MiCA, explained.The EU’s crypto rulebook.
MiCA is the EU’s Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114. It sets rules for crypto-assets that are not already covered by financial law, and for the firms that issue or trade them. Its stablecoin rules apply since 30 June 2024 and the rest since 30 December 2024.
Reviewed October 19, 2026 · figures from our live data
The short answer
MiCA sorts crypto-assets into e-money tokens (EMTs), asset-referenced tokens (ARTs) and other crypto-assets, with stricter rules for the first two.
An EMT is a stablecoin tied to one official currency. Its issuer must be a licensed bank or e-money institution, and holders can redeem at par.
Exchanges, brokers and custodians become CASPs: crypto-asset service providers that need a licence in one member state and can then serve the whole EU.
Tokenized securities, such as tokenized shares, bonds and fund units, are financial instruments. They fall under MiFID II and securities law, not MiCA.
payment stablecoins in our data today
issuers
issuer countries
The categories
MiCA defines what a token is by what it references and what rights it gives, not by the technology.
- 1
E-money token (EMT)
References one official currency, such as the euro or the dollar. Only credit institutions and e-money institutions may issue one. Holders have a right to redeem at par value at any time.
- 2
Asset-referenced token (ART)
References a basket of currencies, commodities or other assets. The issuer needs authorization, must hold a reserve and publish a white paper.
- 3
Other crypto-assets
Tokens like bitcoin and most utility tokens. Offering them to the public or listing them requires a white paper, but no reserve.
- 4
No interest on stablecoins
Issuers and CASPs may not pay interest on EMTs or ARTs. Yield-bearing stablecoins therefore sit awkwardly with MiCA.
- 5
Significant tokens
Large EMTs and ARTs can be classed as significant. They then face stricter capital and liquidity rules and supervision by the European Banking Authority.
- 6
CASPs
Firms that offer custody, trading, exchange, transfer or advice on crypto-assets need a CASP licence. One licence can be passported across the EU.
What MiCA does not cover
MiCA is often described as covering all tokens. It does not.
- 1
Tokenized securities
A token that is a share, bond, fund unit or derivative is a financial instrument. It follows MiFID II, the Prospectus Regulation and, for trading venues, the DLT Pilot Regime.
- 2
Tokenized deposits
Bank deposits recorded on a blockchain stay deposits under banking law.
- 3
Unique NFTs
Truly unique, non-fungible tokens are largely outside MiCA. Large series of similar NFTs may still be caught.
- 4
Fully decentralized services
Services with no identifiable provider are outside MiCA’s scope. Where the line sits is still debated.
- 5
Who may buy
MiCA regulates issuers and service providers. A CASP may still choose not to offer a token in your country. Some exchanges delisted non-compliant stablecoins for EU users.
- 6
Tax
MiCA says nothing about tax. Tax reporting for crypto in the EU is handled separately under the DAC8 directive and national law.
Questions
Is USDT banned in the EU under MiCA?+
MiCA does not ban holding any token. It requires an EMT offered to the public in the EU to have an authorized issuer. Several EU exchanges stopped offering stablecoins without one to EU users. You can still hold them in your own wallet.
Does MiCA apply to tokenized stocks?+
No. Tokenized stocks are financial instruments and fall under MiFID II and securities law. MiCA explicitly excludes crypto-assets that qualify as financial instruments.
How do I know if a stablecoin is MiCA-compliant?+
Check whether its issuer is authorized as a credit or e-money institution in an EU member state and has notified a white paper. ESMA keeps an interim register of MiCA white papers and authorized firms.
What is a CASP?+
A crypto-asset service provider: a firm licensed under MiCA to provide services like custody, trading or exchange of crypto-assets in the EU.
- MiCA-compliant stablecoins →
- Can I buy USDT in the EU? →
- Euro stablecoins →
- EURC vs EURe →
- German crypto securities (eWpG) →
This guide explains how these products work and is not investment advice or an offer of any security. Who may buy a product is set by its issuer; check the offering documents before investing.