B NO
- Norway -- Regulatory Status Regulatory Overview Grade B NO
- Poland -- Custody Regulations Regulatory Overview Grade A PL
- Poland -- Licensing Requirements Regulatory Overview Grade A PL
- Poland -- Sanctions Compliance Regulatory Overview Grade A PL
- Poland -- Securities Classification Regulatory Overview Grade A PL
- Poland -- Stablecoin Regulations Regulatory Overview Grade A PL
- Poland -- Regulatory Status Regulatory Overview Grade A PL
- Portugal -- Licensing Requirements Regulatory Overview Grade B PT
- Portugal -- Sanctions Compliance Regulatory Overview Grade B PT
- Portugal -- Regulatory Status Regulatory Overview Grade B PT
- Portugal -- Travel Rule Implementation Regulatory Overview Grade B PT
- Palau -- Regulatory Status Regulatory Overview Grade A PW
- Romania -- Custody Regulations Regulatory Overview Grade B RO
- Romania -- Enforcement Actions Regulatory Overview Grade A RO
- Romania -- Licensing Requirements Regulatory Overview Grade A RO
- Romania -- Securities Classification Regulatory Overview Grade A RO
- Romania -- Stablecoin Regulations Regulatory Overview Grade B RO
- Romania -- Regulatory Status Regulatory Overview Grade A RO
- Romania -- Travel Rule Implementation Regulatory Overview Grade A RO
- Serbia -- Custody Regulations Regulatory Overview Grade B RS
- Sweden -- Aml Source Discovery Regulatory Overview Grade B SE
- Sweden -- AML/CFT Compliance Regulatory Overview Grade B SE
- Sweden -- Custody Regulations Regulatory Overview Grade A SE
- Sweden -- Securities Classification Regulatory Overview Grade A SE
- Sweden -- Stablecoin Regulations Regulatory Overview Grade A SE
- Sweden -- Regulatory Status Regulatory Overview Grade B SE
- Slovenia -- Custody Regulations Regulatory Overview Grade A SI
- Slovenia -- Enforcement Actions Regulatory Overview Grade B SI
- Slovenia -- Licensing Requirements Regulatory Overview Grade A SI
- Slovenia -- Stablecoin Regulations Regulatory Overview Grade B SI
- Slovenia -- Regulatory Status Regulatory Overview Grade A SI
- Slovenia -- Travel Rule Implementation Regulatory Overview Grade B SI
- Slovakia -- Custody Regulations Regulatory Overview Grade B SK
- Slovakia -- Enforcement Actions Regulatory Overview Grade B SK
- Slovakia -- Securities Classification Regulatory Overview Grade A SK
- Slovakia -- Stablecoin Regulations Regulatory Overview Grade B SK
- Slovakia -- Regulatory Status Regulatory Overview Grade B SK
- Slovakia -- Cryptocurrency Tax Framework Regulatory Overview Grade A SK
- Slovakia -- Travel Rule Implementation Regulatory Overview Grade A SK
- San Marino -- Sanctions Compliance Regulatory Overview Grade A SM
- San Marino -- Securities Classification Regulatory Overview Grade B SM
- Sao Tome and Principe -- Custody Regulations Regulatory Overview Grade B ST
- Turkey -- Securities Classification Regulatory Overview Grade A TR
- Tuvalu -- Securities Classification Regulatory Overview Grade A TV
- Taiwan -- Stablecoin Regulations Regulatory Overview Grade A TW
- Tanzania -- Sanctions Compliance Regulatory Overview Grade A TZ
- Ukraine -- Licensing Requirements Regulatory Overview Grade A UA
- United States — Regulatory Status Grade A US
- Holy See -- Securities Classification Regulatory Overview Grade A VA
- Vanuatu -- Stablecoin Regulations Regulatory Overview Grade A VU
Last updated: 2026-06-06. View all frameworks