MiCA
Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114)
Track and compare consolidated, line-by-line redline amendments to Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114) across Original Enactment and European single access point amendments. Includes legal guidance, delegated acts, RTS/ITS standards, and related regulatory resources.
Table of contents & provision redlines
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TITLE I
SUBJECT MATTER, SCOPE AND DEFINITIONS
TITLE II
CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
- Article 4Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens
- Article 5Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
- Article 6Content and form of the crypto-asset white paper
- Article 7Marketing communications
- Article 8Notification of the crypto-asset white paper and of the marketing communications
- Article 9Publication of the crypto-asset white paper and of the marketing communications
- Article 10Result of the offer to the public and safeguarding arrangements
- Article 11Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
- Article 12Modification of published crypto-asset white papers and of published marketing communications
- Article 13Right of withdrawal
- Article 14Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
- Article 15Liability for the information given in a crypto-asset white paper
TITLE III / CHAPTER 1
ASSET-REFERENCED TOKENS — Powers of competent authorities and cooperation between competent authorities, EBA and ESMA
- Article 16Authorisation
- Article 17Requirements for credit institutions
- Article 18Application for authorisation
- Article 19Content and form of the crypto-asset white paper for asset-referenced tokens
- Article 20Assessment of the application for authorisation
- Article 21Grant or refusal of the authorisation
- Article 22Reporting on asset-referenced tokens
- Article 23Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange
- Article 24Withdrawal of the authorisation
- Article 25Modification of published crypto-asset white papers for asset-referenced tokens
- Article 26Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper
TITLE III / CHAPTER 2
ASSET-REFERENCED TOKENS — ESMA register
- Article 27Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokens
- Article 28Publication of the crypto-asset white paper
- Article 29Marketing communications
- Article 30Ongoing information to holders of asset-referenced tokens
- Article 31Complaints-handling procedures
- Article 32Identification, prevention, management and disclosure of conflicts of interest
- Article 33Notification of changes to management body
- Article 34Governance arrangements
- Article 35Own funds requirements
TITLE III / CHAPTER 3
ASSET-REFERENCED TOKENS — Administrative penalties and other administrative measures by competent authorities
TITLE III / CHAPTER 4
ASSET-REFERENCED TOKENS — Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors
TITLE III / CHAPTER 5
ASSET-REFERENCED TOKENS — EBA’s powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
TITLE III / CHAPTER 6
ASSET-REFERENCED TOKENS — Recovery and redemption plans
TITLE IV / CHAPTER 1
E-MONEY TOKENS — Powers of competent authorities and cooperation between competent authorities, EBA and ESMA
- Article 48Requirements for the offer to the public or admission to trading of e-money tokens
- Article 49Issuance and redeemability of e-money tokens
- Article 50Prohibition of granting interest
- Article 51Content and form of the crypto-asset white paper for e-money tokens
- Article 52Liability of issuers of e-money tokens for the information given in a crypto-asset white paper
- Article 53Marketing communications
- Article 54Investment of funds received in exchange for e-money tokens
- Article 55Recovery and redemption plans
TITLE IV / CHAPTER 2
E-MONEY TOKENS — ESMA register
TITLE V / CHAPTER 1
AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS — Powers of competent authorities and cooperation between competent authorities, EBA and ESMA
- Article 59Authorisation
- Article 60Provision of crypto-asset services by certain financial entities
- Article 61Provision of crypto-asset services at the exclusive initiative of the client
- Article 62Application for authorisation as a crypto-asset service provider
- Article 63Assessment of the application for authorisation and grant or refusal of authorisation
- Article 64Withdrawal of authorisation of a crypto-asset service provider
- Article 65Cross-border provision of crypto-asset services
TITLE V / CHAPTER 2
AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS — ESMA register
- Article 66Obligation to act honestly, fairly and professionally in the best interests of clients
- Article 67Prudential requirements
- Article 68Governance arrangements
- Article 69Information to competent authorities
- Article 70Safekeeping of clients' crypto-assets and funds
- Article 71Complaints-handling procedures
- Article 72Identification, prevention, management and disclosure of conflicts of interest
- Article 73Outsourcing
- Article 74Orderly wind-down of crypto-asset service providers
TITLE V / CHAPTER 3
AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS — Administrative penalties and other administrative measures by competent authorities
- Article 75Providing custody and administration of crypto-assets on behalf of clients
- Article 76Operation of a trading platform for crypto-assets
- Article 77Exchange of crypto-assets for funds or other crypto-assets
- Article 78Execution of orders for crypto-assets on behalf of clients
- Article 79Placing of crypto-assets
- Article 80Reception and transmission of orders for crypto-assets on behalf of clients
- Article 81Providing advice on crypto-assets and providing portfolio management of crypto-assets
- Article 82Providing transfer services for crypto-assets on behalf of clients
