MiCA is the EU’s flagship initiative to address unsecured crypto-assets, stablecoins, trading systems and wallets that hold crypto-assets. The main objective of the regulation is to protect consumers from the risks associated with investing in crypto-assets and to prevent fraudulent schemes. It also establishes the liability of service providers for the loss of crypto-assets.

Furthermore, under the new obligations, cryptocurrency service providers will have to be authorised to operate in the EU and stablecoin issuers will have to create a liquidity cushion corresponding to the value of the tokens issued. The European Banking Authority (EBA) will oversee compliance with these rules and will maintain a public register of non-compliant providers.

The issuance of asset-referenced tokens based on non-European currencies as a form of payment will be restricted and issuers must be established in the EU to protect monetary sovereignty. Participants in the crypto-asset market will, among other things, have to report on their environmental impact.

Finally, it should be noted, that MiCA does not apply to crypto-assets that are already regulated by existing EU frameworks and to non-fungible tokens (NFTs), such as digital assets representing art, music and videos, unless they fall into existing categories of crypto-assets.

Categories of crypto-assets

• Utility tokens: are used to digitally access a specific good or a service and are only accepted by the issuer of the token. These crypto-assets have non-financial purposes.
• Asset-referenced tokens: aim to maintain a stable value by pegging to several currencies, commodities, crypto-assets or a basket of such assets. These crypto-assets are often used as a means of payment and as a store of value.
• E-money-tokens: are primarily intended as a means of payment and they stabilize their value by being pegged to only one fiat currency. These crypto-assets act as an electronic substitute for coins and banknotes and are used to make payments.

How can we help you?

Not sure how to prepare for the obligations that the MiCA legislation brings? Contact us! Deloitte experts are ready to help you implement new solutions and put in place the processes needed to comply with MiCA regulations. From GAP analysis to risk minimization to actual implementation, we offer comprehensive, holistic services that can benefit your organization.

Regulatory technical standards

As part of its Work Programme 2023, the EBA has issued a preliminary list of regulatory technical standards it will work on this year. The list includes only those delegated regulations that were due to be issued by Q3 2023:

RTS white paper (consultation paper (CP))

RTS on information to be submitted in an application for authorisation to issue ARTs (CP)

ITS on information to be submitted in an application for authorisation to issue ARTs (CP)

GL suitability members of the management body and qualifying holdings (issuers of ARTs) (CP)

RTS on use of ARTs as a means of payment (CP)

RTS complaints handling (CP)

RTS conflicts of interest (CP)

RTS governance arrangements (CP)

RTS own funds (CP)

RTS liquidity (reserve assets ARTs) (CP)

RTS highly liquid financial instruments (CP)

RTS acquisitions of QHs (CP)

RTS supplemental requirements for issuers of significant ARTs (CP)

GL stress testing (CP)

GL recovery/redemption plans (CP)

GL classification of crypto-assets (joint ESA mandate) (CP)

RTS supervisory colleges (CP)