Executive Summary: What You Need to Know
- Unified EU crypto regulation: MiCA establishes a single EU framework for crypto-asset issuers and crypto-asset service providers (CASPs), allowing an EU-wide passport once authorised by a home state.
- Token classification: Issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) face the strictest obligations, particularly if designated as significant tokens. Utility tokens and many NFTs fall under lighter or differentiated treatment.
- CASP regulation: Covers custody, trading, exchange, advisory, wallet, and platform services, introducing capital requirements, governance standards, AML/KYC duties, and rules on market abuse prevention.
- Supervision: National authorities oversee authorisations, coordinated by ESMA and the EBA, ensuring harmonisation with broader EU financial frameworks such as MiFID II.
- Full-lifecycle support: RUE provides scoping, structuring, whitepaper development, AML/KYC alignment, MiCA operationalisation, and ongoing compliance post-approval.
MiCA Timing: Why Acting in 2025 Matters
Key implementation timeline: Most MiCA obligations take effect in 2024–2025, with transitional windows differing across Member States and business activities.
|
Theme |
Key 2025 Impact |
|---|---|
|
Issuers (ARTs/EMTs) |
Enhanced reserve, segregation, and governance rules. Designation of significant tokens increases EBA supervision. |
|
CASP Authorisation |
Applications must demonstrate governance, IT, DORA alignment, and operational readiness. |
|
Passporting |
Once authorised, CASPs may scale EU-wide across all 27 Member States. |
|
Market Integrity |
Market abuse surveillance and prevention systems must be operational. |
Why prepare early: Supervisors reject incomplete submissions and expect functioning controls from day one. Early preparation optimises home state choice, regulatory capital, and cross-border service models.
Understanding the MiCA Regulation
MiCA is the EU’s harmonised regime for crypto-assets not already regulated as financial instruments. It establishes a standard authorisation framework for CASPs and disclosure rules for crypto-asset issuers, particularly stablecoin issuers (ARTs, EMTs). Its goal is to provide legal clarity, strengthen consumer protection, reduce systemic risks, and foster innovation.
Third-country access: Non-EU firms targeting EU clients generally require local authorisation. Reverse solicitation applies only if initiated by the client and is not a sustainable business model.
Cross-Border Access and Passporting
Authorised CASPs can use the EU-wide passport to operate across all Member States. Non-EU firms must obtain an EU MiCA license or equivalent authorisation; reliance on reverse solicitation is discouraged.
MiCA Licensing: Step-by-Step
Authorisation package includes:
- Programme of operations and service scope.
- Governance, leadership fitness, and conflict policies.
- Prudential and capital plans.
- ICT, outsourcing, and incident response frameworks.
- AML/KYC programme and conduct procedures.
- Whitepaper alignment and fair marketing.
Preparation checklist:
- Define services and home state.
- Conduct MiCA/DORA gap analysis.
- Draft policies and operating models.
- Appoint leadership and independent control functions.
- Document IT architecture and vendors.
- Prepare capital and liquidity plans.
- Align whitepaper and marketing materials.
- Compile submission pack.
- Engage with NCA pre-filing.
- Conduct readiness rehearsal.
Timeline to authorisation:
- Weeks 0–2: Scope and entity setup.
- Weeks 3–8: Policy drafting and vendor selection.
- Weeks 9–12: Capital documentation and governance.
- Weeks 13–16: File application.
- Week 17+: Regulatory Q&A and licence grant.
Choosing the Right Country of Application
Select your home state based on regulator experience, operational maturity, and strategic alignment. UK and non-EU firms typically establish an EU subsidiary to secure a CASP or VASP licence.
Why Choose RUE for MiCA Authorisation
- Trust: Deep EU regulatory expertise and ongoing monitoring.
- Quality: Ex-regulators and compliance leaders reviewing every file.
- Speed: Efficient path from discovery to authorisation.
- Convenience: Central coordination and reporting.
- Savings: Fixed-fee structure and free initial consultation.
