> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/mica/readme.md).

# MiCA

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

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

### Contents

* [Recitals](/mica/recitals.md)

#### [Title I — Subject matter, scope and definitions](/mica/titles/i.md)

* [Article 1 — Subject matter](/mica/articles/1.md)
* [Article 2 — Scope](/mica/articles/2.md)
* [Article 3 — Definitions](/mica/articles/3.md)

#### [Title II — Crypto-assets other than asset-referenced tokens or e-money tokens](/mica/titles/ii.md)

* [Article 4 — Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens](/mica/articles/4.md)
* [Article 5 — Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens](/mica/articles/5.md)
* [Article 6 — Content and form of the crypto-asset white paper](/mica/articles/6.md)
* [Article 7 — Marketing communications](/mica/articles/7.md)
* [Article 8 — Notification of the crypto-asset white paper and of the marketing communications](/mica/articles/8.md)
* [Article 9 — Publication of the crypto-asset white paper and of the marketing communications](/mica/articles/9.md)
* [Article 10 — Result of the offer to the public and safeguarding arrangements](/mica/articles/10.md)
* [Article 11 — Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens](/mica/articles/11.md)
* [Article 12 — Modification of published crypto-asset white papers and of published marketing communications](/mica/articles/12.md)
* [Article 13 — Right of withdrawal](/mica/articles/13.md)
* [Article 14 — Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens](/mica/articles/14.md)
* [Article 15 — Liability for the information given in a crypto-asset white paper](/mica/articles/15.md)

#### [Title III — Asset-referenced tokens](/mica/titles/iii.md)

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

* [Article 16 — Authorisation](/mica/articles/16.md)
* [Article 17 — Requirements for credit institutions](/mica/articles/17.md)
* [Article 18 — Application for authorisation](/mica/articles/18.md)
* [Article 19 — Content and form of the crypto-asset white paper for asset-referenced tokens](/mica/articles/19.md)
* [Article 20 — Assessment of the application for authorisation](/mica/articles/20.md)
* [Article 21 — Grant or refusal of the authorisation](/mica/articles/21.md)
* [Article 22 — Reporting on asset-referenced tokens](/mica/articles/22.md)
* [Article 23 — Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange](/mica/articles/23.md)
* [Article 24 — Withdrawal of the authorisation](/mica/articles/24.md)
* [Article 25 — Modification of published crypto-asset white papers for asset-referenced tokens](/mica/articles/25.md)
* [Article 26 — Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper](/mica/articles/26.md)

**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](/mica/articles/27.md)
* [Article 28 — Publication of the crypto-asset white paper](/mica/articles/28.md)
* [Article 29 — Marketing communications](/mica/articles/29.md)
* [Article 30 — Ongoing information to holders of asset-referenced tokens](/mica/articles/30.md)
* [Article 31 — Complaints-handling procedures](/mica/articles/31.md)
* [Article 32 — Identification, prevention, management and disclosure of conflicts of interest](/mica/articles/32.md)
* [Article 33 — Notification of changes to management body](/mica/articles/33.md)
* [Article 34 — Governance arrangements](/mica/articles/34.md)
* [Article 35 — Own funds requirements](/mica/articles/35.md)

**Chapter 3 — Reserve of assets**

* [Article 36 — Obligation to have a reserve of assets, and composition and management of such reserve of assets](/mica/articles/36.md)
* [Article 37 — Custody of reserve assets](/mica/articles/37.md)
* [Article 38 — Investment of the reserve of assets](/mica/articles/38.md)
* [Article 39 — Right of redemption](/mica/articles/39.md)
* [Article 40 — Prohibition of granting interest](/mica/articles/40.md)

**Chapter 4 — Acquisitions of issuers of asset-referenced tokens**

* [Article 41 — Assessment of proposed acquisitions of issuers of asset-referenced tokens](/mica/articles/41.md)
* [Article 42 — Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens](/mica/articles/42.md)

**Chapter 5 — Significant asset-referenced tokens**

* [Article 43 — Classification of asset-referenced tokens as significant asset-referenced tokens](/mica/articles/43.md)
* [Article 44 — Voluntary classification of asset-referenced tokens as significant asset-referenced tokens](/mica/articles/44.md)
* [Article 45 — Specific additional obligations for issuers of significant asset-referenced tokens](/mica/articles/45.md)

**Chapter 6 — Recovery and redemption plans**

* [Article 46 — Recovery plan](/mica/articles/46.md)
* [Article 47 — Redemption plan](/mica/articles/47.md)

