What is MiCA? The EU's crypto rulebook in plain English
By SendPay Business · · 2 min read
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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.
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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 launch.
How it works
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- 2Choose what it does
- 3Launch when you are ready
Why sign up
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.
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
Spotted a mistake or something out of date? and we'll fix it. How our guides are made
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. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.