Definition
MiCA — the Markets in Crypto-Assets Regulation — establishes a harmonised legal regime across the European Union for crypto-asset issuance, trading, and service provision. It is the first instrument of its kind at supranational scale and has rapidly become a global reference point for digital-asset regulation.
Structural Architecture
MiCA categorises crypto-assets into three groups: asset-referenced tokens (ARTs), backed by baskets of assets; e-money tokens (EMTs), referencing a single fiat currency; and other crypto-assets, a residual category covering most utility tokens. Each category attracts distinct authorisation, prudential, and disclosure obligations.
Crypto-Asset Service Providers
Firms offering custody, exchange, brokerage, advice, or portfolio management in respect of crypto-assets must obtain authorisation as a CASP. The regime imports concepts familiar from MiFID II — governance standards, conflicts-of-interest rules, market-abuse prohibitions — and adapts them to the operational realities of digital-asset markets.
Significance
MiCA has triggered a wave of regulatory convergence beyond the EU, influencing the United Kingdom's Financial Services and Markets Act 2023 framework, Hong Kong's VASP regime, and consultation papers across Latin America. Continuumpedia tracks MiCA implementation as a recurring entry under the Legal & Regulatory desk.