Art. 1 Subject matter | MiCA regulation | MiCA

This is the foundational article of MiCA, establishing the regulation's subject matter and scope.

It sets out that the regulation creates a single, uniform rulebook covering the entire lifecycle of crypto-assets within the EU, from issuance and public offering through to trading and the provision of related services.

Rather than targeting one narrow aspect of the crypto market, the article signals that MiCA is a comprehensive framework touching issuers, offerors, and service providers alike, with the stated goals of transparency, consumer protection, and market integrity running throughout.

Important points:

The regulation covers three distinct categories of crypto-asset: general crypto-assets, asset-referenced tokens, and e-money tokens, each subject to its own requirements.
Issuers and offerors of crypto-assets are subject to transparency and disclosure requirements covering issuance, public offering, and admission to trading.
Measures to prevent insider dealing, unlawful disclosure of inside information, and market manipulation apply across crypto-asset markets to ensure their integrity.

1. This Regulation lays down uniform requirements for the offer to the public and admission to trading on a trading platform of crypto-assets other than asset-referenced tokens and e-money tokens, of asset-referenced tokens and of e-money tokens, as well as requirements for crypto-asset service providers.
1. In particular, this Regulation lays down the following:
  1. transparency and disclosure requirements for the issuance, offer to the public and admission of crypto-assets to trading on a trading platform for crypto-assets (‘admission to trading’);
  2. requirements for the authorisation and supervision of crypto-asset service providers, issuers of asset-referenced tokens and issuers of e-money tokens, as well as for their operation, organisation and governance;
  3. requirements for the protection of holders of crypto-assets in the issuance, offer to the public and admission to trading of crypto-assets;
  4. requirements for the protection of clients of crypto-asset service providers;
  5. measures to prevent insider dealing, unlawful disclosure of inside information and market manipulation related to crypto-assets, in order to ensure the integrity of markets in crypto-assets.