MiCA: Summary of All Texts

Significant ARTs / EMTs — Supervisory colleges

Commission Delegated Regulation (EU) 2025/297 with regard to RTS specifying conditions for the establishment and the functioning of supervisory colleges (for each issuer of a significant ART or EMT)

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Significant ARTs / EMTs — Renumeration policy

Commission Delegated Regulation (EU) 2025/418 with regard to RTS specifying the minimum content of the governance arrangements on the remuneration policy of issuers of significant ART or EMTs

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

ARTs / EMTs — Liquidity requirements

RTS for specifying the highly liquid financial instruments with minimal market risk, credit risk, and concentration risk (of the reserve of assets)

• Status: Final text published — to be adopted
• Source: EBA

RTS for further specifying the liquidity requirements of the reserve of assets

• Status: Final text published — to be adopted
• Source: EBA

Commission Delegated Regulation (EU) 2025/1264 with regard to RTS for specifying the minimum contents of the liquidity management policy and procedures for certain issuers of ARTs and EMTs 

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

ARTs / EMTs — Own funds and stress testing

Commission Delegated Regulation (EU) 2025/415 with regard to RTS specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of ARTs or of EMTs subject to such requirements

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/419 with regard to RTS specifying the procedure and timeframe for an issuer of ARTs or EMTs to adjust the amount of its own funds 

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

ARTs / EMTs — Reporting requirements

Commission Delegated Regulation (EU) 2025/298 with regard to RTS specifying the methodology to estimate the number and value of transactions associated to uses of ARTs as a means of exchange and of EMTs denominated in a currency that is not an official currency of a Member State 

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2024/2902 laying down ITS with regard to reporting related to ARTs and related to EMTs denominated in a currency that is not an official currency of a Member State

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

ARTs — Conflicts of interest

Commission Delegated Regulation (EU) 2025/1141 as regards RTS specifying the requirements for policies and procedures on conflicts of interest for issuers of ARTs

• Status: In force (subject to relevant transitional period) 
• Source: Official Journal

ARTs — Complaints handling

Commission Delegated Regulation (EU) 2025/293 with regard to RTS to further specify the requirements, templates, and procedures for handling complaints (for issuers of ARTs)

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

ARTs — Authorisation to issue ARTs

Commission Delegated Regulation (EU) 2025/1125 with regard to RTS specifying the information to be contained in an application for authorisation to offer to the public or to admit to trading ARTs

• Status: In force (subject to relevant transitional period) 
• Source: Official Journal

Commission Implementing Regulation (EU) 2025/1126 laying down ITS with regard to the establishment of standard forms, templates, and procedures for the information to be included in the application for authorisation to offer to the public or to admit to trading ARTs

• Status: In force (subject to relevant transitional period) 
• Source: Official Journal

ARTs — Suitability requirements and acquiring a qualifying holding in an ART issuer

Commission Delegated Regulation (EU) 2025/413 with regard to RTS specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of qualifying holdings in issuers of ARTs

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Requirements for all CASPs

Commission Delegated Regulation (EU) 2025/299 with regard to RTS on continuity and regularity in the performance of cryptoasset services 

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/1140 with regard to RTS specifying records to be kept of all cryptoasset services, activities, orders, and transactions undertaken

• Status: In force (subject to relevant transitional period) 
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/294 with regard to RTS on the requirements, templates, and procedures for handling complaints by CASPs

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/1142 with regard to RTS specifying the requirements for policies and procedures on conflicts of interest for CASPs as well as the details and methodology for the content of disclosures of conflicts of interest    

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

All CASPs — Authorisation and notifications to provide cryptoasset services

Commission Delegated Regulation (EU) 2025/303 with regard to RTS specifying the information to be included in a notification by certain financial entities of their intention to provide cryptoasset services

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Implementing Regulation (EU) 2025/304 laying down ITS with regard to standard forms, templates, and procedures for the information to be included in the notification by certain entities of their intention to provide cryptoasset services

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/305 with regard to RTS specifying the information to be included in an application for authorisation as a CASP  

