Token categories, CASP authorisation, white papers, and the timeline. What issuers and crypto service providers in the EU need to do.
What is MiCAR?
MiCAR is the Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114. It is the EU's first comprehensive, harmonised rulebook for crypto-assets that are not already covered by existing financial law. As a regulation it applies directly across all Member States, replacing the patchwork of national crypto regimes with a single passportable framework.
The timeline
- 29 June 2023: entered into force
- 30 June 2024: rules for asset-referenced tokens (ARTs) and e-money tokens (EMTs) became applicable
- 30 December 2024: full regime applicable, including CASP authorisation and market-abuse rules
- 1 July 2026: end of the national grandfathering window for firms already operating before full application (subject to each Member State's transitional choice)
The three token categories (this drives everything)
MiCAR classifies crypto-assets into three buckets, and your obligations follow the bucket:
Asset-referenced tokens (ARTs)
Tokens that reference several currencies, commodities, or crypto-assets to keep a stable value. The strictest issuer regime.
E-money tokens (EMTs)
Tokens that reference a single official currency (a euro or dollar stablecoin). Issuers must be a credit institution or e-money institution.
Other crypto-assets
Everything else in scope (for example utility tokens). Lighter issuance rules, mostly a white-paper obligation.
Who is in scope
- Issuers and offerors of ARTs, EMTs, and other crypto-assets
- Crypto-asset service providers (CASPs): exchanges, custodians, brokers, portfolio managers, advisers, placement and transfer services
If your organisation neither issues crypto-assets nor provides crypto-asset services, MiCAR does not apply to you.
Key obligations
- CASP authorisation (Article 59): you must be authorised by a national competent authority (in Germany, BaFin) before providing services
- White paper (Articles 6, 51): publish a compliant, non-misleading crypto-asset white paper for public offers and admissions to trading
- Prudential and governance (Article 67): own-funds requirements, sound governance, and fit-and-proper management
- Safeguarding client assets (Article 70): segregate and protect clients' crypto-assets and funds
- Market abuse (Title VI): prevent and detect insider dealing and market manipulation in crypto-assets
How MiCAR interacts with DORA
CASPs are financial entities under DORA, so the same firm typically carries MiCAR conduct obligations and DORA ICT-resilience obligations at the same time. Plan the two together rather than as separate projects.
What to do next
- Classify your activity: token issuer (which category?) or CASP (which services?)
- If offering tokens, prepare and notify a compliant white paper
- If providing services, apply for CASP authorisation before your grandfathering window closes
- Stand up custody segregation, market-abuse monitoring, and your DORA ICT framework in parallel
- Use the classifier tool for a first read, then confirm with qualified counsel
This lesson is educational, not legal advice. Confirm with qualified counsel before relying on any classification for compliance purposes.