Cryptoeconomics

News, data and analysis on tokenized assets, market design and digital economic systems.

Jurisdiction · In force

European Union

MiCA is fully applicable: the last national grandfathering windows closed on July 1, 2026 and the ESMA register lists more than 300 authorised service providers, but not one authorised asset-referenced token issuer.

Last verified against the primary source on

Regime
Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114)
Status
In force; fully applicable (transitional period ended July 1, 2026)
Scope
Stablecoins (ARTs/EMTs), crypto-asset service providers (CASPs), issuers; tokenized securities fall under MiFID II and the DLT Pilot Regime

The state of play

MiCA's stablecoin rules applied from June 30, 2024 and its CASP rules from December 30, 2024, with the last national grandfathering windows closing on July 1, 2026, after which unauthorised firms may no longer serve EU clients. The ESMA register listed 309 authorised CASPs as of July 24, 2026, alongside roughly 19 authorised e-money token issuers and no authorised asset-referenced token issuers as of Q1 2026. The EBA's no-action letter on e-money token transfer services expired on March 2, 2026 following its February 12, 2026 opinion treating EMT transfers as payment services under PSD2, while the Commission's December 4, 2025 market integration and supervision package proposes moving supervision of all MiCA CASPs other than credit institutions to ESMA. On the central-bank side, the European Parliament's ECON committee approved the digital euro regulation 43-14 with one abstention on June 23, 2026, with the ECB planning a twelve-month pilot in the second half of 2027 and possible first issuance in 2029.

Frameworks

FrameworkStatusDateNote
Regulation (EU) 2023/1114 (MiCA): Titles III and IV, asset-referenced and e-money tokensIn force 30 June 2024Reserve, redemption-at-par, own-funds and significance requirements for ART and EMT issuers; EMT issuance restricted to credit institutions and electronic money institutions.
Regulation (EU) 2023/1114 (MiCA): Title V, crypto-asset service providersIn force 30 December 2024Authorisation and conduct regime for custody, exchange, order execution, placing, advice, portfolio management and transfer services.
MiCA national transitional (grandfathering) windowsExpired 1 July 2026Final member-state transitional periods closed; firms without CASP authorisation may no longer serve EU clients.
Regulation (EU) 2023/1113 (recast Transfer of Funds Regulation / travel rule)In force 30 December 2024Originator and beneficiary information requirements for crypto-asset transfers, with no de minimis threshold.
Regulation (EU) 2022/858 (DLT Pilot Regime)In force 23 March 2023Time-limited exemptions for DLT market infrastructures trading and settling tokenized financial instruments.
EBA opinion on e-money token transfer services and PSD2Guidance 12 February 2026Treats transfers of EMTs as payment services, requiring payment institution or credit institution status alongside CASP authorisation; the accompanying EBA no-action letter expired March 2, 2026.
ESMA guidelines on knowledge and competence for CASP staffIn force 28 January 2026Minimum qualification and experience standards for staff giving information or advice on crypto-assets.
ESMA statement on MiCA data reporting standards and iXBRL white papersGuidance 28 November 2025Machine-readable crypto-asset white paper format applicable from December 23, 2025.
Commission market integration and supervision package (proposed transfer of CASP supervision to ESMA)Proposed 4 December 2025Would centralise supervision of all MiCA CASPs other than credit institutions at ESMA; in the ordinary legislative procedure.
Digital euro regulationProposed 23 June 2026ECON committee approved its report 43-14 with one abstention; ECB has signalled a twelve-month pilot from the second half of 2027 and possible first issuance in 2029.

Products issued under this regime

  • EURC (Circle euro e-money token)
  • EURCV (Societe Generale-FORGE)
  • EURI (Banking Circle)
  • EURe (Monerium)
  • EURAU (AllUnity)
  • Qivalis euro stablecoin (bank consortium, seeking DNB electronic money institution authorisation; announced September 25, 2025, BNP Paribas joined December 1, 2025)

Market participants

On the record

Every development we have evidenced under European Union, newest first.

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MiCA transitional period for virtual asset service providers ends

Luxembourg's CSSF said the transitional period under which virtual asset service providers could continue operating in the European Union without a MiCA authorisation ended on 1 July 2026. Firms without a crypto-asset service provider authorisation must wind down EU activity in an orderly way: they may not onboard new customers or market products, and may only allow existing customers to convert holdings into legal tender, transfer them to an authorised platform or move them into self-custody.

