MiCA Explained: The EU Crypto Regulation You Need to Know (2026)

TL;DR

• MiCA (Regulation EU 2023/1114, the Markets in Crypto-Assets Regulation) is the European Union's first comprehensive crypto law, harmonising stablecoin issuance, exchange licensing, and market-abuse rules across all 27 member states.
• Stablecoin rules went live on 30 June 2024 (Title III), with the rest of the regulation including CASP licensing applicable from 30 December 2024. A transitional period for legacy firms runs until 1 July 2026 in most countries.
• Tether USDT was delisted from EU-licensed exchanges in Q4 2024 because Tether did not obtain MiCA authorisation. Circle's USDC and EURC, Société Générale-FORGE's EURCV, and AllUnity's EUR are the leading MiCA-compliant alternatives.
• MiCA is now the global gold-standard reference: Hong Kong's Stablecoins Ordinance, the UK Future Financial Services Regime, and Singapore's MAS framework all borrow heavily from its design.

Table of contents

• What is MiCA?
• How MiCA works — the three Titles
• Title III: stablecoin rules (EMT vs ART)
• Title V: CASP authorisation
• Title VI: market abuse
• Key dates and timeline
• Compliant stablecoin issuers
• Authorised CASPs in 2026
• National regulators
• The Tether delisting
• Caps on non-euro stablecoins
• MiCA versus the rest of the world
• Why MiCA matters globally
• Future: MiCA 2.0 and DORA
• Use cases
• Risks and criticism
• How to comply with MiCA (step-by-step)
• Comparison table
• FAQ
• Glossary
• Related reading
• Sources

What is MiCA?

MiCA, the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114), is the European Union's first horizontal, single-rulebook law for crypto-assets. It was adopted by the European Parliament and the Council of the European Union on 31 May 2023, published in the Official Journal on 9 June 2023, and entered into force on 29 June 2023. Its articles replace a fragmented patchwork of 27 national regimes — French PSAN, German Kryptoverwahrgeschäft under the BaFin Crypto Custody Licence, Italian OAM registration, Spanish CNMV registry, Maltese VFA, and the Cypriot CASP register — with a single, passportable EU authorisation.

MiCA covers three pillars: rules for stablecoin issuance (Title III), authorisation of Crypto-Asset Service Providers, or CASPs (Title V), and market-abuse rules for crypto-assets admitted to trading (Title VI). It is enforced jointly at the EU level by the European Banking Authority, the European Securities and Markets Authority, and the European Central Bank, and at the national level by competent authorities such as BaFin in Germany, the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers in France, CONSOB in Italy, the CNMV in Spain, and the Central Bank of Ireland.

What MiCA does not cover is just as important. Bitcoin issuance is excluded because there is no identifiable issuer; truly unique non-fungible tokens are excluded; pure security tokens fall under MiFID II rather than MiCA; and "fully decentralised" services without any issuer or service provider sit outside the scope per Recital 22. Central bank digital currencies, fiat e-money already covered by the Electronic Money Directive, and deposit tokens issued by credit institutions in their own name are also out of scope.

How MiCA works — the three Titles

MiCA's architecture rests on three operational titles, plus general provisions in Titles I and II and supervisory and final provisions in Titles VII through IX.

Title I — subject matter, scope and definitions

Defines crypto-asset, EMT, ART, CASP, white paper, significant token, and the boundary with MiFID II.

Title II — utility tokens and other crypto-assets

Imposes a crypto-asset white paper obligation for any public offering of crypto-assets that are not stablecoins or security tokens. The paper must be notified to the competent authority and published; misleading statements expose the offeror to civil liability. Consumer protections include a 14-day right of withdrawal for retail purchases of non-listed tokens.

Title III — Asset-Referenced Tokens (ART) and E-Money Tokens (EMT)

The most binding part of the regulation. Imposes authorisation, reserve, redemption, governance, and disclosure requirements on any token that aims to maintain a stable value. Section 1 covers ARTs; Section 2 covers EMTs. Both can be classified as "significant", attracting prudential consolidation, additional own-funds requirements, and direct EBA supervision.

Title IV — offers and admission to trading

Generic prospectus-equivalent rules for crypto-asset trading admission.

Title V — Crypto-Asset Service Providers (CASPs)

The licensing regime for centralised exchanges, brokers, custodians, advisers, transfer-service providers, placement agents and portfolio managers. Authorisation by a national competent authority passports to all 27 EU/EEA member states.

