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Definitions
MiCA · contents
Recitals
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Title I — Subject matter, scope and definitions
1
Subject matter
2
Scope
3
Definitions
Title II — Crypto-assets other than asset-referenced tokens or e-money tokens
4
Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens
5
Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
6
Content and form of the crypto-asset white paper
7
Marketing communications
8
Notification of the crypto-asset white paper and of the marketing communications
9
Publication of the crypto-asset white paper and of the marketing communications
10
Result of the offer to the public and safeguarding arrangements
11
Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
12
Modification of published crypto-asset white papers and of published marketing communications
13
Right of withdrawal
14
Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
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
16
Authorisation
17
Requirements for credit institutions
18
Application for authorisation
19
Content and form of the crypto-asset white paper for asset-referenced tokens
20
Assessment of the application for authorisation
21
Grant or refusal of the authorisation
22
Reporting on asset-referenced tokens
23
Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange
24
Withdrawal of the authorisation
25
Modification of published crypto-asset white papers for asset-referenced tokens
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
27
Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokens
28
Publication of the crypto-asset white paper
29
Marketing communications
30
Ongoing information to holders of asset-referenced tokens
31
Complaints-handling procedures
32
Identification, prevention, management and disclosure of conflicts of interest
33
Notification of changes to management body
34
Governance arrangements
35
Own funds requirements
Chapter 3 — Reserve of assets
36
Obligation to have a reserve of assets, and composition and management of such reserve of assets
37
Custody of reserve assets
38
Investment of the reserve of assets
39
Right of redemption
40
Prohibition of granting interest
Chapter 4 — Acquisitions of issuers of asset-referenced tokens
41
Assessment of proposed acquisitions of issuers of asset-referenced tokens
42
Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens
Chapter 5 — Significant asset-referenced tokens
43
Classification of asset-referenced tokens as significant asset-referenced tokens
44
Voluntary classification of asset-referenced tokens as significant asset-referenced tokens
45
Specific additional obligations for issuers of significant asset-referenced tokens
Chapter 6 — Recovery and redemption plans
46
Recovery plan
47
Redemption plan
Title IV — E-money tokens
Chapter 1 — Requirements to be fulfilled by all issuers of e-money tokens
48
Requirements for the offer to the public or admission to trading of e-money tokens
49
Issuance and redeemability of e-money tokens
50
Prohibition of granting interest
51
Content and form of the crypto-asset white paper for e-money tokens
52
Liability of issuers of e-money tokens for the information given in a crypto-asset white paper
53
Marketing communications
54
Investment of funds received in exchange for e-money tokens
55
Recovery and redemption plans
Chapter 2 — Significant e-money tokens
56
Classification of e-money tokens as significant e-money tokens
57
Voluntary classification of e-money tokens as significant e-money tokens
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
59
Authorisation
60
Provision of crypto-asset services by certain financial entities
61
Provision of crypto-asset services at the exclusive initiative of the client
62
Application for authorisation as a crypto-asset service provider
63
Assessment of the application for authorisation and grant or refusal of authorisation
64
Withdrawal of authorisation of a crypto-asset service provider
65
Cross-border provision of crypto-asset services
Chapter 2 — Obligations for all crypto-asset service providers
66
Obligation to act honestly, fairly and professionally in the best interests of clients
67
Prudential requirements
68
Governance arrangements
69
Information to competent authorities
70
Safekeeping of clients’ crypto-assets and funds
71
Complaints-handling procedures
72
Identification, prevention, management and disclosure of conflicts of interest
73
Outsourcing
74
Orderly wind-down of crypto-asset service providers
Chapter 3 — Obligations in respect of specific crypto-asset services
75
Providing custody and administration of crypto-assets on behalf of clients