Regulatory European Union CSSF: MiCA: transition period for virtual asset service providers ended on 1 July 2026 ↗

ECB Governing Council approves two-track plan for DLT settlement in central bank money

The ECB Governing Council approved a plan for settling distributed ledger technology transactions in central bank money on two tracks. Pontes is to link DLT platforms to TARGET Services, with a pilot planned by the end of the third quarter of 2026; Appia examines a longer-term integrated tokenised ecosystem. The decision followed exploratory work between May and November 2024 that involved 64 participants and more than 50 trials.

Institutional pilot European Union European Central Bank: ECB commits to distributed ledger technology settlement plans with dual-track strategy ↗

Robinhood launches stock tokens for EU and EEA customers

Robinhood began offering more than 200 tokenised US stocks and exchange-traded funds to customers in 30 EU and EEA countries, issued on Arbitrum and traded with no commission or added spread from Robinhood. The company said it was also building its own layer-2 network, based on Arbitrum technology, for tokenised real-world assets.

Product launch European Union Equities Robinhood Newsroom: Robinhood Launches Stock Tokens, Reveals Layer 2 Blockchain ↗

Coinbase authorised under MiCA by Luxembourg's CSSF

Coinbase said the Commission de Surveillance du Secteur Financier had authorised it as a crypto-asset service provider under the Markets in Crypto-Assets Regulation, with Luxembourg as its EU hub. The single authorisation replaces the separate national registrations Coinbase held in Germany, France, Ireland, Italy, the Netherlands and Spain and allows it to passport services across the 27 member states.

Regulatory European Union Coinbase: Coinbase Secures MiCA Licence ↗

MiCA's stablecoin titles begin to apply across the EU

Titles III and IV of Regulation (EU) 2023/1114 took effect, making authorisation, reserve and redemption requirements binding on issuers of asset-referenced tokens and e-money tokens. The European Banking Authority subsequently urged issuers and distributors to align with the rules, noting that some tokens on offer in the EU were not yet compliant.

Regulatory European Union Stablecoins European Banking Authority statement on the application of MiCAR to asset-referenced and e-money tokens ↗

EU negotiators reach provisional agreement on the Markets in Crypto-Assets Regulation

The Council presidency and European Parliament negotiators agreed a provisional text of MiCA, covering issuers of asset-referenced and e-money tokens and crypto-asset service providers. The text required stablecoin issuers to hold a liquid reserve at a 1:1 ratio, set a three-month deadline for national authorities to decide on authorisation applications, and gave ESMA a register of non-compliant operators.

Regulatory European Union Stablecoins Council of the European Union press release ↗

European Investment Bank issues a €100m digital bond on Ethereum

The European Investment Bank issued a €100m two-year zero-coupon bond as digitally native tokens registered on the Ethereum public blockchain, priced at 101.213% for a re-offer yield of -0.601% and maturing on 28 April 2023. Goldman Sachs, Santander and Societe Generale were joint lead managers, Societe Generale-FORGE acted as registrar and settlement agent, and the underwriters paid the issuer using a representation of central bank money provided with the Banque de France.

Issuance European Union Government securities European Investment Bank: EIB issues its first ever digital bond on a public blockchain ↗

European Commission proposes a regulation on markets in crypto-assets

The European Commission adopted a digital finance package containing digital finance and retail payments strategies and legislative proposals on crypto-assets and operational resilience, including the proposed Regulation on Markets in Crypto-Assets. The proposal became the basis of the EU authorisation and reserve regime for asset-referenced and e-money tokens that entered application in 2024.

Regulatory European Union Stablecoins European Commission: Digital finance package ↗

Societe Generale issues a covered bond as a security token on Ethereum

Societe Generale SFH issued €100m of covered bonds as security tokens registered on the Ethereum public blockchain, rated Aaa by Moody's and AAA by Fitch and fully subscribed by Societe Generale itself. It was the first covered bond tokenized on a public network by a large European bank, though no third-party investor took the paper.

Issuance European Union Corporate debt Societe Generale: Societe Generale issued the first covered bond as a security token on a public blockchain ↗

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