MiCA 2025: Europe’s Crypto Winners and Losers
The EU’s Markets in Crypto-Assets (MiCA) regulation is Europe’s first comprehensive crypto law. It was adopted in 2023 and became fully effective by the end of 2024. MiCA brings all major crypto assets under one EU rulebook. It forces fiat-pegged tokens (“stablecoins”) to maintain 1:1 reserves, allowing instant redemption at face value. This meets strict disclosure and consumer-protection standards. Crypto exchanges, wallets, and other service providers must be licensed by an EU regulator and follow anti-fraud, anti-money laundering (AML), and operational-resilience rules.
Crucially, one EU licence grants a passport to operate across all 27 member states, replacing the old patchwork of national rules. In short, MiCA aims to unite…