#### [Title IV — E-money tokens](/mica/titles/iv.md)

**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](/mica/articles/48.md)
* [Article 49 — Issuance and redeemability of e-money tokens](/mica/articles/49.md)
* [Article 50 — Prohibition of granting interest](/mica/articles/50.md)
* [Article 51 — Content and form of the crypto-asset white paper for e-money tokens](/mica/articles/51.md)
* [Article 52 — Liability of issuers of e-money tokens for the information given in a crypto-asset white paper](/mica/articles/52.md)
* [Article 53 — Marketing communications](/mica/articles/53.md)
* [Article 54 — Investment of funds received in exchange for e-money tokens](/mica/articles/54.md)
* [Article 55 — Recovery and redemption plans](/mica/articles/55.md)

**Chapter 2 — Significant e-money tokens**

* [Article 56 — Classification of e-money tokens as significant e-money tokens](/mica/articles/56.md)
* [Article 57 — Voluntary classification of e-money tokens as significant e-money tokens](/mica/articles/57.md)
* [Article 58 — Specific additional obligations for issuers of e-money tokens](/mica/articles/58.md)

#### [Title V — Authorisation and operating conditions for crypto-asset service providers](/mica/titles/v.md)

**Chapter 1 — Authorisation of crypto-asset service providers**

* [Article 59 — Authorisation](/mica/articles/59.md)
* [Article 60 — Provision of crypto-asset services by certain financial entities](/mica/articles/60.md)
* [Article 61 — Provision of crypto-asset services at the exclusive initiative of the client](/mica/articles/61.md)
* [Article 62 — Application for authorisation as a crypto-asset service provider](/mica/articles/62.md)
* [Article 63 — Assessment of the application for authorisation and grant or refusal of authorisation](/mica/articles/63.md)
* [Article 64 — Withdrawal of authorisation of a crypto-asset service provider](/mica/articles/64.md)
* [Article 65 — Cross-border provision of crypto-asset services](/mica/articles/65.md)

**Chapter 2 — Obligations for all crypto-asset service providers**

* [Article 66 — Obligation to act honestly, fairly and professionally in the best interests of clients](/mica/articles/66.md)
* [Article 67 — Prudential requirements](/mica/articles/67.md)
* [Article 68 — Governance arrangements](/mica/articles/68.md)
* [Article 69 — Information to competent authorities](/mica/articles/69.md)
* [Article 70 — Safekeeping of clients’ crypto-assets and funds](/mica/articles/70.md)
* [Article 71 — Complaints-handling procedures](/mica/articles/71.md)
* [Article 72 — Identification, prevention, management and disclosure of conflicts of interest](/mica/articles/72.md)
* [Article 73 — Outsourcing](/mica/articles/73.md)
* [Article 74 — Orderly wind-down of crypto-asset service providers](/mica/articles/74.md)

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

* [Article 75 — Providing custody and administration of crypto-assets on behalf of clients](/mica/articles/75.md)
* [Article 76 — Operation of a trading platform for crypto-assets](/mica/articles/76.md)
* [Article 77 — Exchange of crypto-assets for funds or other crypto-assets](/mica/articles/77.md)
* [Article 78 — Execution of orders for crypto-assets on behalf of clients](/mica/articles/78.md)
* [Article 79 — Placing of crypto-assets](/mica/articles/79.md)
* [Article 80 — Reception and transmission of orders for crypto-assets on behalf of clients](/mica/articles/80.md)
* [Article 81 — Providing advice on crypto-assets and providing portfolio management of crypto-assets](/mica/articles/81.md)
* [Article 82 — Providing transfer services for crypto-assets on behalf of clients](/mica/articles/82.md)

**Chapter 4 — Acquisition of crypto-asset service providers**

* [Article 83 — Assessment of proposed acquisitions of crypto-asset service providers](/mica/articles/83.md)
* [Article 84 — Content of the assessment of proposed acquisitions of crypto-asset service providers](/mica/articles/84.md)

**Chapter 5 — Significant crypto-asset service providers**

* [Article 85 — Identification of significant crypto-asset service providers](/mica/articles/85.md)

#### [Title VI — Prevention and prohibition of market abuse involving crypto-assets](/mica/titles/vi.md)

* [Article 86 — Scope of the rules on market abuse](/mica/articles/86.md)
* [Article 87 — Inside information](/mica/articles/87.md)
* [Article 88 — Public disclosure of inside information](/mica/articles/88.md)
* [Article 89 — Prohibition of insider dealing](/mica/articles/89.md)
* [Article 90 — Prohibition of unlawful disclosure of inside information](/mica/articles/90.md)
* [Article 91 — Prohibition of market manipulation](/mica/articles/91.md)
* [Article 92 — Prevention and detection of market abuse](/mica/articles/92.md)