76
Operation of a trading platform for crypto-assets
77
Exchange of crypto-assets for funds or other crypto-assets
78
Execution of orders for crypto-assets on behalf of clients
79
Placing of crypto-assets
80
Reception and transmission of orders for crypto-assets on behalf of clients
81
Providing advice on crypto-assets and providing portfolio management of crypto-assets
82
Providing transfer services for crypto-assets on behalf of clients
Chapter 4 — Acquisition of crypto-asset service providers
83
Assessment of proposed acquisitions of crypto-asset service providers
84
Content of the assessment of proposed acquisitions of crypto-asset service providers
Chapter 5 — Significant crypto-asset service providers
85
Identification of significant crypto-asset service providers
Title VI — Prevention and prohibition of market abuse involving crypto-assets
86
Scope of the rules on market abuse
87
Inside information
88
Public disclosure of inside information
89
Prohibition of insider dealing
90
Prohibition of unlawful disclosure of inside information
91
Prohibition of market manipulation
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
93
Competent authorities
94
Powers of competent authorities
95
Cooperation between competent authorities
96
Cooperation with EBA and ESMA
97
Promotion of convergence on the classification of crypto-assets
98
Cooperation with other authorities
99
Duty of notification
100
Professional secrecy
101
Data protection
102
Precautionary measures
103
ESMA temporary intervention powers
104
EBA temporary intervention powers
105
Product intervention by competent authorities
106
Coordination with ESMA or EBA
107
Cooperation with third countries
108
Complaints-handling by competent authorities
Chapter 2 — ESMA register
109
Register of crypto-asset white papers, of issuers of asset-referenced tokens and e-money tokens, and of crypto-asset service providers
110
Register of non-compliant entities providing crypto-asset services
110a
Accessibility of information on the European single access point
Chapter 3 — Administrative penalties and other administrative measures by competent authorities
111
Administrative penalties and other administrative measures
112
Exercise of supervisory powers and powers to impose penalties
113
Right of appeal
114
Publication of decisions
115
Reporting of administrative penalties and other administrative measures to ESMA and EBA
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
117
Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
118
EBA crypto-asset committee
119
Colleges for issuers of significant asset-referenced tokens and significant e-money tokens
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
121
Legal privilege
122
Request for information
123
General investigative powers
124
On-site inspections
125
Exchange of information
126
Administrative agreements on the exchange of information between EBA and third countries
127
Disclosure of information from third countries
128
Cooperation with other authorities
129
Professional secrecy
130
Supervisory measures by EBA
131
Fines
132
Periodic penalty payments
133
Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
134
Procedural rules for taking supervisory measures and imposing fines
135
Hearing of the persons concerned
136
Review by the Court of Justice
137
Supervisory fees
138
Delegation of tasks by EBA to competent authorities
Title VIII — Delegated acts
139
Exercise of the delegation
Title IX — Transitional and final provisions
140
Reports on the application of this Regulation
141
ESMA annual report on market developments
142
Report on latest developments in crypto-assets
143
Transitional measures
144
Amendment to Regulation (EU) No 1093/2010
145
Amendment to Regulation (EU) No 1095/2010
146
Amendment to Directive 2013/36/EU
147
Amendment to Directive (EU) 2019/1937
148
Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937
149
Entry into force and application
Annexes
I
DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
II
DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN ASSET-REFERENCED TOKEN
III
DISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN E-MONEY TOKEN
IV
MINIMUM CAPITAL REQUIREMENTS FOR CRYPTO-ASSET SERVICE PROVIDERS
V
LIST OF INFRINGEMENTS REFERRED TO IN TITLES III AND VI FOR ISSUERS OF SIGNIFICANT ASSET-REFERENCED TOKENS
VI
LIST OF INFRINGEMENTS OF PROVISIONS REFERRED TO IN TITLE IV IN CONJUNCTION WITH TITLE III FOR ISSUERS OF SIGNIFICANT E-MONEY TOKENS
Recommendations and codes
Financial services
Level 3
MiCA
Recommendations and codes under MiCA, ordered by official identifier.
ESRB/2025/9
Recommendation — Third-country multi-issuer stablecoin schemes
Published