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

European Parliament and Council of the European Union · Official Journal of the European Union · European Union

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

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Relevance to stablecoin measurement

The reference for our MiCA-compliant supply metric and EU-regulation coverage.

Key findings

Classifies fiat-pegged stablecoins as e-money tokens (EMTs) and multi-asset/other pegs as asset-referenced tokens (ARTs).
Requires issuer authorization, 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.

Quotable

MiCA regulates fiat-pegged stablecoins as e-money tokens requiring backing and redemption at par (Regulation (EU) 2023/1114).

Method and limits

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

Indexed under

Regulation & Policy Payments & SettlementMiCAe-money tokenasset-referenced tokenredemption at parJEL G28JEL K23

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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.

BibTeX

@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},
}

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