#### [Title VII — Competent authorities, EBA and ESMA](/mica/titles/vii.md)

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

* [Article 93 — Competent authorities](/mica/articles/93.md)
* [Article 94 — Powers of competent authorities](/mica/articles/94.md)
* [Article 95 — Cooperation between competent authorities](/mica/articles/95.md)
* [Article 96 — Cooperation with EBA and ESMA](/mica/articles/96.md)
* [Article 97 — Promotion of convergence on the classification of crypto-assets](/mica/articles/97.md)
* [Article 98 — Cooperation with other authorities](/mica/articles/98.md)
* [Article 99 — Duty of notification](/mica/articles/99.md)
* [Article 100 — Professional secrecy](/mica/articles/100.md)
* [Article 101 — Data protection](/mica/articles/101.md)
* [Article 102 — Precautionary measures](/mica/articles/102.md)
* [Article 103 — ESMA temporary intervention powers](/mica/articles/103.md)
* [Article 104 — EBA temporary intervention powers](/mica/articles/104.md)
* [Article 105 — Product intervention by competent authorities](/mica/articles/105.md)
* [Article 106 — Coordination with ESMA or EBA](/mica/articles/106.md)
* [Article 107 — Cooperation with third countries](/mica/articles/107.md)
* [Article 108 — Complaints-handling by competent authorities](/mica/articles/108.md)

**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](/mica/articles/109.md)
* [Article 110 — Register of non-compliant entities providing crypto-asset services](/mica/articles/110.md)
* [Article 110a — Accessibility of information on the European single access point](/mica/articles/110a.md)

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

* [Article 111 — Administrative penalties and other administrative measures](/mica/articles/111.md)
* [Article 112 — Exercise of supervisory powers and powers to impose penalties](/mica/articles/112.md)
* [Article 113 — Right of appeal](/mica/articles/113.md)
* [Article 114 — Publication of decisions](/mica/articles/114.md)
* [Article 115 — Reporting of administrative penalties and other administrative measures to ESMA and EBA](/mica/articles/115.md)
* [Article 116 — Reporting of infringements and protection of reporting persons](/mica/articles/116.md)

**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](/mica/articles/117.md)
* [Article 118 — EBA crypto-asset committee](/mica/articles/118.md)
* [Article 119 — Colleges for issuers of significant asset-referenced tokens and significant e-money tokens](/mica/articles/119.md)
* [Article 120 — Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens](/mica/articles/120.md)

**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](/mica/articles/121.md)
* [Article 122 — Request for information](/mica/articles/122.md)
* [Article 123 — General investigative powers](/mica/articles/123.md)
* [Article 124 — On-site inspections](/mica/articles/124.md)
* [Article 125 — Exchange of information](/mica/articles/125.md)
* [Article 126 — Administrative agreements on the exchange of information between EBA and third countries](/mica/articles/126.md)
* [Article 127 — Disclosure of information from third countries](/mica/articles/127.md)
* [Article 128 — Cooperation with other authorities](/mica/articles/128.md)
* [Article 129 — Professional secrecy](/mica/articles/129.md)
* [Article 130 — Supervisory measures by EBA](/mica/articles/130.md)
* [Article 131 — Fines](/mica/articles/131.md)
* [Article 132 — Periodic penalty payments](/mica/articles/132.md)
* [Article 133 — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments](/mica/articles/133.md)
* [Article 134 — Procedural rules for taking supervisory measures and imposing fines](/mica/articles/134.md)
* [Article 135 — Hearing of the persons concerned](/mica/articles/135.md)
* [Article 136 — Review by the Court of Justice](/mica/articles/136.md)
* [Article 137 — Supervisory fees](/mica/articles/137.md)
* [Article 138 — Delegation of tasks by EBA to competent authorities](/mica/articles/138.md)

#### [Title VIII — Delegated acts](/mica/titles/viii.md)

* [Article 139 — Exercise of the delegation](/mica/articles/139.md)

