MiCA Regulation : Discover Who Is Affected and Who Is Exempt from Its Rules
- BECTRA
- Feb 8
- 2 min read
🔹 Who Is Affected by MiCA ?
The MiCA Regulation (Markets in Crypto-Assets) applies to various players in the crypto-asset ecosystem in Europe. Here are the main categories affected :
1. Entities Subject to the MiCA Regulation
Crypto-Asset Issuers: These are entities that create and offer crypto-assets to the public or list them on trading platforms.
Crypto-Asset Service Providers (CASPs): This includes crypto-asset trading platforms, digital wallet providers, and other services related to the management of digital assets.
Users and Investors: Any individual or legal entity in Europe that holds, uses, or invests in crypto-assets.
🔎 Example:Trading platforms such as Binance, Coinhouse, or Coinbase, which facilitate the buying and selling of crypto-assets, are directly affected by the obligations under the MiCA regulation.
2. Who Is Exempt from MiCA's Scope?
Despite its broad scope, MiCA provides exceptions for certain entities and specific situations:
Intragroup Relations: Activities conducted exclusively between entities within the same corporate group are not subject to MiCA.
Insolvency Procedures: Liquidators and judicial administrators involved in bankruptcy cases are exempt from applying MiCA, as their role is to manage assets administratively.
Public Institutions: National central banks, the European Central Bank (ECB), and other public entities are not subject to this regulation.
International Organizations: Institutions such as the European Investment Bank (EIB) are also excluded from MiCA's scope.
🔎 Example:When a company is declared insolvent and holds crypto-assets, the liquidator responsible for managing these assets is not required to comply with MiCA regulations.
3. Products Excluded from MiCA
Certain financial or digital products, already covered by other European regulations, do not fall under MiCA:
Financial Instruments (MiFID II Directive): This includes shares, bonds, or other tokenized financial securities, i.e., converted into digital tokens on a blockchain.
Electronic Money (EMD2 Directive): Services such as PayPal or Lydia fall under the electronic money directive.
Special Case: The JPM Coin, issued by JPMorgan Chase and pegged to the US dollar, is considered electronic money and not a crypto-asset under MiCA. The key difference is that electronic money is issued in a centralized manner by a single licensed issuer, while an EMT (e-money token) is a native blockchain token that may not comply with EMD2 requirements.
Non-Fungible Tokens (NFTs): NFTs (Non-Fungible Tokens) representing unique assets, such as digital artworks, are also excluded from MiCA.
🔎 Example:An NFT representing a unique digital artwork on the OpenSea platform is considered a non-fungible digital asset and is therefore not subject to MiCA regulations.
📊 Summary: Why Is MiCA Important ?
MiCA aims to harmonize crypto-asset regulation within the European Union, enhancing investor protection and financial stability. By clearly identifying the affected actors and products, it helps create a more transparent and secure regulatory framework for the development of digital markets in Europe.
#CryptoRegulation #MiCA2025 #CryptoCompliance #BlockchainEU #CryptoAssets #CryptoRegulation #FintechEurope #CryptoInvestment #CryptoSecurity #DigitalInnovation
Comments