The European Union’s Markets in Crypto-Assets Regulation (MiCAR) is now a central pillar of the global conversation on crypto regulation. It creates a single, harmonised framework for crypto-assets across the EU, covering utility tokens, asset-referenced tokens (ARTs), e-money tokens (EMTs) and the services provided around them.

For lawyers, regulators, banks, fintechs and crypto-asset service providers (CASPs), MiCAR changes the rules of the game. It brings crypto-assets closer to the standards that already apply in traditional financial markets, especially in areas like disclosure, authorisation, governance and market abuse.

From fragmented rules to a single EU framework

Before MiCAR, regulatory approaches to crypto-assets in Europe were fragmented. Some Member States created national regimes, others relied on existing financial rules, and many areas remained partially or entirely unregulated. MiCAR replaces this patchwork with a directly applicable EU regulation that sets common standards for issuing, offering and trading crypto-assets throughout the Union.
It also clarifies how crypto-assets interact with existing financial services legislation, including MiFID II, the Prospectus Regulation, the Crowdfunding Regulation and the Market Abuse Regulation.

Key pillars of MiCAR

MiCAR can be understood through a few core pillars:

• Clear categories of crypto-assets: MiCAR defines asset-referenced tokens (ARTs), e-money tokens (EMTs) and other crypto-assets, each with its own regulatory treatment.
• Rules for issuers: Issuers of ARTs, EMTs and other tokens must prepare detailed white papers, meet governance and reserve requirements, and provide clear information to investors and users.
• Regulation of CASPs: Crypto-asset service providers such as trading platforms, custodians, brokers and wallet providers are subject to authorisation, organisational and conduct-of-business requirements similar to those seen in other financial sectors.
• Market integrity: Market abuse rules are extended to crypto-assets, addressing insider dealing, unlawful disclosure and manipulation in this new environment.
• Supervision and coordination: National competent authorities, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) share responsibilities for supervision, technical standards and guidelines.

MiCAR in a rapidly evolving global landscape

MiCAR does not operate in isolation. ESMA has created a dedicated portal on MiCA, where it publishes regulatory and implementing technical standards, guidelines and statements to support a smooth implementation.
The EBA has issued guidelines on reporting requirements for crypto-asset issuers and service providers, making supervision more data-driven and consistent across Member States.
At the global level, the Financial Stability Board (FSB) and the IMF have published recommendations and roadmaps for regulating crypto-asset activities and stablecoin arrangements, encouraging jurisdictions to move towards a “same activity, same risk, same regulation” approach.

Why this matters for legal and financial professionals

For banks, investment firms, asset managers and fintechs, MiCAR is more than a compliance exercise. It influences strategic decisions about which products to offer, which tokens to list, and how to structure custody, trading and transfer services. For in-house counsel and external advisers, it raises complex questions about classification of tokens, interaction with existing rules and cross-border implications.

Supervisors and policy makers, meanwhile, are using MiCAR as a benchmark for their own regulatory approaches, both inside and outside Europe. Even institutions that are not located in the EU will increasingly deal with MiCAR when they serve EU clients or list tokens that are offered in the EU.

The book: Markets in Crypto-Assets Regulation: Law and Technology

Markets in Crypto-Assets Regulation: Law and Technology provides a detailed commentary on MiCAR, written by leading experts in financial law, regulation and technology. It explains the rationale of the regulation, analyses its key provisions and situates MiCAR in the broader context of digital finance, insolvency, enforcement and global regulatory developments.

The book is particularly valuable for:

• Law firms and in-house legal teams advising on crypto-asset offerings, tokenisation projects and CASP applications.
• Compliance officers and risk managers responsible for implementing MiCAR requirements in banks, investment firms and crypto platforms.
• Regulators, supervisors and central bank staff following the evolution of the EU’s digital finance strategy.
• Researchers and postgraduate students analysing the legal and economic impact of crypto-assets and stablecoins.

If your work touches crypto-assets, MiCAR is now part of your everyday vocabulary. This book helps turn complex regulatory text into structured, actionable knowledge.

Where to learn more

For readers who want to explore MiCAR and global crypto regulation directly from official and international sources, here are some useful starting points:

• European Securities and Markets Authority (ESMA) – Markets in Crypto-Assets Regulation (MiCA) overview.
• European Banking Authority (EBA) – Guidelines and reporting templates under MiCAR for issuers and CASPs.
• Financial Stability Board (FSB) – High-level recommendations and thematic reviews on the regulation and oversight of crypto-asset activities.
• IMF/FSB – G20 roadmap on the implementation of global crypto-asset policy and regulatory frameworks.

To order Markets in Crypto-Assets Regulation: Law and Technology with free worldwide shipping, visit the CLNZ Books product page here:

Markets in Crypto-Assets Regulation: Law and Technology – CLNZ Books