> ## Documentation Index
> Fetch the complete documentation index at: https://docs.fizen.io/llms.txt
> Use this file to discover all available pages before exploring further.

# MiCA (European Union)

> An overview of the EU Markets in Crypto-Assets Regulation and how it relates to tokenized securities.

**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.

## What this means for tokenized securities

> [!NOTE]
>
> 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](https://docs.fizen.io/help-center/fizen-us-stocks/mifid.md) instead. See section 12 of the [Tokenized Securities Terms](https://docs.fizen.io/tokenized-rwa.md).


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