MiCA

What is MiCA (Markets in Crypto-Assets)?

MiCA (Markets in Crypto-Assets) is the European Union (EU) Regulation 2023/1114, the first to introduce unified rules for crypto-assets across the entire EU. Before it, each country regulated the crypto market on its own terms, and companies could choose the most lenient regime. MiCA removes this fragmentation: a license or registration in one country gives the right to operate throughout the bloc via the passporting mechanism.

## What it regulates

The regulation divides crypto-assets into several categories: asset-referenced tokens, e-money tokens, stablecoins and other crypto-assets. Issuers must publicly disclose information through a white paper, while crypto-asset service providers (CASPs) must obtain authorization from a national regulator and comply with requirements on capital, safekeeping of client assets, risk management and disclosure of conflicts of interest.

## How it affects practice

For traffic arbitrage and affiliate programs in the crypto vertical, it matters that advertising of crypto services aimed at the EU is subject to requirements of fairness, clarity and risk warnings, and many aggressive wordings and bonus mechanics become legally vulnerable. For payment and fintech projects, MiCA overlaps with PSD2, AML requirements and the Travel Rule, so integrating crypto payments requires checking the counterparty's status in the regulator's register.

## Common mistakes

A typical mistake is assuming that registration in one EU country automatically covers all operations. Passporting requires notification and compliance with local marketing rules. A second mistake is confusing a stablecoin with an ordinary token: stablecoins under MiCA are subject to separate requirements for reserves and issuer obligations. The transitional period for companies already operating is limited and depends on national decisions, so status should be verified against current regulator data rather than older publications.