Title VI — prevention and prohibition of market abuse

Bans insider dealing, unlawful disclosure of inside information and market manipulation in crypto-assets admitted to trading. Mirrors the structure of the Market Abuse Regulation (MAR) for traditional securities.

Title III in detail: stablecoin rules (EMT vs ART)

Title III is where MiCA's teeth are sharpest, and where most of the consumer-visible disruption of 2024-2025 took place.

E-Money Tokens (EMTs)

An E-Money Token is a crypto-asset that "purports to maintain a stable value by referencing the value of one official currency." Examples include USDC, EURC, PYUSD, EURCV and USDCV. EMT issuers must be either a credit institution or an authorised electronic money institution under EU Directive 2009/110/EC. Reserves must be held 1:1 in highly liquid assets at credit institutions, segregated from the issuer's own funds, and a permanent right of redemption at par must be granted to holders.

If an EMT exceeds the "significant" thresholds — more than 10 million holders, more than €5 billion in reserve assets, more than 2.5 million transactions per day, or more than €500 million in daily transaction value — it is classified as a significant EMT and supervised directly by the European Banking Authority. As of April 2026, no single stablecoin has been formally classified as significant within the EU since Tether USDT was excluded from the market.

Asset-Referenced Tokens (ARTs)

An Asset-Referenced Token references a basket of fiats, commodities or other crypto-assets. ART issuance requires a separate MiCA authorisation, more conservative reserve composition, a recovery and redemption plan and white-paper disclosure. The original Facebook Libra/Diem proposal would have been an ART under MiCA; today there is no large-scale ART live in the market because most issuers prefer the simpler single-fiat EMT route.

Caps on non-euro stablecoins

Article 23 imposes a hard limit: if a non-euro EMT is used as a means of payment for goods and services inside the EU and exceeds either 1 million transactions per day or €200 million in daily transaction volume, the issuer must stop new issuance until volumes return below the threshold. This is the so-called "non-EUR cap" and is widely seen as the EU's monetary-sovereignty firewall against dollar-denominated stablecoins becoming the de facto retail medium of exchange in the eurozone.

Reserves, attestations and the Big Four

EBA Regulatory Technical Standards (RTS) require monthly attestations of reserve composition published on the issuer's website, and the use of reputable third-party auditors. Circle, for example, publishes monthly attestations by Deloitte for both USDC and EURC. Reserves must be held at multiple credit institutions (no single-bank concentration risk after the March 2023 Silicon Valley Bank episode) and a portion must be in cash on demand at central banks where possible.

Title V in detail: CASP authorisation

Title V is the MiFID II-equivalent part of MiCA. A Crypto-Asset Service Provider is any legal person performing one or more of ten regulated activities listed in MiCA Annex IV: operating a trading platform, custody and administration of crypto-assets, exchange of crypto-assets for fiat, exchange of crypto-assets for other crypto-assets, execution of orders, placement of crypto-assets, reception and transmission of orders, providing advice, providing portfolio management, and providing transfer services for crypto-assets.

Authorisation is granted by the national competent authority where the CASP is established. The application must include a programme of operations, governance arrangements, internal controls, ICT and operational resilience policies (see DORA), conflict-of-interest policies, complaints-handling procedures, and outsourcing arrangements. Minimum capital requirements range from €50,000 (advice and order reception) to €150,000 (custody and trading-platform operation), with an additional own-funds floor of one-quarter of fixed overheads.

The authorisation is passportable: a CASP licensed in Ireland by the Central Bank of Ireland can serve clients in Germany, France, Italy, Spain and every other EU/EEA state without additional licensing. ESMA maintains a public register of authorised CASPs and refuses-to-authorise notifications.

Title VI: market abuse

Title VI extends to crypto-assets the prohibitions of insider dealing, unlawful disclosure of inside information, and market manipulation — borrowed almost word-for-word from the Market Abuse Regulation. Trading platforms must monitor for suspicious orders and transactions, run pre- and post-trade transparency, and report suspicious transactions to ESMA. Market manipulation in crypto includes wash trading, spoofing, layering, pump-and-dump schemes, and the use of fake on-chain volume to induce listings — all of which are now criminal-style offences inside the EU subject to administrative penalties of up to €5 million or 15% of annual turnover for legal persons.

Key dates and timeline

Compliant stablecoin issuers

The first wave of MiCA-compliant stablecoin issuers gives a good picture of the new EU stablecoin map.

