{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2023-06-09","gaps":[],"covered":["MiCA L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mica/recitals/20","url":"https://www.headlesslaw.com/mica/recitals/20","title":"Recital 20","family":"l1_hand","work_id":"mica","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":null,"application":null,"version_label":"Consolidated version of 9 January 2024","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng","valid_from":"2024-01-09","valid_until":null,"revision":1,"content_id":"845de35911f6a5a0","change_date":null,"nearest_versions":["2023-06-09","2024-01-09"],"first_text_date":"2023-05-31","correction_applies":false,"versions":["2023-06-09","2024-01-09"],"version_url":"https://www.headlesslaw.com/mica/recitals/20/versions/2024-01-09","revision_url":"https://www.headlesslaw.com/mica/recitals/20/versions/2024-01-09/rev/845de35911f6a5a0","versions_url":"https://www.headlesslaw.com/mica/recitals/20/versions","relations_url":"https://www.headlesslaw.com/mica/recitals/20/relations","source_line":null,"attribution":null},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"body_sha256":"77ae7bc916a7a767a60f6f70ffa5804fb23fab2a38e7c5fff671790b49048b39","markdown_sha256":"86325af4cc6537b8841f7f10e742efa08467db856b850dde0dcdeaf33a8eb301"},"units":[],"markdown":"*In force · Regulation (EU) 2023/1114, OJ L 150, 9.6.2023 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng)*\n\nGiven the different risks and opportunities raised by crypto-assets, it is necessary to lay down rules for offerors and persons seeking admission to trading of crypto-assets other than [asset-referenced tokens](https://www.headlesslaw.com/definitions/mica/asset-referenced-token) and e-money tokens, as well as for issuers of asset-referenced tokens and e-money tokens. Issuers of crypto-assets are entities that have control over the creation of crypto-assets.\n"}