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Implementing Regulation (EU) 2025/306 laying down ITS with regard to standard forms, templates, and procedures for the information to be included in the application for the authorisation of a CASP

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

All CASPs — Acquiring a qualifying holding

Commission Delegated Regulation (EU) 2025/414 with regard to RTS specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in a CASP 

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Trading platform requirements

Commission Delegated Regulation (EU) 2025/417 with regard to RTS specifying the manners in which transparency data for CASPs operating a trading platform is to be presented

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/416 with regard to RTS specifying the content and format of order book records for CASPs operating a trading platform 

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/422 with regard to RTS specifying the content, methodologies, and presentation of information in respect of sustainability indicators in relation to adverse impacts on the climate and other environment‐related adverse impacts

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Implementing Regulation (EU) 2024/2984 laying down ITS with regard to forms, formats, and templates for the cryptoasset white papers

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/421 with regard to RTS specifying the data necessary for the classification of cryptoasset white papers and the practical arrangements to ensure that such data is machine-readable 

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/296 with regard to RTS specifying the procedure for the approval of a cryptoasset white paper (for ARTs issued by credit institutions)

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/885 with regard to RTS specifying certain requirements in relation to the detection and prevention of market abuse

• Status: Adopted — to be published in the Official Journal
• Source: Official Journal

Commission Implementing Regulation (EU) 2024/2861 laying down ITS with regard to the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

RTS specifying requirements for cooperation, exchange of information, and notification between competent authorities and supervisory authorities of third countries 

• Status: Final text published — to be adopted
• Source: ESMA

Commission Delegated Regulation (EU) 2025/300 with regard to RTS on information to be exchanged between competent authorities

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Implementing Regulation (EU) 2024/2545 laying down ITS with regard to standard forms, templates, and procedures for the cooperation and exchange of information between competent authorities

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Implementing Regulation (EU) 2024/2494 laying down ITS with regard to standard forms, templates, and procedures for the cooperation and exchange of information between competent authorities and ESMA/EBA

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/292 with regard to RTS establishing a template document for cooperation arrangements between competent authorities and supervisory authorities of third countries

• Status: In force (subject to relevant transitional period)
• Source: Official Journal

Commission Delegated Regulation (EU) 2025/885 with regard to RTS on the appropriate arrangements, systems, and procedures as well as the notification templates to be used for preventing, detecting, and reporting suspected market abuse, and on the coordination procedures between the relevant competent authorities for the detection and sanctioning of market abuse in case of cross-border situations

• Status: In force (subject to relevant transitional period)
• Source: Official Journal
  
   

Significant ARTs / EMTs

Technical advice in response to the Commission’s call for advice on two Delegated Acts concerning certain criteria for the classification of ARTs and EMTs as significant and the fees that are to be charged to such issuers

• Status: N/A
• Source: EBA

Decision of the EBA concerning the procedure for the classification of ARTs and EMTs as significant and the transfer of supervisory powers and reporting on those tokens following the classification as significant under MiCA

• Status: N/A
• Source: EBA

ARTs / EMTs — Liquidity requirements

Guidelines on establishing the common reference parameters of the stress test scenarios for the liquidity stress tests referred to in Article 45(4) MiCA

• Status: Final text published — applies from 30 November 2024
• Source: EBA

EBA opinion on the Commission’s amendments to the RTS further specifying the liquidity requirements of the reserve of assets  

• Status: N/A
• Source: EBA (in addition see here for the EBA’s letter to the European Commission)

EBA opinion on the Commission’s amendments to the RTS specifying the highly liquid financial instruments with minimal market, credit, and concentration risk 

• Status: N/A
• Source: EBA (in addition see here for the EBA’s letter to the European Commission)

ARTs / EMTs — Reporting requirements

Guidelines on templates to assist competent authorities in performing their supervisory duties regarding issuers’ compliance under Titles III and IV (ART / EMT reporting requirements)

• Status: In force (subject to relevant transitional period)
• Source: EBA

ARTs / EMTs — Recovery plans

Guidelines on recovery plans under Articles 46 and 55 (to be drafted by issuers of ARTs / EMTs) 