• Circle — issuer of USDC and EURC. Both authorised as MiCA EMTs through Circle Mint France SAS, a French Electronic Money Institution licensed by the ACPR on 1 July 2024. EURC is the largest euro-denominated MiCA EMT by market cap as of April 2026.
• Société Générale-FORGE — the digital-asset subsidiary of Société Générale, France's third-largest bank. Issues EURCV (live since 2023) and USDCV, which launched in mid-2025 and is the first US-dollar stablecoin issued by a major European bank.
• AllUnity — a joint venture between Galaxy Digital, Flow Traders, and DWS Group (Deutsche Bank's asset manager). Authorised by BaFin in Germany in mid-2025 to issue the EUR-pegged AllUnity EUR stablecoin.
• Sygnum Bank — a Swiss-licensed digital-asset bank with a German branch supervised by BaFin. Issues both CHF and EUR rails through MiCA-equivalent and MiCA passport routes.
• Banking Circle — a Luxembourg-based payments bank issuing the EURI stablecoin under a CSSF-supervised EMI licence.
• Quantoz Payments — a Dutch EMI authorised by DNB to issue EURQ and USDQ.
• Schuman Financial — application pending with the Central Bank of Ireland.
• BSDEX (Boerse Stuttgart Digital Exchange) — the regulated digital-asset exchange of the Stuttgart stock exchange, which integrates several of the above stablecoins natively.

Notably absent from the compliant list: Tether (USDT) has not applied for MiCA authorisation and has explicitly stated it does not intend to do so on the current terms. Binance USD (BUSD) was wound down in 2023 by Paxos under separate NYDFS guidance and never sought MiCA. PayPal's PYUSD is technically eligible but has not yet completed an EU EMT issuance because PayPal's existing Luxembourg e-money licence covers a different product set; an EU PYUSD launch is expected in late 2026.

Authorised CASPs in 2026

By April 2026 the ESMA public CASP register lists more than 80 authorised firms. A non-exhaustive sample of the most significant:

• Coinbase — authorised in Luxembourg by the CSSF in 2025 for the entire EU/EEA.
• Bitstamp — authorised in Luxembourg by the CSSF, the longest-running European exchange.
• Crypto.com — dual authorisation in Malta (MFSA) and Ireland (CBI).
• Kraken — authorised in Ireland and Cyprus.
• Gemini — authorised in Malta.
• eToro — authorised in Cyprus.
• Binance France — authorised by the AMF/ACPR in May 2025 after a long PSAN-to-CASP transition.
• BitGo Europe — authorised in Germany by BaFin for custody.
• Boerse Stuttgart Digital — authorised in Germany.
• BSDEX — Stuttgart digital exchange.
• 21Shares — Swiss issuer with EU CASP arm in Cyprus.
• Bitpanda — authorised in Austria by the FMA.

National regulators

The Tether delisting — case study

The single highest-profile consequence of MiCA so far is the progressive delisting of Tether USDT from EU-licensed venues. Coinbase Europe stopped trading USDT in the EEA on 13 December 2024. Crypto.com followed on 31 January 2025. Bitstamp delisted USDT for EU customers on 31 March 2025. Kraken EU restricted USDT to sell-only mode in late 2024. Binance France retained USDT under transitional rules until the AMF tightened its position in mid-2025.

The lesson for entrepreneurs: MiCA enforces, and it enforces by deplatforming. Even a token with a $150 billion+ market cap globally cannot ignore EU rules and continue to access EU consumer markets through licensed venues. The flip side: EUR-denominated MiCA EMTs such as EURC and EURCV saw their combined market cap rise from under €100 million in mid-2024 to over €1.2 billion by Q1 2026, and EU-domiciled USDC volumes more than tripled.

Caps on non-euro stablecoins

Article 23 of MiCA is a sleeping giant. It states that if a non-euro EMT is used as a means of payment for goods and services within the Union and either:

• exceeds 1 million transactions per day, or
• exceeds €200 million in daily transaction volume,

the issuer must suspend further issuance and submit a remediation plan. This is intentionally calibrated to constrain dollar-pegged stablecoins from becoming the de facto retail euro replacement, protecting EU monetary sovereignty. ECB officials including Christine Lagarde and Fabio Panetta have repeatedly cited this as a non-negotiable feature. As of Q1 2026 no stablecoin has triggered the cap because retail USD-stablecoin payments inside the EU remain modest, but the cap remains a key reason why USDC issuance inside the EU is funnelled through Circle Mint France with strict end-use controls.

MiCA versus the rest of the world

MiCA is the most comprehensive crypto law live anywhere in the world. Here is how the major peer regimes stack up.

