MiCA (Markets in Crypto-Assets Regulation)
MiCA — Regulation (EU) 2023/1114 — is the EU’s comprehensive crypto-asset framework: it licenses crypto-asset service providers (CASPs), regulates stablecoin issuance with reserve and redemption rules, and imposes white-paper disclosure and market-abuse requirements.
What it regulates
Three asset categories: e-money tokens (EMTs — single-fiat-referenced stablecoins, issuable only by banks and e-money institutions), asset-referenced tokens (ARTs — basket-referenced, with reserve, custody, and significant-token rules), and other crypto-assets (utility tokens and the rest — white paper and offer rules). CASPs — exchanges, custodians, brokers, advisers — need authorization in one member state, then passport across the EU.
Stablecoin provisions applied from June 2024 and the full CASP regime from December 2024 — enforcement ramped through 2025 as regulated exchanges delisted non-compliant stablecoins. Circle’s USDC and EURC, which our payment platform Mozart Pay settles in, operate under this regime.
How it connects to DORA and payments law
MiCA explicitly pulls CASPs into DORA’s operational-resilience scope, and its interaction with payments regulation is deepening as the digital euro and PSD3 progress — the three regimes are converging into Europe’s new digital payment infrastructure.
Related Standards
- •Regulation (EU) 2023/1114 (MiCA)
- •Regulation (EU) 2022/2554 (DORA) — resilience rules for CASPs
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