Regulation · Regime · European Union · Primary legislation

Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114

The EU's crypto-asset regulation, in force since June 2023. Its rules for stablecoins, covering asset-referenced tokens and e-money tokens, have applied since 30 June 2024, and the remainder, including crypto-asset service providers, since 30 December 2024. A single-currency fiat stablecoin offered in the EU must be an e-money token issued by an authorised credit institution or e-money institution, which must publish a white paper, hold reserves and redeem at par.

In force · effective 30 Jun 2024

Key points

Only an issuer authorised as a credit institution or electronic money institution, which has notified and published a crypto-asset white paper, may offer an e-money token to the public or seek its admission to trading in the EU.^[1]
E-money tokens must be issued at par on receipt of funds, and holders can redeem them at any time at par, without a fee.^[2]
Crypto-asset services in the EU may only be provided by authorised crypto-asset service providers or by already-regulated financial entities such as banks, CSDs, investment firms and e-money institutions that notify their supervisor.^[3]
Firms already providing crypto-asset services under national law before 30 December 2024 could continue until 1 July 2026 at the latest, or until granted or refused MiCA authorisation.^[4]

What it covers

Stablecoin Primary issuance Payments Secondary trading

Timeline

29 Jun 2023 · In force
MiCA enters into force.^[5]
30 Jun 2024 · In force
Rules on asset-referenced and e-money tokens apply.^[5]
30 Dec 2024 · In force
MiCA applies in full, including crypto-asset service providers; ESMA's interim register starts.^[4]
20 May 2026 · Consultation
Commission opens its consultation on the review of MiCA (closed 31 August 2026).^[6]
1 Jul 2026 · Transition ends
Latest end of the transitional period for pre-existing crypto-asset service providers.^[4]
30 Jun 2027 · Amended · upcoming
Commission's full report on the application of MiCA due, possibly with a legislative proposal.^[7]

Instruments

ESMA list of MiCA grandfathering periods (Article 143(3))Guidance · Expired
Commission Implementing Regulation (EU) 2024/2984 on MiCA white paper forms and formatsTechnical standard (RTS/ITS) · In force
European Commission consultation on the review of MiCA (2026)Consultation paper · Consultation closed
Commission Delegated Regulation (EU) 2025/1264: RTS on liquidity management policy for ART and EMT issuersTechnical standard (RTS/ITS) · In force

Permissions granted under it

MiCA e-money token issuers notified on ESMA's interim register (selected holders)Monerium, Circle, Societe Generale-FORGE, ODDO BHF, CACEIS, Schuman Financial, AllUnity, Banking Circle, Bridge, Quantoz, Paxos, StablR, Stable Mint