United States — fragmented and partial

Even after the GENIUS Act of 2025, the US has no horizontal MiCA-equivalent. The GENIUS Act covers payment stablecoins only. The CLARITY Act / FIT21 broader market-structure bill is still moving through Congress in 2026. SEC versus CFTC turf battles continue, although the Paul Atkins-era SEC and the new crypto task force led by Hester Peirce have dropped most pending lawsuits. State-level regimes such as the NYDFS BitLicense remain in force.

United Kingdom — Future Financial Services Regime

HM Treasury and the FCA are rolling out the UK Cryptoasset Regulated Activities Statutory Instrument with effective dates in 2027. The current FCA Cryptoasset Financial Promotions Regime since October 2023 is a stop-gap. The Bank of England runs a parallel sterling-stablecoin consultation. The UK's stated aim is to build a "MiCA-equivalent or better" regime that captures DeFi more aggressively.

Hong Kong — VATP regime + Stablecoins Ordinance

Since June 2023 the SFC has run the Virtual Asset Trading Platform regime; the HKMA Stablecoins Ordinance went live on 1 August 2025 (Hong Kong Stablecoins Ordinance). HK rules are similar to MiCA Title III for fiat stablecoins and add specific bank-grade reserve and HKD-pegging treatment.

Singapore — MAS PSA framework

The MAS Stablecoin Regulatory Framework finalised in August 2023 is closely aligned with MiCA Title III for single-fiat stablecoins. The MAS uses its Payment Services Act for licensing, similar in scope to MiCA Title V.

UAE — VARA and DFSA

The VARA Virtual Asset Regime in Dubai (2023) and the DFSA's parallel DIFC regime collectively offer a MiCA-comparable but more activity-permissive regime, often used by global firms as a regulated base for serving EU customers via regulated intermediaries.

Switzerland — DLT Act

The Swiss DLT Act of 2021 has been adapted to interoperate with MiCA, particularly for tokenised securities and licensed banks like Sygnum and SEBA Bank.

Japan — PSA stablecoin amendment

The Japan PSA Amendment 2023 introduced a bank-and-trust-only stablecoin regime conceptually similar to MiCA EMT but stricter on issuance.

Why MiCA matters globally

Three reasons.

1. First-mover legitimisation. MiCA gave the world a credible, pre-tested template. Hong Kong's HKMA explicitly cited MiCA in 2024 consultation papers; the UK FCA discussion papers reference MiCA more than any other source; Brazil's BCB Resolution 519/2025 and Korea's Virtual Asset User Protection Act both adopt MiCA-style stablecoin reserve rules.
2. Market-shaping power. With more than 450 million consumers and €17+ trillion in financial assets, the EU is too big to ignore. Tether's reluctance to apply for MiCA EMT authorisation has cost it European retail market share that may never be recovered. Conversely, MiCA-friendly issuers such as Circle have been able to position EURC and USDC as the default stablecoins for European fintechs.
3. Regulatory passport effect. A Coinbase Luxembourg CASP authorisation already serves the entire EEA. Combined with DORA, this gives MiCA-licensed firms a unique single-licence single-market advantage that the more fragmented US system cannot match yet.

Future: MiCA 2.0 and DORA overlap

DORA — Digital Operational Resilience Act

The Digital Operational Resilience Act, Regulation (EU) 2022/2554, became applicable on 17 January 2025. DORA imposes ICT risk management, incident reporting, third-party risk management, digital operational-resilience testing, and oversight of critical ICT third-party providers on more than 22,000 EU financial entities — including every MiCA CASP. For crypto firms this means resilience testing of trading engines, custody key-management infrastructure, on-chain bridges and oracles, plus mandatory reporting of major ICT-related incidents to national competent authorities within four hours of detection.

MiCA 2.0

Article 142 of MiCA requires the Commission to report to the European Parliament by 30 December 2026 on the desirability of expanding the regime. The likely areas of MiCA 2.0:

• DeFi. Bringing identifiable governance teams and front-end operators into scope.
• Lending and borrowing. Currently outside Title V; expected to come in.
• Staking and restaking. Treatment of validator services and liquid staking tokens.
• NFT financialisation. Fractionalised NFTs and NFT-collateralised loans.
• Cross-border supervisory coordination. Tighter rules on shopping for the lightest national CASP regulator.

European Digital Identity Wallet

Regulation (EU) 2024/1183 (eIDAS 2.0) introduces an EU Digital Identity Wallet by late 2026, which will interoperate with CASP KYC obligations and likely become the dominant identity rail for EU crypto onboarding.