TITLE V / CHAPTER 4
AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS — Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors
TITLE V / CHAPTER 5
AUTHORISATION AND OPERATING CONDITIONS FOR CRYPTO-ASSET SERVICE PROVIDERS — EBA’s powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
TITLE VI
PREVENTION AND PROHIBITION OF MARKET ABUSE INVOLVING CRYPTO-ASSETS
- Article 86Scope of the rules on market abuse
- Article 87Inside information
- Article 88Public disclosure of inside information
- Article 89Prohibition of insider dealing
- Article 90Prohibition of unlawful disclosure of inside information
- Article 91Prohibition of market manipulation
- Article 92Prevention and detection of market abuse
TITLE VII / CHAPTER 1
COMPETENT AUTHORITIES, EBA AND ESMA — Powers of competent authorities and cooperation between competent authorities, EBA and ESMA
- Article 93Competent authorities
- Article 94Powers of competent authorities
- Article 95Cooperation between competent authorities
- Article 96Cooperation with EBA and ESMA
- Article 97Promotion of convergence on the classification of crypto-assets
- Article 98Cooperation with other authorities
- Article 99Duty of notification
- Article 100Professional secrecy
- Article 101Data protection
- Article 102Precautionary measures
- Article 103ESMA temporary intervention powers
- Article 104EBA temporary intervention powers
- Article 105Product intervention by competent authorities
- Article 106Coordination with ESMA or EBA
- Article 107Cooperation with third countries
- Article 108Complaints-handling by competent authorities
TITLE VII / CHAPTER 2
COMPETENT AUTHORITIES, EBA AND ESMA — ESMA register
TITLE VII / CHAPTER 3
COMPETENT AUTHORITIES, EBA AND ESMA — Administrative penalties and other administrative measures by competent authorities
- Article 111Administrative penalties and other administrative measures
- Article 112Exercise of supervisory powers and powers to impose penalties
- Article 113Right of appeal
- Article 114Publication of decisions
- Article 115Reporting of administrative penalties and other administrative measures to ESMA and EBA
- Article 116Reporting of infringements and protection of reporting persons
TITLE VII / CHAPTER 4
COMPETENT AUTHORITIES, EBA AND ESMA — Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and significant e-money tokens and colleges of supervisors
- Article 117Supervisory responsibilities of EBA with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
- Article 118EBA crypto-asset committee
- Article 119Colleges for issuers of significant asset-referenced tokens and significant e-money tokens
- Article 120Non-binding opinions of the colleges for issuers of significant asset-referenced tokens and significant e-money tokens
TITLE VII / CHAPTER 5
COMPETENT AUTHORITIES, EBA AND ESMA — EBA’s powers and competences with respect to issuers of significant asset-referenced tokens and issuers of significant e-money tokens
- Article 121Legal privilege
- Article 122Request for information
- Article 123General investigative powers
- Article 124On-site inspections
- Article 125Exchange of information
- Article 126Administrative agreements on the exchange of information between EBA and third countries
- Article 127Disclosure of information from third countries
- Article 128Cooperation with other authorities
- Article 129Professional secrecy
- Article 130Supervisory measures by EBA
- Article 131Fines
- Article 132Periodic penalty payments
- Article 133Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
- Article 134Procedural rules for taking supervisory measures and imposing fines
- Article 135Hearing of the persons concerned
- Article 136Review by the Court of Justice
- Article 137Supervisory fees
- Article 138Delegation of tasks by EBA to competent authorities
TITLE VIII
DELEGATED ACTS
TITLE IX
TRANSITIONAL AND FINAL PROVISIONS
- Article 140Reports on the application of this Regulation
- Article 141ESMA annual report on market developments
- Article 142Report on latest developments in crypto-assets
- Article 143Transitional measures
- Article 144Amendment to Regulation (EU) No 1093/2010
- Article 145Amendment to Regulation (EU) No 1095/2010
- Article 146Amendment to Directive 2013/36/EU
- Article 147Amendment to Directive (EU) 2019/1937
- Article 148Transposition of amendments to Directives 2013/36/EU and (EU) 2019/1937
- Article 149Entry into force and application
ANNEXES
Annexes
- Article IDISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR CRYPTO-ASSETS OTHER THAN ASSET-REFERENCED TOKENS OR E-MONEY TOKENS
- Article IIDISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN ASSET-REFERENCED TOKEN
- Article IIIDISCLOSURE ITEMS FOR THE CRYPTO-ASSET WHITE PAPER FOR AN E-MONEY TOKEN
- Article IVMINIMUM CAPITAL REQUIREMENTS FOR CRYPTO-ASSET SERVICE PROVIDERS
- Article VLIST OF INFRINGEMENTS REFERRED TO IN TITLES III AND VI FOR ISSUERS OF SIGNIFICANT ASSET-REFERENCED TOKENS
- Article VILIST OF INFRINGEMENTS OF PROVISIONS REFERRED TO IN TITLE IV IN CONJUNCTION WITH TITLE III FOR ISSUERS OF SIGNIFICANT E-MONEY TOKENS
Secondary legislation & regulatory guidance
Level 2 delegated acts, Regulatory Technical Standards (RTS), Implementing Technical Standards (ITS), and ESA (ESMA, EBA, AMLA, etc.) guidelines.
Level 2 measures
Level 2 delegated regulations & technical standards (RTS/ITS)
Searchable hub containing all 37 Level 2 Delegated Regulations, Implementing Acts, RTS, and ITS measures.
Explore Level 2 hub (37 measures) →Level 3 guidance
Level 3 ESA guidelines, Q&As & opinions
Supervisory guidance, Q&A releases, and opinions issued by ESMA, EBA, and European Supervisory Authorities.
Explore Level 3 hub (18 guidance documents) →Version history & timeline
Chronological consolidated versions available for side-by-side redline comparison.
2023
Original Enactment
2024-01-09