Deployments operating under it

Deployment	Status	Assets	Use cases	Last reviewed
Circle EURC euro stablecoinUpdated 8 Nov 2026 Circle Mint	Live (scaled)	Stablecoin	Primary issuance Cross-border payments	Reviewed 13d ago
Circle USD Coin (USDC)Updated 7 Nov 2026 Circle Mint	Live (scaled)	Stablecoin	Primary issuance Cross-border payments	Reviewed 13d ago
Global Dollar (USDG)Updated 7 Nov 2026 Paxos tokenisation platform	Live (scaled)	Stablecoin	Primary issuance Cross-border payments	Reviewed 13d ago
AllUnity CHFAU Swiss franc stablecoinNew AllUnity	Live (limited)	Stablecoin	Primary issuance Cross-border payments Treasury management	Reviewed 21d ago
AllUnity EURAU euro stablecoinUpdated 7 Nov 2026 AllUnity	Live (limited)	Stablecoin	Primary issuance	Reviewed 25d ago
Banking Circle EURI euro stablecoinUpdated 7 Nov 2026 Fireblocks	Live (limited)	Stablecoin	Primary issuance Payments	Reviewed 25d ago
CACEIS EURXT euro stablecoinNew CACEIS	Live (limited)	Stablecoin	Primary issuance Fund subscription and redemption	Reviewed 21d ago
Monerium EURe euro e-money tokenNew Monerium	Live (limited)	Stablecoin	Primary issuance Payments	Reviewed 25d ago
ODDO BHF EUROD euro stablecoinNew Fireblocks	Live (limited)	Stablecoin	Primary issuance Payments	Reviewed 17d ago
Quantoz EURQ euro stablecoinNew Quantoz	Live (limited)	Stablecoin	Primary issuance Payments	Reviewed 25d ago
Quantoz USDQ dollar stablecoinNew Quantoz	Live (limited)	Stablecoin	Primary issuance Payments	Reviewed 25d ago
Revolut Euro (EURR) stablecoinNew Bridge	Live (limited)	Stablecoin	Primary issuance Payments	Reviewed 21d ago
Schuman Financial EURØP euro stablecoinNew Schuman Financial	Live (limited)	Stablecoin	Primary issuance Payments	Reviewed 25d ago
SG-FORGE EUR CoinVertible (EURCV)Updated 7 Nov 2026 SG-FORGE CoinVertible	Live (limited)	Stablecoin	Primary issuance	Reviewed 25d ago
SG-FORGE USD CoinVertible (USDCV)Updated 7 Nov 2026 SG-FORGE CoinVertible	Live (limited)	Stablecoin	Primary issuance	Reviewed 25d ago
Stable Mint USDSM and EURSM stablecoinsNew Stable Mint	Live (limited)	Stablecoin	Primary issuance Payments	Reviewed 22d ago
AllUnity SEKAU Swedish krona stablecoinNew AllUnity	Pilot	Stablecoin	Primary issuance Cross-border payments Treasury management	Reviewed 17d ago
Qivalis bank-consortium euro stablecoinNew Qivalis	Announced	Stablecoin	Payments Treasury management Delivery versus payment (DvP)Programmable payments	Reviewed 13d ago
StablR EURR and USDR stablecoinsNew StablR	Paused	Stablecoin	Primary issuance Payments	Reviewed 17d ago

Likely relevant to

Deployment	Status	Assets	Use cases	Last reviewed
ClearBank Digital Asset RailsNew ClearBank	Live (limited)	Stablecoin	Cross-border payments	Reviewed today
KlarnaUSD stablecoin on Tempo Bridge stablecoin issuance	Proof of concept	Stablecoin	Primary issuance	Reviewed 25d ago

Sources

[1]Art. 48 Requirements for the offer to the public or admission to trading of e-money tokens — Springlex. Accessed 13 Oct 2026. Unofficial reproduction of the Official Journal text; EUR-Lex did not render for the fetcher..B
[2]Art. 49 Issuance and redeemability of e-money tokens — Springlex. Accessed 13 Oct 2026. Unofficial reproduction of the Official Journal text..B
[3]Art. 59 Authorisation — Springlex. Accessed 13 Oct 2026. Unofficial reproduction of the Official Journal text..B
[4]Markets in Crypto-Assets Regulation (MiCA) — ESMA. Accessed 11 Oct 2026.A
[5]The EBA consults on Guidelines on redemption plans under the Markets in Crypto-Assets Regulation — European Banking Authority, 8 Mar 2024. Accessed 13 Oct 2026.A
[6]Commission issues public consultation on the review of MiCA — Regulation Tomorrow (Norton Rose Fulbright), May 2026. Accessed 12 Oct 2026.B
[7]Art. 140 Reports on the application of this Regulation — Springlex. Accessed 13 Oct 2026. Unofficial reproduction of the Official Journal text..B
[8]Regulation (EU) 2023/1114 on markets in crypto-assets — EUR-Lex (Publications Office of the EU), 9 Jun 2023. Accessed 11 Oct 2026.A
[9]Circle is First Global Stablecoin Issuer to Comply with MiCA, EU's Landmark Crypto Law — Circle, 1 Jul 2024. Accessed 11 Oct 2026.B
[10]Interim MiCA register - white papers for e-money tokens (EMTWP) — ESMA. Accessed 13 Oct 2026. 50 white-paper entries as of 13 October 2026, from e-money institutions and credit institutions across the EU and EEA..A