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European Union
Markets in Crypto-Assets Regulation (MiCA) — EMT/ART regime
EnforcedRegulator(s): European Banking Authority (EBA), ESMA, National Competent AuthoritiesNext review: 2026-08-08
E-money tokens (single fiat peg) and asset-referenced tokens offered in the EEA; issuers must be authorised credit or e-money institutions.
EMT/ART provisions applicable since 30 Jun 2024; full CASP regime since 30 Dec 2024; transitional (grandfathering) period ended 1 Jul 2026. ~17 EMT issuers authorised; zero ARTs. Non-compliant stablecoins (e.g., USDT) delisted from EEA regulated venues for retail.
📋 Key Requirements
| Reserves | Fully backed liquid reserves; ≥30% in credit-institution deposits (non-significant EMTs), ≥60% for significant tokens |
|---|---|
| Redemption | Redemption at par at any time, free of charge |
| Capital | Own-funds requirements (≥2% of average reserve assets for significant tokens); EMI/credit institution authorisation |
| Attestation | Whitepaper approval, ongoing disclosure, reserve reporting; EBA supervision for significant tokens |
| Licensing | Authorisation by NCA required to offer EMTs/ARTs in the EEA |
📅 Timeline & Upcoming Deadlines
- 2026-07-01
EU-wide transitional period ends; only MiCA-authorised stablecoins on EEA regulated markets
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