MiCA

Regulation (EU) 2023/1114 on markets in crypto-assets.

Regulation (EU) 2023/1114 on markets in crypto-assets, organised by recitals, titles, articles, and annexes.

Contents

• Recitals

Title I — Subject matter, scope and definitions

• Article 1 — Subject matter

• Article 2 — Scope

• Article 3 — Definitions

Title II — Crypto-assets other than asset-referenced tokens or e-money tokens

• Article 4 — Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens

• Article 5 — Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens

• Article 6 — Content and form of the crypto-asset white paper

• Article 7 — Marketing communications

• Article 8 — Notification of the crypto-asset white paper and of the marketing communications

• Article 9 — Publication of the crypto-asset white paper and of the marketing communications

• Article 10 — Result of the offer to the public and safeguarding arrangements

• Article 11 — Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens

• Article 12 — Modification of published crypto-asset white papers and of published marketing communications

• Article 13 — Right of withdrawal

• Article 14 — Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens

• Article 15 — Liability for the information given in a crypto-asset white paper

Title III — Asset-referenced tokens

Chapter 1 — Authorisation to offer asset-referenced tokens to the public and to seek their admission to trading

• Article 16 — Authorisation

• Article 17 — Requirements for credit institutions

• Article 18 — Application for authorisation

• Article 19 — Content and form of the crypto-asset white paper for asset-referenced tokens

• Article 20 — Assessment of the application for authorisation

• Article 21 — Grant or refusal of the authorisation

• Article 22 — Reporting on asset-referenced tokens

• Article 23 — Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange

• Article 24 — Withdrawal of the authorisation

• Article 25 — Modification of published crypto-asset white papers for asset-referenced tokens

• Article 26 — Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper

Chapter 2 — Obligations of issuers of asset-referenced tokens

• Article 27 — Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokens

• Article 28 — Publication of the crypto-asset white paper

• Article 29 — Marketing communications

• Article 30 — Ongoing information to holders of asset-referenced tokens

• Article 31 — Complaints-handling procedures

• Article 32 — Identification, prevention, management and disclosure of conflicts of interest

• Article 33 — Notification of changes to management body

• Article 34 — Governance arrangements

• Article 35 — Own funds requirements

Chapter 3 — Reserve of assets

• Article 36 — Obligation to have a reserve of assets, and composition and management of such reserve of assets

• Article 37 — Custody of reserve assets

• Article 38 — Investment of the reserve of assets

• Article 39 — Right of redemption

• Article 40 — Prohibition of granting interest

Chapter 4 — Acquisitions of issuers of asset-referenced tokens

• Article 41 — Assessment of proposed acquisitions of issuers of asset-referenced tokens

• Article 42 — Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens

Chapter 5 — Significant asset-referenced tokens

• Article 43 — Classification of asset-referenced tokens as significant asset-referenced tokens

• Article 44 — Voluntary classification of asset-referenced tokens as significant asset-referenced tokens

• Article 45 — Specific additional obligations for issuers of significant asset-referenced tokens

Chapter 6 — Recovery and redemption plans

• Article 46 — Recovery plan

• Article 47 — Redemption plan

Title IV — E-money tokens

Chapter 1 — Requirements to be fulfilled by all issuers of e-money tokens

• Article 48 — Requirements for the offer to the public or admission to trading of e-money tokens

• Article 49 — Issuance and redeemability of e-money tokens

• Article 50 — Prohibition of granting interest

• Article 51 — Content and form of the crypto-asset white paper for e-money tokens

• Article 52 — Liability of issuers of e-money tokens for the information given in a crypto-asset white paper

• Article 53 — Marketing communications

• Article 54 — Investment of funds received in exchange for e-money tokens

• Article 55 — Recovery and redemption plans

Chapter 2 — Significant e-money tokens

• Article 56 — Classification of e-money tokens as significant e-money tokens

• Article 57 — Voluntary classification of e-money tokens as significant e-money tokens

• Article 58 — Specific additional obligations for issuers of e-money tokens

Title V — Authorisation and operating conditions for crypto-asset service providers

Chapter 1 — Authorisation of crypto-asset service providers

• Article 59 — Authorisation

• Article 60 — Provision of crypto-asset services by certain financial entities

• Article 61 — Provision of crypto-asset services at the exclusive initiative of the client

• Article 62 — Application for authorisation as a crypto-asset service provider

• Article 63 — Assessment of the application for authorisation and grant or refusal of authorisation

• Article 64 — Withdrawal of authorisation of a crypto-asset service provider

• Article 65 — Cross-border provision of crypto-asset services

Chapter 2 — Obligations for all crypto-asset service providers

• Article 66 — Obligation to act honestly, fairly and professionally in the best interests of clients

• Article 67 — Prudential requirements

• Article 68 — Governance arrangements

• Article 69 — Information to competent authorities

• Article 70 — Safekeeping of clients’ crypto-assets and funds

• Article 71 — Complaints-handling procedures

• Article 72 — Identification, prevention, management and disclosure of conflicts of interest

• Article 73 — Outsourcing

• Article 74 — Orderly wind-down of crypto-asset service providers

Chapter 3 — Obligations in respect of specific crypto-asset services

• Article 75 — Providing custody and administration of crypto-assets on behalf of clients

• Article 76 — Operation of a trading platform for crypto-assets

• Article 77 — Exchange of crypto-assets for funds or other crypto-assets

• Article 78 — Execution of orders for crypto-assets on behalf of clients

• Article 79 — Placing of crypto-assets

• Article 80 — Reception and transmission of orders for crypto-assets on behalf of clients

• Article 81 — Providing advice on crypto-assets and providing portfolio management of crypto-assets

