Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA)

⚠ The summary and findings below are the editor's working notes, pending verification against the source.

The EU's comprehensive crypto-asset framework; regulates stablecoins as e-money tokens (EMTs) and asset-referenced tokens (ARTs).

Read the source ↗

Key findings

• Classifies fiat-pegged stablecoins as e-money tokens (EMTs) and multi-asset/other pegs as asset-referenced tokens (ARTs).
• Requires issuer authorisation, adequately backed reserves, and redemption at par for holders.
• Imposes usage/transaction caps on large non-euro tokens used widely as a means of exchange.

Limitations: Primary text; interpretation evolves via technical standards and supervisory practice.

Topics: Regulation & Policy · Payments & Settlement

Cite this

European Parliament and Council of the European Union (2023). Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) Official Journal of the European Union.

@techreport{mica2023regulation,
  title = {Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA)},
  author = {European Parliament and Council of the European Union},
  year = {2023},
  institution = {European Union},
  howpublished = {Official Journal of the European Union},
  url = {https://eur-lex.europa.eu/eli/reg/2023/1114/oj},
  note = {Indexed by Stablecoin Beat},
}

Indexed by Stablecoin Beat — we link to and summarise sources; we do not host copyrighted full text, and summaries are our own.  ·  All research  ·  Methodology