MiCAR

MiCAR replaces the fragmented national frameworks that preceded it — where crypto regulation was primarily built around the AMLD, enforced inconsistently across Member States — with a single harmonised rulebook directly applicable across 27 EU Member States and three EEA countries (Iceland, Liechtenstein and Norway). For the first time, a CASP authorised in one member state can passport its services across the EU under a single licence — eliminating the need for separate national authorisations.

MiCAR covers three categories of crypto-asset: asset-referenced tokens (ARTs), e-money tokens (EMTs), and other crypto-assets. It regulates both issuers and service providers — from the publication of a white paper before token issuance, through to the ongoing obligations of an authorised CASP providing custody or trading services. The regulation covers prudential requirements, conduct of business, governance, conflicts of interest, and other organisational obligations. ESMA and EBA are responsible for issuing binding technical standards under MiCAR; AMLA will directly supervise a cohort of high-risk CASPs from 2027. ESMA is also expected to take over supervision of certain CASPs under the market integrity package.

The regulation is fully in force from December 2024. The transitional period that allowed CASPs to continue operating under national licences ended in mid-2026. Firms operating crypto-asset services in the EU without MiCAR authorisation are operating without authorisation and are subject to enforcement action by national competent authorities.