Everything you need to know about MiCA in 2025

The MiCA regulation (Markets in Crypto-Assets Regulation) is the first unified law in the EU that governs the cryptocurrency market. It was adopted in June 2023 and is being implemented in stages. Its goal is to make the market more transparent, secure, and predictable for both investors and companies working with digital assets.
 

MiCA regulates the issuance and circulation of crypto assets such as stablecoins, utility tokens, and other digital assets. It also sets requirements for service providers — crypto exchanges, wallets, custodians, and similar platforms.

Where MiCA Applies

The regulation applies to all 27 EU member states. If a crypto company wants to work with EU customers, it must comply with MiCA — even if it is registered outside Europe.
 

This means exchanges, wallets, and token issuers have already begun adapting their platforms and terms of service to meet the new requirements.

Timeline and Implementation Stages

MiCA is being implemented in phases:

As of June 30, 2024, rules for stablecoin issuers (ART and EMT) came into effect. Issuing such assets now requires authorization from a regulator — either a national financial authority or the European Banking Authority (EBA).
 

Starting December 30, 2024, the countdown began for rules targeting crypto asset service providers (CASPs) — exchanges, wallets, custodians, trading platforms, and others. These entities will need to obtain a license, meet capital requirements, follow cybersecurity standards, protect users, and prevent market manipulation.
 

Some EU countries may implement transitional arrangements until mid-2026, but not beyond. As of March 2025, stablecoins are already regulated, while crypto platforms are preparing for full MiCA compliance by December 2025.

What Changes for Users

If you’re a crypto investor or simply hold assets on an exchange, MiCA will directly affect your experience. Here’s what changes:
 

More transparency: All token-issuing projects are now required to publish detailed documentation: the purpose of the token, associated risks, and who stands behind the project. This reduces the risk of scams and empty promises.
 

Protection of your funds: Platforms that store user funds (custodians) must follow strict security and storage rules. This reduces the chances of losing assets due to negligence or hacking.
 

Crackdown on shady projects: MiCA introduces restrictions on market manipulation, hidden advertising, and price pumping. Companies must undergo checks and be held accountable. This makes the market more predictable and less toxic.

Stablecoin Issues: The USDT Example

One of the most discussed impacts of MiCA is whether popular stablecoins like Tether (USDT) meet regulatory standards. While MiCA doesn’t ban USDT outright, its compliance status remains unclear to many in the market.
 

U.S.-based exchange Coinbase delisted USDT for EU users back in December 2024, citing a desire to preemptively comply with MiCA rules. Meanwhile, major platforms like Binance, OKX, and Crypto.com continue to support USDT trading, waiting for official guidance from European regulators.
 

Juan Ignacio Ibañez, a representative of the MiCA technical committee, stated that regulators haven’t confirmed or denied USDT’s compliance. Coinbase’s decision is seen as a precaution.
 

For now, USDT remains available on most EU exchanges, but the situation is uncertain. After December 30, 2024 — when full MiCA enforcement begins — a transitional period will start:

• In most EU countries, this will last from 6 to 18 months
• During this period, platforms can continue operating without full authorization but must apply and prepare for full compliance

 

Users should monitor their exchange’s actions closely: if you hold or trade USDT, restrictions or replacements may follow — possibly with MiCA-compliant stablecoins.

What Assets Fall Under MiCA

MiCA categorizes tokens into three main groups:

• Utility tokens — granting access to a product or service
• Asset-Referenced Tokens (ART) — backed by a basket of assets like currencies or gold
• E-Money Tokens (EMT) — digital equivalents of fiat currencies like the euro or dollar

 

Non-financial NFTs, decentralized DAOs, fully decentralized DeFi protocols, and Bitcoin are currently outside MiCA’s scope — but this may change in future revisions.

Conclusion

MiCA is a major step toward the legal and structured development of the crypto industry in Europe. For users, it means more rights and protections — but also more regulations. It’s essential to start understanding the new rules now to avoid losing access to services or facing account restrictions in the future.