#### [Title IX — Transitional and final provisions](/mica/titles/ix.md)

* [Article 140 — Reports on the application of this Regulation](/mica/articles/140.md)
* [Article 141 — ESMA annual report on market developments](/mica/articles/141.md)
* [Article 142 — Report on latest developments in crypto-assets](/mica/articles/142.md)
* [Article 143 — Transitional measures](/mica/articles/143.md)
* [Article 144 — Amendment to Regulation (EU) No 1093/2010](/mica/articles/144.md)
* [Article 145 — Amendment to Regulation (EU) No 1095/2010](/mica/articles/145.md)
* [Article 146 — Amendment to Directive 2013/36/EU](/mica/articles/146.md)
* [Article 147 — Amendment to Directive (EU) 2019/1937](/mica/articles/147.md)
* [Article 148 — Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937](/mica/articles/148.md)
* [Article 149 — Entry into force and application](/mica/articles/149.md)

#### [Annexes](/mica/annexes.md)

### Level 2 and Level 3

* [Level 2](/mica/level-2.md)
* [Level 3](/mica/level-3.md)
* [Process](/mica/process.md)

#### Not tied to a single article

* [EBA/OP/2026/01 — Opinion — End of NAL Transition \[published\]](/mica/level-3/opinions/eba-op-2026-01-end-of-nal-transition-period.md)
* [ESMA Q\&A 765 — Q\&A — MiCA services \[Forwarded to EC/Public Consultation/Other\]](/mica/level-3/q-and-a/esma/esma-qa-765-dlt-mi-operator-mica-services.md)
* [ESMA Q\&A 2221 — Q\&A — What happens to an entity \[Answer Published\]](/mica/level-3/q-and-a/esma/esma-qa-2221-entities-who-have-not-applied-whose-application.md)
* [ESMA Q\&A 2344 — Q\&A — Audit / certification of CASP financial statements \[Answer Published\]](/mica/level-3/q-and-a/esma/esma-qa-2344-audit-certification-casp-financial-statements.md)
* [ESMA Q\&A 2414 — Q\&A — MiCAR CASP: Best Possible Outcome for the Client \[Question Published\]](/mica/level-3/q-and-a/esma/esma-qa-2414-micar-casp-best-possible-outcome-client.md)
* [ESMA Q\&A 2882 — Q\&A — Perimeter of advice: MiCA vs MiFID II \[Answer Published\]](/mica/level-3/q-and-a/esma/esma-qa-2882-perimeter-of-advice-mica-vs-mifid-ii.md)
* [ESMA74-449133380-441 — Statement — MiCA Supervisory Convergence \[published\]](/mica/level-3/statements/esma74-449133380-441-statement-on-mica-supervisory-convergence.md)
* [ESMA75-113276571-1710 — Statement — Unauthorised CASPs \[published\]](/mica/level-3/statements/esma75-113276571-1710-statement-mica-transitional-period-ends.md)
* [ESMA75-223375936-6099 — Statement — Services for Non-MiCA-Compliant ARTs and EMTs \[published\]](/mica/level-3/statements/esma75-223375936-6099-statement-on-non-mica-compliant-arts-and-emts.md)
* [ESMA75-453128700-1048 — Opinion — Broker Models \[published\]](/mica/level-3/opinions/esma75-453128700-1048-opinion-on-broker-models.md)
* [EBA — Statement — Preparatory Steps towards MiCAR Application to ARTs and EMTs \[published\]](/mica/level-3/statements/eba-statement-timely-preparatory-steps-micar-arts-emts-2023-07.md)
* [ESMA — Report — MFSA / Malta CASP authorisation file \[published\]](/mica/level-3/reports-and-advice/esma-malta-casp-authorisation-peer-review-2025.md)
* [ESMA — Statement — Unauthorised CASPs and onboarding authorised CASPs \[published\]](/mica/level-3/statements/esma-mica-transitional-periods-statement-2026.md)
* [EBA — Statement — Application of MiCAR to ARTs and EMTs \[published\]](/mica/level-3/statements/eba-statement-on-the-application-of-micar-to-arts-and-emts.md)
* [EBA — Statement — Explainer: MiCAR Templates \[published\]](/mica/level-3/statements/explainer-micar-templates.md)
* [Joint ESAs — Statement — Joint EBA/ESMA Factsheet: DeFi \[published\]](/mica/level-3/statements/joint-eba-and-esma-factsheet-on-decentralised-finance-defi.md)
* [Joint ESAs — Statement — Joint EBA/ESMA: Crypto Lending/Staking \[published\]](/mica/level-3/statements/joint-eba-and-esma-factsheet-on-crypto-lending-borrowing-and-staking.md)
* [EBA — Report — Tokenised Deposits \[published\]](/mica/level-3/reports-and-advice/report-on-tokenised-deposits.md)