European Union
MiCAR establishes the EU's comprehensive cryptoasset regime, with the DLT Pilot Regime forming a coordinated framework for digital finance across the single market.
Scope, licensing and operational frame.
Scope of Regulation
MiCAR (Markets in Crypto-Assets Regulation) is fully applicable across the EU, covering CASPs, ARTs, EMTs and crypto issuers.
Who requires a licence
Crypto-Asset Service Providers, issuers of ARTs and EMTs, and certain advisory entities.
Restricted activities
Unauthorised cross-border services; non-compliant issuance.
Permitted activities
Passportable CASP activities; authorised ART/EMT issuance.
Practical & advisory implications
Capital, governance, conflicts management and disclosure obligations apply.
Evolution at a glance.
MiCAR and DLT Pilot Regime enter force.
MiCAR ART/EMT rules applicable.
Full MiCAR applicability.
Coordinated supervision and Level 2 measures consolidate.
Recent regulatory signals.
ESMA publishes MiCAR supervisory convergence report
EBA guidance on stablecoin reserve composition
"MiCAR provides regulatory certainty and passporting advantages; transitional structuring is critical."