Written by Javier Yáñez López
Legal & Regulatory at Metlabs · Reviewed on October 11, 2026
MiCA distinguishes asset-referenced tokens (ARTs), e-money tokens (EMTs) and other crypto-assets within its scope. Obligations depend on the category and activity. An issuer, an offeror and a crypto-asset service provider (CASP) are not necessarily the same entity.
CASP authorization relates to services such as custody, exchange or order execution. It is not a universal license for every issuer. Titles II, III and IV establish different regimes for other offers, ARTs and EMTs, with specific conditions and exemptions. Publishing a white paper does not always mean obtaining supervisory approval.
ART and EMT provisions apply from 30 June 2024 and the general regime from 30 December 2024. Article 143 allowed national transitional arrangements for previously active providers, at most until 1 July 2026 or authorization being granted or refused, whichever came first. Member states could shorten this period. Tokenizing shares, bonds or fund units does not automatically bring them under MiCA.
Also known as
- MiCAR