Use cases

1. EU-resident retail trading. Buying Bitcoin, Ethereum, or stablecoins via a MiCA-licensed CASP such as Coinbase Luxembourg, Bitstamp Luxembourg or Bitpanda Austria.
2. B2B euro stablecoin payments. Fintechs and treasurers using EURC, EURCV, or AllUnity EUR for instant cross-border euro settlement, often on Ethereum, Stellar or Polygon.
3. Tokenised fund distribution. Tokenised UCITS and AIF funds distributed across EU investors using MiCA-passported CASPs as transfer agents.
4. Bank-issued deposit and stablecoin hybrids. Société Générale-FORGE EURCV and Sygnum's CHF rail bridge traditional banking to on-chain settlement.
5. Compliant on-ramps for global firms. Non-EU exchanges partnering with MiCA-licensed CASPs to access EU retail under reverse solicitation guardrails.

Risks and criticism

MiCA is not perfect. Common criticisms:

• Costly compliance. Capital, governance, ICT, AML and DORA overlap can cost €1-3 million per year for a mid-sized CASP, pushing smaller players to consolidate or exit.
• Potential to push DeFi offshore. Although fully decentralised protocols are excluded, the practical compliance perimeter for any team-operated front-end is broad.
• Innovation drag. Some commentators argue MiCA's white-paper and disclosure rules are too heavy for early-stage token launches, pushing them to Switzerland, the UAE or the US.
• Stablecoin caps perceived as protectionist. US officials and major issuers have publicly criticised Article 23's non-euro cap as a euro-protection measure rather than a financial-stability tool.
• Regulator-shopping. Different national competent authorities have different processing speeds and risk appetites. Ireland, Cyprus, Malta and Luxembourg have emerged as the dominant CASP hubs; smaller jurisdictions are concerned about a race-to-the-bottom that MiCA was supposed to prevent.

How to comply with MiCA — a step-by-step playbook

1. Classify your activity. Which of the ten MiCA Annex IV CASP services do you provide? Are you issuing an EMT, an ART, or a non-stable utility token? Each path has a different regulator and timeline.
2. Choose your jurisdiction of establishment. Ireland and Luxembourg dominate for global firms; Germany for institutional custody; France for stablecoin EMI issuers; Cyprus for retail brokerage.
3. Build the prudential and governance package. Minimum capital, two qualified directors, four-eyes principle, segregation of client and own assets, conflict-of-interest policy, complaints handling, internal audit, ICT and DORA compliance.
4. Draft the white paper or EMT/ART authorisation file. EBA RTS templates are published. Get auditor sign-off on reserve composition and attestation flows.
5. File with the national competent authority. Average processing time in 2026 is six to nine months. Pre-application meetings with the regulator are strongly recommended.
6. Passport across the EU. Once authorised, file passport notifications with target member-state regulators. The home regulator coordinates.
7. Operate. Submit monthly EMT reserve attestations, quarterly CASP prudential reports, ad-hoc DORA incident reports, and annual market-abuse reviews.
8. Plan for MiCA 2.0. Build modularity into your compliance stack so that DeFi, staking, and lending extensions can plug in as the regime evolves.

Comparison table — MiCA-compliant stablecoins (April 2026)

FAQ

What is MiCA in simple terms?

MiCA is the EU's first horizontal crypto law. It harmonises rules for stablecoin issuance, exchange and custody licensing, and market abuse across all 27 member states. It replaces the old patchwork of national rules with a single passportable EU authorisation.

When does MiCA come into force?

The stablecoin section (Title III) became applicable on 30 June 2024. The full regulation, including CASP licensing (Title V) and market abuse (Title VI), became applicable on 30 December 2024. EU member states may grant a transitional period of up to 18 months for legacy crypto firms operating under prior national regimes, ending no later than 1 July 2026.

What is the difference between EMT and ART?

An E-Money Token references one official currency (e.g. USDC pegged to USD, EURC pegged to EUR) and must be issued by a credit institution or e-money institution. An Asset-Referenced Token references a basket of assets, requires a separate MiCA authorisation, and has more conservative reserve composition rules.

Why was Tether USDT delisted?

Tether did not obtain MiCA EMT authorisation by 30 June 2024. EU-licensed exchanges progressively removed USDT during Q4 2024 and Q1 2025 to comply with Title III, which prohibits offering an unauthorised stablecoin to EU customers.

