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MiCA (the Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114) is the European Union’s first comprehensive set of rules for digital assets, stablecoins and crypto-related services. It was adopted in 2023, began to apply in stages from mid-2024, and has applied in full to crypto-asset issuers and service providers in the EU since the end of 2024. MiCA sets clear requirements for:
  • licensing of crypto-asset issuers and crypto-asset service providers (CASPs);
  • transparency about the backing assets, how tokens work and their risks;
  • risk management, consumer protection and market surveillance.

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What this means for tokenized securities

MiCA does not cover crypto-assets that qualify as financial instruments. Where a tokenized security is a “financial instrument” under MiFID II, it falls outside MiCA (Article 2(4)) and is governed by MiFID II instead. See section 12 of the Tokenized Securities Terms.