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🇪🇺 EU MiCA Regulation 2025

MiCA Regulation 2025 —
EU Crypto Asset Compliance Guide

The Markets in Crypto-Assets Regulation (MiCA) is the EU's comprehensive regulatory framework for crypto assets, fully in force since December 2024. This guide covers MiCA's token classification, CASP licensing, white paper requirements, and what it means for your digital asset venture.

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MiCA at a Glance

Effective Date
December 30, 2024 (full application)
Scope
All crypto-asset service providers operating in or into the EU
Regulator
National Competent Authorities + ESMA (cross-border)
Passporting
Single EU license — valid in all 27 member states
White Paper
Required for most token issuances (with limited exemptions)
Penalties
Up to 5% annual global turnover for serious violations

MiCA Token Classification

Asset-Referenced Token (ART)

Maintains stable value by referencing multiple assets (currencies, commodities). Requires ART authorization from national competent authority.

E-Money Token (EMT)

Maintains stable value by referencing a single fiat currency. Must be issued by authorized credit institution or e-money institution.

Utility Token

Provides access to goods/services on a DLT platform. Lighter regulatory framework, but detailed white paper required.

Other Crypto-Assets

All crypto-assets not fitting ART or EMT categories (e.g. BTC, ETH). White paper required unless exemptions apply.

CASP License Requirements

Crypto-Asset Service Providers (CASPs) under MiCA must obtain authorization from the national competent authority (NCA) of their home member state before operating in the EU.

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Legal EntityCASPs must be a legal entity established in the EU. Third-country CASPs face additional requirements.
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GovernanceRobust governance arrangements, including a management body with sufficient knowledge and experience.
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Prudential RequirementsCapital requirements ranging from €50,000 to €150,000 depending on services offered, plus 25% of fixed overheads.
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AML/CFTFull compliance with EU AML Directive 6 requirements. Must appoint an MLCO and implement robust due diligence.
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White PaperMandatory crypto-asset white paper for token issuances, to be notified to the NCA and published.
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EU PassportingOnce licensed, CASPs can passport their services across all 27 EU member states with simplified notification procedure.

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