MiCA Compliance
The EU's Markets in Crypto-Assets Regulation (MiCA) is the most consequential piece of crypto legislation globally, imposing licensing, disclosure, and operational requirements on issuers of crypto-assets and firms providing crypto-asset services across the European Economic Area.
MiCA creates a unified licensing and disclosure regime for crypto-assets that are not already covered by existing financial instruments regulation. It distinguishes between asset-referenced tokens (ARTs), e-money tokens (EMTs), and other crypto-assets, and imposes different obligations on each category, from white-paper approval and issuer capital requirements to reserve asset management and redemption rights for token holders.
For Crypto-Asset Service Providers (CASPs), MiCA mandates authorisation from a National Competent Authority, prudential requirements, organisational safeguards, conflicts-of-interest policies, and rigorous market-abuse prevention programmes. Firms that were operating under national transitional regimes, such as those registered in France, Germany, or the Netherlands, need to convert to full MiCA authorisation under the applicable transition timelines.
GlobalB Law advises issuers and service providers on every dimension of MiCA compliance: white-paper drafting and regulatory review, CASP authorisation applications, passporting strategy across the EEA, and integration of MiCA obligations into existing AML/GDPR/operational frameworks. Our team tracks the evolving Level 2 technical standards issued by ESMA and EBA to ensure advice remains current as the regulatory detail continues to crystallise.
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Does MiCA apply to my token if it is a utility token?
MiCA covers most fungible crypto-assets that do not qualify as financial instruments under MiFID II, e-money under EMD2, or central bank digital currencies. Pure utility tokens that grant access to an existing service may benefit from an exemption, but the exemption is narrow and fact-specific. We recommend a formal classification analysis before making any public offering of tokens to EEA users.
What is required in a MiCA crypto-asset white paper?
A MiCA white paper must include specified disclosures about the issuer, the project, the rights attached to the token, the underlying technology, the use of proceeds, and the risks. It must be notified to, and in some cases approved by, the relevant National Competent Authority before publication. We draft and review white papers to MiCA specification and manage the notification or approval process.
If I already have a registration in an EU member state, do I need to re-apply under MiCA?
Many EU member states had national crypto-asset registration regimes (for example, French PSAN or German crypto-custody registration) that carry transitional grandfathering periods under MiCA. The length and conditions of those transitions vary. Firms relying on grandfathering must apply for full CASP authorisation before their national transition period expires, typically by the end of 2025 or early 2026. We track each jurisdiction's transition status and advise on timing.
Does MiCA apply to Turkish companies?
MiCA applies to entities that provide crypto-asset services or issue crypto-assets targeting EEA users, regardless of where the entity is incorporated. A Turkish company serving EU customers may therefore be subject to MiCA. We advise Turkish companies on their MiCA exposure and, where warranted, on establishing an EEA-based regulated entity.
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