Markets in Crypto-Assets (MiCA)

For payment operators, MiCA’s practical impact is twofold: it restricts which stablecoins can be issued or distributed in the EU, and it imposes operational requirements on any business that custodies, transfers, or facilitates crypto-asset transactions for EU customers.

EMTs vs ARTs

Electronic Money Tokens (EMTs) are stablecoins pegged 1:1 to a single fiat currency. USDC, EURC, and PYUSD are EMTs. Issuers must hold equivalent reserves in segregated accounts at EU-authorised credit institutions and offer redemption at par.

Asset-Referenced Tokens (ARTs) are pegged to a basket of currencies, commodities, or other crypto-assets. ART issuance triggers stricter reserve and disclosure requirements; significant ARTs (high transaction volume or systemic risk) face additional ECB oversight.

Operator implications

• Stablecoin selection. Only authorised EMTs can be offered to EU customers without distribution restrictions. USDC’s EMT classification (obtained via Circle’s EMI licence in France) is one reason it is the regulated-enterprise default in EU corridors; USDT, which has not been authorised, has been delisted from major EU exchanges.
• CASP authorisation. Payment companies that custody crypto-assets, execute orders, or operate exchange/transfer services need MiCA CASP authorisation in at least one member state. Authorisation passports across the EU.
• Disclosure and reserves. Issuers must publish whitepapers, monthly reserve attestations, and consumer redemption rights. Operators integrating a stablecoin should verify the issuer’s authorisation status and reserve disclosures before listing or routing.

MiCA is the EU’s primary regulatory anchor for stablecoin operations. Its US counterpart (the GENIUS Act framework) and Singapore’s MAS stablecoin regime cover similar ground in different jurisdictions — operators expanding cross-border should treat the three frameworks as a comparison matrix, not as interchangeable.