About MiCA
The Markets in Crypto-Assets Regulation (MiCA) establishes a harmonized European Union framework for the regulation of crypto‑assets, including stablecoins, with the objectives of ensuring consumer protection, safeguarding market integrity, and promoting financial stability. Implementation is managed by national competent authorities in each member state, supported and coordinated by ESMA through regulatory standards, guidelines, and supervisory procedures, under the oversight of the European Commission.
MiCA applies to any party that issues crypto‑assets, offers them to the public, lists them on trading venues, or provides related services within the EU.
It defines three categories of regulated assets:
- Asset‑Referenced Tokens (ARTs),
- E‑Money Tokens (EMTs), and
- other crypto‑assets.
ART issuers must follow strict liquidity and reserve management rules, maintaining a proportion of reserves as deposits in credit institutions and the rest in highly liquid, low‑risk investments. These assets must be held separately, with all investment risks borne by the issuer. They are prohibited from paying interest or benefits linked to holding periods. Periodic reporting to authorities is required above certain issuance or transaction thresholds, and corrective plans must be submitted if usage limits are exceeded.
EMT issuers face similar reserve requirements, with investments held in safe, same‑currency assets, and are likewise prohibited from offering interest. Significant issuers are also subject to ART‑level own‑funds requirements. Reserve assets are audited regularly, with increased frequency for significant issuers.
Additionally, under the Markets in Crypto-Assets Regulation (MiCA), Virtual Asset Service Providers (CASPs) must obtain authorization from National Competent Authorities to operate in the EU. They must meet transparency rules by publishing a white paper before any public offering, detailing the issuer, project, token rights, technology, and risks. Operational standards require sound governance, continuity planning, market abuse prevention, and data security. Capital requirements oblige CASPs to maintain adequate funds. Consumer protection rules demand fair treatment of clients, clear pricing and risk warnings, and efficient complaint handling. AML/CFT obligations require measures aligned with EU frameworks.
Positive Impact
The Markets in Crypto-Assets Regulation (MiCA) benefits the EU by establishing one of the few predictable regulatory regimes globally, attracting international firms. It enforces stronger disclosure, governance, and audit requirements, which reduce the risk of scams and increase investor trust. Issuers are mandated to keep full reserves, perform regular audits, and maintain redemption rights, protecting users from collapses similar to Terra/Luna. MiCA applies equally to EU and non-EU companies offering services in the union, providing clear guidelines that allow innovators to operate within a recognized legal framework. This encourages traditional financial institutions and investors to enter the crypto space, fostering collaboration and growth opportunities.
Negative Impact
MiCA’s costs impact small start-ups, which may exit the market or relocate due to licensing costs and prescriptive rules making it harder to launch new token types. The regulation may slow innovation. Additionally, crypto-asset service providers must comply with conduct and prudential standards to manage financial and operational risks, adding to compliance burdens. Startups may struggle to implement required compliance programs and risk management frameworks given limited budgets and expertise, potentially diverting focus from innovation and growth.
List of a few MiCA‑Compliant Euro‑Stablecoin Issuers – August 2025
(Source: Stablecoin Insider)
- EURC – Circle (E‑Money Institution, France)
- EUROe – Membrane Finance (E‑Money Institution, Finland)
- EURI – Banking Circle (Credit Institution, Luxembourg)
- EURD – Quantoz Payments (E‑Money Institution, Netherlands)
- EURAU – AllUnity
- EURR – StablR (EU‑licensed)
- EURØP – Schuman Financial
- EURCV – SG Forge (Société Générale)
- ENEUR – Fiat Republic
- EURQ – Quantoz Payments
- EURSM – Stable Mint
Examples of MiCA Compliant Companies
OKX, a proud sponsor of the European Blockchain Convention (EBC) in Barcelona, is a key player in Europe’s digital asset ecosystem. Eight months ago, it became the first global crypto exchange to secure a MiCA license, granting it the ability to offer regulated products and services across all 30 European Economic Area member states from its Malta hub. Leveraging MiCA’s passporting feature, OKX expanded access to over 240 cryptocurrencies, euro trading pairs, and local-language support—setting a gold standard for innovation, transparency, and compliance in the European crypto market. At the event, Erald Ghoos, CEO Europe at OKX, will be present.
Another company fully compliant with MiCA is Bitpanda, which has secured a MiCAR license. This status allows Bitpanda to operate under the MiCA framework across the European Economic Area, providing crypto-asset services in numerous EU countries with a unified regulatory approach. Bitpanda’s Deputy CEO, Lukas Enzersdorfer-Konrad, will be present at the event, highlighting the company’s commitment and leadership in the European crypto market.
Why come to the European Blockchain Convention in Barcelona?
If you are interested in crucial topics such as the geopolitics of stablecoins, comparisons of US and EU crypto regulations (GENIUS Act vs. MiCA), innovations in payments with digital assets, and the competitive advantages of MiCA licenses for customer acquisition, the European Blockchain Convention (EBC) in Barcelona is the place to be. These important discussions will take place in dedicated panels at EBC, highlighting their significance for the future of the crypto and blockchain industry.
Attending these panels at the European Blockchain Convention provides a unique chance to engage with leading experts and decision-makers who will explore the impact of stablecoins, regulatory shifts, and new financial rails shaping the digital asset ecosystem across Europe and beyond. The content addresses key questions around innovation, regulation, and institutional adoption, making it essential for anyone looking to stay at the forefront of the rapidly evolving crypto landscape.
