EU Regulation · Crypto-assets
MiCAR compliance, continuously monitored
MiCAR is now the EU’s single licensing regime for crypto-asset firms — but the detail still moves as ESMA and the EBA finalise technical standards and guidelines. Kalipso tracks every change, maps it to your obligations as a CASP or token issuer, and shows you exactly what still needs to be done.
What is MiCAR?
The Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114, “MiCAR”) is the EU’s first harmonised framework for crypto-assets that fall outside existing financial-services law. It establishes a single rulebook for issuing asset-referenced tokens (ARTs) and e-money tokens (EMTs), and for the authorisation and conduct of crypto-asset service providers (CASPs) — replacing the patchwork of national regimes with a directly-applicable regulation and an EU passport.
MiCAR applies in phases: the rules for asset-referenced and e-money tokens have applied since 30 June 2024, and the CASP regime has applied since 30 December 2024. It is not a one-off licensing exercise: ESMA and the EBA continue to publish Regulatory and Implementing Technical Standards, guidelines and Q&As that refine what authorisation, governance, disclosure and market-abuse compliance mean in practice, and national authorities are now supervising firms against them.
What MiCAR requires
Authorisation and passporting
Obtain authorisation as a CASP, or as an issuer of asset-referenced or e-money tokens, and operate within the scope of services notified to your competent authority.
White papers and disclosure
Publish a compliant crypto-asset white paper and fair, clear and non-misleading marketing communications, with the required notifications to authorities.
Governance, prudential and safeguarding requirements
Maintain sound governance, own-funds and, for token issuers, reserve-asset and redemption arrangements, alongside segregation and safeguarding of client crypto-assets and funds.
Market abuse and conduct rules
Detect, prevent and report insider dealing and market manipulation in crypto-assets, and meet conflict-of-interest, complaints-handling and custody obligations.
AML/CFT and travel-rule alignment
Operate the financial-crime controls expected of regulated firms, aligned with the EU AML framework and the transfer-of-funds (travel rule) requirements.
How Kalipso helps with MiCAR
Never miss a standard
Kalipso’s Regulatory Radar tracks MiCAR itself plus every RTS, ITS, guideline and Q&A from ESMA, the EBA and your national competent authority — the moment it publishes.
From text to obligation
Each update is parsed into the concrete obligations it creates or changes for your firm — whether you act as a CASP, a token issuer, or both — ranked by impact rather than delivered as a raw feed.
Gap analysis against your controls
Map MiCAR’s requirements to your existing policies, governance and safeguarding arrangements, and surface exactly where documentation or controls fall short.
Audit-ready evidence
Every decision, owner and remediation step is logged, so you can show supervisors a defensible trail rather than reconstructing it under pressure.
MiCAR by sector
“Kalipso replaced days of manual horizon scanning with a prioritised list of what actually affects us — and the evidence trail our auditors ask for.”
Frequently asked questions
When did MiCAR come into force?
MiCAR entered into force on 29 June 2023 and applies in phases: the rules for asset-referenced and e-money tokens have applied since 30 June 2024, and the regime for crypto-asset service providers has applied since 30 December 2024. Several Member States set transitional windows for existing firms, which are now closing.
Does MiCAR apply to my stablecoin or token issuance?
Most likely, yes. Asset-referenced tokens and e-money tokens — the categories that cover the majority of stablecoins — fall squarely within MiCAR, with their own issuance, reserve, redemption and disclosure requirements. Whether a token is in or out of scope is a fact-specific assessment that the technical standards continue to refine.
How does Kalipso keep MiCAR compliance current?
Kalipso continuously monitors the regulation and all related technical standards, guidelines and Q&As from ESMA, the EBA and national authorities, converts each change into the obligations it affects, and flags the gaps against your framework — so your programme stays current without manual horizon scanning.
See Kalipso on your obligations
Request a walkthrough and we will show you how Kalipso monitors regulatory change, maps it to your obligations and tracks every gap to closure — on your own regulatory scope.