• Article 82 — Providing transfer services for crypto-assets on behalf of clients

Chapter 4 — Acquisition of crypto-asset service providers

• Article 83 — Assessment of proposed acquisitions of crypto-asset service providers

• Article 84 — Content of the assessment of proposed acquisitions of crypto-asset service providers

Chapter 5 — Significant crypto-asset service providers

• Article 85 — Identification of significant crypto-asset service providers

Title VI — Prevention and prohibition of market abuse involving crypto-assets

• Article 86 — Scope of the rules on market abuse

• Article 87 — Inside information

• Article 88 — Public disclosure of inside information

• Article 89 — Prohibition of insider dealing

• Article 90 — Prohibition of unlawful disclosure of inside information

• Article 91 — Prohibition of market manipulation

• Article 92 — Prevention and detection of market abuse

Title VII — Competent authorities, EBA and ESMA

Chapter 1 — Powers of competent authorities and cooperation between competent authorities, EBA and ESMA

• Article 93 — Competent authorities

• Article 94 — Powers of competent authorities

• Article 95 — Cooperation between competent authorities

• Article 96 — Cooperation with EBA and ESMA

• Article 97 — Promotion of convergence on the classification of crypto-assets

• Article 98 — Cooperation with other authorities

• Article 99 — Duty of notification

• Article 100 — Professional secrecy

• Article 101 — Data protection

• Article 102 — Precautionary measures

• Article 103 — ESMA temporary intervention powers

• Article 104 — EBA temporary intervention powers

• Article 105 — Product intervention by competent authorities

• Article 106 — Coordination with ESMA or EBA

• Article 107 — Cooperation with third countries

• Article 108 — Complaints-handling by competent authorities

Chapter 2 — ESMA register

• Article 109 — Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers

• Article 110 — Register of non-compliant entities providing crypto-asset services

• Article 110a — Accessibility of information on the European single access point

Chapter 3 — Administrative penalties and other administrative measures by competent authorities

• Article 111 — Administrative penalties and other administrative measures

• Article 112 — Exercise of supervisory powers and powers to impose penalties

• Article 113 — Right of appeal

• Article 114 — Publication of decisions

• Article 115 — Reporting of administrative penalties and other administrative measures to ESMA and EBA

• Article 116 — Reporting of infringements and protection of reporting persons

Chapter 4 — Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors

• Article 117 — Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens

• Article 118 — EBA crypto-asset committee

• Article 119 — Colleges for issuers of significant asset-referenced tokens and significant e-money tokens

• Article 120 — Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens

Chapter 5 — EBA’s powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens

• Article 121 — Legal privilege

• Article 122 — Request for information

• Article 123 — General investigative powers

• Article 124 — On-site inspections

• Article 125 — Exchange of information

• Article 126 — Administrative agreements on the exchange of information between EBA and third countries

• Article 127 — Disclosure of information from third countries

• Article 128 — Cooperation with other authorities

• Article 129 — Professional secrecy

• Article 130 — Supervisory measures by EBA

• Article 131 — Fines

• Article 132 — Periodic penalty payments

• Article 133 — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments

• Article 134 — Procedural rules for taking supervisory measures and imposing fines

• Article 135 — Hearing of the persons concerned

• Article 136 — Review by the Court of Justice

• Article 137 — Supervisory fees

• Article 138 — Delegation of tasks by EBA to competent authorities

Title VIII — Delegated acts

• Article 139 — Exercise of the delegation

Title IX — Transitional and final provisions

• Article 140 — Reports on the application of this Regulation

• Article 141 — ESMA annual report on market developments

• Article 142 — Report on latest developments in crypto-assets

• Article 143 — Transitional measures

• Article 144 — Amendment to Regulation (EU) No 1093/2010

• Article 145 — Amendment to Regulation (EU) No 1095/2010

• Article 146 — Amendment to Directive 2013/36/EU

• Article 147 — Amendment to Directive (EU) 2019/1937

• Article 148 — Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937

• Article 149 — Entry into force and application

Annexes

Level 2 and Level 3

• Level 2

• Level 3

• Process

Not tied to a single article

• EBA/OP/2026/01 — Opinion — End of NAL Transition [published]

• ESMA Q&A 765 — Q&A — MiCA services [Forwarded to EC/Public Consultation/Other]

• ESMA Q&A 2221 — Q&A — What happens to an entity [Answer Published]

• ESMA Q&A 2344 — Q&A — Audit / certification of CASP financial statements [Answer Published]

• ESMA Q&A 2414 — Q&A — MiCAR CASP: Best Possible Outcome for the Client [Question Published]

• ESMA Q&A 2882 — Q&A — Perimeter of advice: MiCA vs MiFID II [Answer Published]

• ESMA74-449133380-441 — Statement — MiCA Supervisory Convergence [published]

• ESMA75-113276571-1710 — Statement — Unauthorised CASPs [published]

• ESMA75-223375936-6099 — Statement — Services for Non-MiCA-Compliant ARTs and EMTs [published]

• ESMA75-453128700-1048 — Opinion — Broker Models [published]

• EBA — Statement — Preparatory Steps towards MiCAR Application to ARTs and EMTs [published]

• EBA — Statement — Explainer: MiCAR Templates [published]

• ESMA — Report — MFSA / Malta CASP authorisation file [published]

• ESMA — Statement — Unauthorised CASPs and onboarding authorised CASPs [published]

• EBA — Statement — Application of MiCAR to ARTs and EMTs [published]

• Joint ESAs — Statement — Joint EBA/ESMA Factsheet: DeFi [published]

• Joint ESAs — Statement — Joint EBA/ESMA: Crypto Lending/Staking [published]

• EBA — Report — Tokenised Deposits [published]