MiCA: The EU Crypto Rulebook
The framework that now governs crypto-asset services across the EU — what CASP authorisation requires, and why 1 July 2026 is the date that matters.
MiCA — the Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114 — is the EU's single, harmonised framework for crypto-assets and the firms that provide services around them. It replaced a patchwork of national regimes with one rulebook across all 27 member states. For any firm serving EU clients, MiCA is no longer on the horizon — it is in force, and a critical deadline falls in 2026.
How MiCA came into effect
| Date | Milestone |
|---|---|
| 29 June 2023 | MiCA enters into force (published in the Official Journal 9 June 2023) |
| 30 June 2024 | Stablecoin rules apply — asset-referenced tokens (ART) and e-money tokens (EMT) |
| 30 December 2024 | The CASP authorisation regime applies — MiCA becomes mandatory for service providers |
| 1 July 2026 | EU-wide expiry of the transitional period; full authorisation required |
CASP authorisation and passporting
A Crypto-Asset Service Provider (CASP) is authorised by the National Competent Authority (NCA) of the member state where it is based — for example a national financial regulator. Once authorised, a CASP benefits from an EU "passport": it can provide its services across all member states without separate authorisation in each. A firm relying on a national transitional regime does not hold a passport until it secures full MiCA authorisation. Users can check a provider's status on ESMA's interim MiCA register, which lists authorised CASPs, white papers and non-compliant entities.
Own-funds (capital) classes
CASPs must hold minimum own funds according to the services they provide, in three classes:
| Class | Minimum own funds | Typical services |
|---|---|---|
| Class 1 | EUR 50,000 | Advice, reception/transmission of orders, execution, placing |
| Class 2 | EUR 125,000 | Custody, exchange of crypto for funds or other crypto |
| Class 3 | EUR 150,000 | Operating a crypto-asset trading platform |
Who supervises what
ESMA (the European Securities and Markets Authority) leads on CASPs and market integrity; the EBA (European Banking Authority) leads on significant stablecoins (ART/EMT) and prudential matters; and the ECB and national central banks provide input where monetary policy or payment systems are affected. Authorisation itself is handled by each member state's NCA.
Frequently asked questions
What happens after 1 July 2026?
The EU-wide transitional period ends. A firm serving EU clients without MiCA authorisation would be operating in breach of EU law and must cease those services.
Does grandfathering give an EU passport?
No. Firms operating under a national transitional regime do not get the EU passport until they obtain full MiCA authorisation.
How much capital does a CASP need?
Minimum own funds of EUR 50,000, EUR 125,000 or EUR 150,000 depending on the services provided.
How can I check if a provider is authorised?
ESMA publishes an interim MiCA register of authorised CASPs and non-compliant entities.
Official sources
- ESMA — Markets in Crypto-Assets Regulation (MiCA)
- Legal basis — Regulation (EU) 2023/1114; transitional measures under Article 143
- European Banking Authority (EBA) — stablecoins / prudential
This guide is general information prepared by ARM Management and is current as at June 2026. National transitional windows and procedures differ by member state and change. Confirm requirements against ESMA, the relevant NCA, or an advisor before acting — particularly given the 1 July 2026 deadline.
Get MiCA-ready before the deadline.
ARM Management advises crypto-asset businesses on MiCA authorisation, member-state selection and cross-border structuring between the EU and the GCC. Begin with a confidential conversation.