Who regulates MiCA?

Day-to-day authorisation and supervision is by national competent authorities such as BaFin in Germany, ACPR/AMF in France, CONSOB in Italy, CNMV in Spain, the Central Bank of Ireland, and CSSF in Luxembourg. EU-level coordination, technical standards, and significant-token oversight come from the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), and the European Central Bank (ECB).

Does MiCA cover NFTs?

Truly unique non-fungible tokens are excluded. However, "fractional" NFTs, NFTs sold as part of a large series with fungible characteristics, or NFTs marketed primarily as financial investments are likely to fall within scope. ESMA guidance from late 2024 narrowed the NFT exclusion considerably.

What is the MiCA non-euro cap?

Article 23 of MiCA imposes a cap on non-euro stablecoins used as a means of payment inside the EU. If daily transactions exceed 1 million or daily volume exceeds €200 million, the issuer must suspend further issuance until volumes return below the threshold. This is the EU's monetary-sovereignty firewall.

How much does MiCA compliance cost?

A small CASP authorisation can cost €300,000-€800,000 in legal, audit and capital terms, plus €500,000-€2 million per year in ongoing compliance. Stablecoin EMT issuance typically costs €2-5 million up-front including bank-licence preparation, plus monthly attestation fees.

Is MiCA bigger than the GENIUS Act?

By scope, yes — MiCA covers stablecoins, CASPs, and market abuse. The GENIUS Act covers only US payment stablecoins. The two regimes complement each other rather than compete, and many firms hold both EU MiCA EMT and US GENIUS Act PPSI authorisations.

What is MiCA 2.0?

Informal name for the European Commission's expected proposals after the December 2026 review. MiCA 2.0 is widely expected to extend the regime to DeFi, lending and borrowing, staking, restaking, and NFT financialisation, and to tighten cross-border supervisory coordination.

Glossary

• MiCA — Markets in Crypto-Assets Regulation (EU 2023/1114).
• CASP — Crypto-Asset Service Provider, MiCA Title V licensee.
• EMT — E-Money Token, single-fiat stablecoin under MiCA.
• ART — Asset-Referenced Token, basket-pegged stablecoin under MiCA.
• PPSI — Permitted Payment Stablecoin Issuer, the US GENIUS Act equivalent.
• EBA — European Banking Authority, the EU stablecoin and prudential regulator.
• ESMA — European Securities and Markets Authority, the EU markets regulator.
• DORA — Digital Operational Resilience Act, ICT-risk regulation overlapping with MiCA.
• RTS — Regulatory Technical Standard, Level 2 measures by EBA/ESMA detailing MiCA articles.
• Reverse solicitation — defence allowing non-EU firms to serve EU clients only at the client's exclusive initiative.

Related reading

• Stablecoins Explained: The Complete 2026 Guide
• GENIUS Act Explained: The US Stablecoin Law (2026)
• SEC Crypto Enforcement: Complete History from Gensler to Atkins
• Hong Kong Crypto Licensing: The Complete 2026 Guide
• CBDCs Explained — The Complete 2026 Guide
• Real-World Asset Tokenization in 2026

Sources and further reading

• Regulation (EU) 2023/1114 — Official Journal
• ESMA — Crypto-assets policy hub
• European Banking Authority — MiCA technical standards
• ACPR — Crypto-asset service provider register
• BaFin — Krypto und MiCA
• CONSOB — Crypto-Assets Hub
• Central Bank of Ireland — MiCA Hub
• BIS Working Paper 905 — Stablecoins: risks, potential, and regulation
• BIS Working Paper 1146 — On par: A money view of stablecoins
• BIS Working Paper 1164 — Public information and stablecoin runs
• ECB Occasional Paper 230 — In Search for Stability in Crypto-Assets
• ECB Occasional Paper 247 — Stablecoins: Implications for Monetary Policy
• IMF Fintech Note 2022/008 — Regulating the Crypto Ecosystem
• FSI Insights 49 — Crypto, tokens and DeFi: navigating the regulatory landscape
• FSB — High-level Recommendations for Global Stablecoin Arrangements
• Galaxy Digital — Stablecoin Market Report 2024
• European Commission — Digital Finance Package

About the author

DeFi Intel Research covers crypto market structure, MEV, tokenisation, and global crypto regulation. The team includes former bank-trading-floor engineers, securities lawyers, and protocol researchers, with on-chain and TradFi research published since 2021. For corrections or research collaboration, contact us via the about page.

Last updated: 2026-04-26