Glossary
MiCA
The EU regulation that created a single authorisation regime for crypto-asset service providers and rules for asset-referenced and e-money tokens.
MiCA replaced a patchwork of national registration regimes with one authorisation and one rulebook. It covers service providers, issuers of asset-referenced tokens and issuers of e-money tokens, with governance, prudential, conduct and disclosure requirements attached to each.
Transitional arrangements let existing national registrations continue for a period. Those have now lapsed, so operating without authorisation is a breach of EU law rather than merely an unlicensed position.
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