What MiCA is, and how to read the register
The Markets in Crypto-Assets Regulation — Regulation (EU) 2023/1114, "MiCA" — is the single rulebook for crypto-asset businesses in the European Union and the wider European Economic Area. This is the short version of what it does, who it touches, and what the register on this site actually tells you.
Why it exists
Before MiCA, every EU country had its own rules for crypto companies, or none. Most had a light "registration" for anti-money-laundering purposes, which many providers advertised as if it were a licence. MiCA replaced that patchwork with one authorisation, one set of conduct rules and one register — and made it illegal to offer crypto-asset services in the EEA without appearing in it.
The timeline
- 30 June 2024 — the stablecoin chapters (Titles III and IV) apply. Issuing an e-money token or asset-referenced token needs authorisation.
- 30 December 2024 — everything else applies: crypto-asset service providers need authorisation; white papers must be notified; ESMA opens the register.
- Transitional period — companies already operating under a national regime could continue for up to 18 months (until 1 July 2026 at the latest), but most countries chose shorter windows. The transition is over; a provider not in the register is not authorised.
Who needs an authorisation
Anyone who offers one of the ten crypto-asset services to clients in the EEA as a business: exchanges, brokers, wallet custodians, payment-style transfer services, crypto advisers and portfolio managers. There are two routes into the register:
- Article 59 — a company applies to its national regulator and, if approved, becomes a crypto-asset service provider (CASP). This is the route for crypto-native firms.
- Article 60 — a bank, investment firm, e-money institution or similar already-regulated entity notifies its regulator that it will provide crypto services. It appears in the same register, under its legal name (which is why you find large banks in the list).
Pure decentralised protocols with no intermediary, and companies serving only non-EEA clients, are outside the scope.
What it takes to get a licence
The file goes to the competent authority of the home Member State (Article 62): the services the applicant intends to offer and how it will market them, its governance, proof that its managers and qualifying shareholders are fit and proper, its ICT systems and security, how it segregates client crypto-assets and funds, and how it handles complaints. The company must also have real substance in the Union — a registered office in a Member State where it carries out part of its services, effective management in the EU, and at least one EU-resident director (Article 59(2)).
The regulation sets the clock: receipt acknowledged in 5 working days, completeness checked within 25 working days, and a fully reasoned decision to grant or refuse within 40 working days of a complete file, notified within another 5 (Article 63). Once authorised, passporting into other countries takes a notification and 15 calendar days (Article 65).
| Class | Minimum capital | Services covered |
|---|---|---|
| Class 1 | EUR 50,000 | Brokerage-style services: executing orders, placing crypto-assets, transfers, receiving and transmitting orders, advice and portfolio management. |
| Class 2 | EUR 125,000 | Everything in class 1 plus holding client assets or trading against them: custody and administration, exchange for funds, exchange for other crypto-assets. |
| Class 3 | EUR 150,000 | Everything in class 2 plus operating a trading platform for crypto-assets. |
Annex IV to MiCA. Under Article 67 a provider must hold the higher of that amount and one quarter of the previous year's fixed overheads. National supervisory fees come on top and differ from country to country — see the country pages for who to ask.
Passporting
An authorisation from one Member State is valid across the EEA. To serve clients in another country, the provider notifies its home regulator, which informs the host regulator; after 15 days it can operate there. The register records, per service, which countries a provider has notified — that is the country list you see on each provider page. A provider serving a country it has not notified is in breach.
What the register is
Articles 109 and 110 require ESMA to publish a register of white papers, of authorised issuers and CASPs, and of entities found to be operating without authorisation. The regulators feed it; ESMA publishes it as a set of CSV files, the "interim MiCA register". As of our last sync it holds 365 authorised CASPs, 25 stablecoin issuers, 972 white papers and 170 non-compliant entities.
How to verify a provider yourself
- Find the legal name of the company in its terms of service — not the brand. "Binance", for instance, is a group of dozens of entities; only specific ones are authorised.
- Look it up in the register — here, or in ESMA's CSV. Match the legal name or the LEI, and the country.
- Check the declared website against the one you are using. A licence covers the domains the company declared; a look-alike domain is a classic fraud pattern.
- Check the services. A licence for custody and exchange does not cover managed portfolios or advice.
- Check the countries. If your country is not among those notified, the provider is not supposed to be serving you.
What the register does not tell you
That a provider is solvent, that its fees are fair, that its custody is secure, or that its tokens are good investments. Authorisation means the company met organisational, capital and conduct requirements and is supervised; it is a floor, not a recommendation. Crypto-assets remain unprotected by deposit guarantee schemes, and MiCA says so in the mandatory risk warnings.
Where the official texts are
- Regulation (EU) 2023/1114 on EUR-Lex
- ESMA's MiCA page and interim register
Updated 26 August 2026. This guide is general information, not legal advice.