What is MiCA? The EU's crypto rulebook in plain English
By SendPay Business · · 2 min read
MiCA, short for the Markets in Crypto-Assets Regulation, is the European Union's single set of rules for crypto. Before it, each EU country had its own approach. Now firms that offer crypto services in the EU follow one rulebook and can be authorised in one country to serve customers across the others.
Who it covers
MiCA covers crypto-asset service providers, such as exchanges, brokers, custodians and wallet providers, and firms that issue crypto tokens to the public, including stablecoins. It does not cover crypto that already counts as a traditional financial instrument, which falls under existing securities rules.
When it started
The rules for stablecoins applied from 30 June 2024, and the rest of MiCA applied from 30 December 2024. Some EU countries allowed firms already operating there a transition period before they needed full MiCA authorisation.
What crypto firms must do
- Get authorised by a national regulator in an EU country.
- Keep customers' crypto separate from the firm's own assets.
- Publish clear information and a whitepaper for tokens offered to the public.
- Follow rules on complaints, conflicts of interest and market abuse.
Stablecoins under MiCA
Issuers of stablecoins tied to a single currency, called e-money tokens, and stablecoins tied to a basket of assets must hold reserves and meet capital and disclosure rules. This is one of the strictest parts of MiCA.
Where SendPay fits
A SendPay Crypto Exchange platform lets your customers buy, sell and hold crypto in your own branded app, with assets held with regulated partners and a trading fee you set. Whether you need MiCA authorisation depends on where and how you operate, and SendPay tells you in writing what applies before you pay.
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
What is a crypto whitepaper?
The disclosure document MiCA requires for many tokens.
Crypto whitepapers →What is the crypto travel rule?
Rules on sharing sender and receiver details for crypto transfers.
The travel rule →Can I launch my own crypto exchange?
Yes, a branded app where customers buy, sell and hold crypto.
Crypto exchange platform →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.