MiCA: the European crypto regulation explained simply

01Where does MiCA come from?

Before MiCA, each country in the Union had its own rules for crypto-assets, when it had any. A platform could be registered in one country without owing anything in another, and client protection varied from one border to the next.

MiCA replaces these national regimes with a single framework, put in place in four steps.

• May 2023. Adoption of Regulation (EU) 2023/1114, published in the Official Journal on 9 June 2023.
• 30 June 2024. The rules on stablecoins start to apply.
• 30 December 2024. The rules start to apply to platforms and other crypto-assets.
• 1 July 2026. End of the transitional period across the Union.

During the transition, firms already registered in their own country could keep operating while waiting for their authorisation. Since 1 July 2026, that is no longer possible. A platform is MiCA-authorised, or it has no right to serve European clients.

02Who does MiCA apply to?

MiCA targets two broad categories of players, those who provide services on crypto-assets and those who issue crypto-assets.

Platforms and service providers (CASPs). A crypto-asset service provider, or CASP, must obtain an authorisation from the authority of its country for each service it provides. MiCA defines ten of them.

1. Custody of crypto-assets on behalf of clients.
2. Operation of a trading platform.
3. Exchange of crypto-assets for funds.
4. Exchange of crypto-assets for other crypto-assets.
5. Execution of orders on behalf of clients.
6. Placing of crypto-assets.
7. Reception and transmission of orders.
8. Advice on crypto-assets.
9. Portfolio management of crypto-assets.
10. Transfer services for crypto-assets.

An authorisation obtained in one country allows a provider to serve the other countries of the Union through the European passport, after notification. To see which authority supervises what, country by country, read our article on the MiCA regulatory authorities.

Issuers of crypto-assets. MiCA also governs those who create and offer crypto-assets to the public.

• Stablecoins backed by a single currency (e-money tokens, or EMTs) or by a basket of assets (asset-referenced tokens, or ARTs). Their issuers must be authorised and hold reserves.
• Other crypto-assets. Their offer to the public or admission to trading requires an information document, the white paper, which describes the project and its risks.

03What the MiCA regulation changes for you

For an individual, MiCA mainly provides a simple point of reference. An authorised platform is subject to the same rules everywhere in the Union. In practice, five protections apply with an authorised provider.

• Your assets are segregated from the platform's own when it holds them, and are not part of its estate if it fails.
• Conduct rules apply. The platform must act honestly and fairly, manage conflicts of interest and communicate in a clear and non-misleading way.
• You are informed about prices, fees and risks, and crypto-assets offered to the public come with a white paper.
• You can complain. Every provider must have a complaint handling procedure.
• Market abuse is prohibited, such as insider dealing or price manipulation.

Two habits follow from this.

• Check the entity, not the brand. The same brand can rely on several companies depending on the country. It is the name of the legal entity, in the legal notice, that you need to find in the MiCA register.
• Authorised elsewhere does not mean illegal in your country. A platform authorised in another country of the Union can serve you through the European passport, if it has notified it for your country.

04What the MiCA regulation does not cover

MiCA governs players, not market risk. Several subjects remain outside the regulation.

• Price volatility. A crypto-asset can lose some or all of its value, whether the platform is authorised or not.
• Deposit guarantee. MiCA provides no mechanism comparable to the guarantee on bank accounts.
• Your personal wallet. Wallet providers where you hold your own keys fall outside the scope of the regulation.
• Fully decentralised services, provided without any intermediary.
• Unique NFTs, in principle, as well as crypto-assets that are already financial instruments, governed by other rules.
• Taxation, which remains specific to each country. Our comparison of crypto taxation in Europe details the national regimes.

05MiCA in numbers, how many authorised platforms?

At the end of October 2026, the MiCA register lists nearly 390 authorised providers, very unevenly spread across the countries of the Union. Germany issues nearly one MiCA authorisation in three.

• Germany119
• France36
• Netherlands29
• Cyprus25
• Malta23
• Spain16
• Luxembourg13
• Italy10
• Other countries118

Authorised providers by country of authorisation. Source: ESMA MiCA register via CASP Tracker, snapshot of 20 October 2026 supplemented with 5 German authorisations of 31 October.

In Germany, many cooperative banks are authorised to offer crypto to their customers. The country shown is that of the authorised European entity, not necessarily the group's country of origin. Many international players have chosen a single country of authorisation, then serve the rest of the Union through the European passport. The register also lists 178 entities flagged as non-compliant by national authorities.

06Frequently asked questions

07Check your platform with Uncrypt Check

Since 1 July 2026, the only question that matters is a simple one. Is the entity that holds your crypto MiCA-authorised?

Further reading:

• The 5 costliest beginner mistakes and how to avoid them.
• Exchange, broker or custodian to see who sets the price and who holds your crypto-assets.