• Status: In force (subject to relevant transitional period)
• Source: EBA

ARTs / EMTs — Redemption plans

Guidelines on redemption plans under Articles 47 and 55 (to be drafted by issuers of ARTs / EMTs)

• Status: In force (subject to relevant transitional period)
• Source: EBA

ARTs — Conflicts of interest

EBA opinion on European Commission’s amendments relating to regulatory technical standards specifying the requirements for policies and procedures on conflicts of interest for issuers of ARTs

• Status: N/A
• Source: EBA (in addition see here for the European Commission’s letter to EBA on the same)

ARTs — Authorisation to issue ARTs

EBA opinion on European Commission’s amendments relating to regulatory technical standards on the on the information to be contained in an application for authorisation to offer to the public or to admit to trading ARTs

• Status: N/A
• Source: EBA (in addition see here for the EBA’s letter to the European Commission and here for the European Commission’s communication on the same)

ARTs — Suitability requirements and acquiring a qualifying holding in an ART issuer

Joint guidelines on the assessment of the suitability of the members of the management body of issuers of ARTs and of CASPs

• Status: Final text published — applies from 4 February 2025
• Source: ESMA

Joint guidelines on the assessment of the suitability of the shareholders or members, whether direct or indirect, with qualifying holdings in issuers of ARTs or of CASPs

• Status: In force (subject to relevant transitional period)
• Source: ESMA

ARTs — Governance arrangements

Guidelines on the minimum content of the governance arrangements for issuers of ARTs under Article 34(13) MiCA

• Status: In force (subject to relevant transitional period)
• Source: EBA

Requirements for other tokens

Guidelines on the maintenance of systems and security access protocols in conformity with Union standards for offerors and persons seeking admission to trading of cryptoassets

• Status: In force (subject to relevant transitional period)  
• Source: ESMA

Requirements for all CASPs

European Commission adopts reforms to transfer supervision of all CASPs to ESMA

• Status: N/A
• Source: EC 

ESMA opinion on MiCA regulatory technical standards specifying the requirements for policies and procedures on conflicts of interest for CASPs as well as the details and methodology for the content of disclosures of conflicts of interest  

• Status: N/A
• Source: ESMA (in addition see here for the European Commission’s letter to ESMA on the same)

ESMA statement on avoiding misperceptions: guidance for CASPs offering unregulated services

• Status: N/A
• Source: ESMA

ESMA statement to support the smooth implementation of MiCA data standards and format requirements

• Status: N/A
• Source: ESMA

All CASPs — Authorisations of CASPs and notifications to provide crypto-asset services

ESMA interim MiCA authorised CASPs and non-compliant entities register

• Status: N/A
• Source: ESMA

ESMA opinion on MiCA regulatory technical standards on the authorisations of crypto-asset service providers and notifications by certain financial entities to provide crypto-asset services

• Status: N/A
• Source: ESMA (in addition see here and here for the European Commission’s letter to ESMA on the same)

European Commission letter to EBA and ESMA on the interplay between MiCA and PSD2 

• Status: N/A
• Source: European Commission (in addition see here for the EBA’s letter to European Commission on the same)

EBA no action letter on the interplay between MiCA and PSD2 

• Status: N/A
• Source: EBA

ESMA supervisory briefing on authorisations of CASPs under MiCA

• Status: N/A
• Source: ESMA

ESMA statement on the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs

• Status: N/A
• Source: ESMA

ESMA peer review report: executive summary on fast-track peer review on a CASP authorisation and supervision in Malta

• Status: N/A
• Source: ESMA

All CASPs — Acquiring a qualifying holding

Joint guidelines on the assessment of the suitability of the shareholders or members, whether direct or indirect, with qualifying holdings in issuers of ARTs or of CASPs

• Status: In force (subject to relevant transitional period) 
• Source: ESMA

Joint guidelines on the assessment of the suitability of the members of the management body of issuers of ARTs and of CASPs

• Status: In force (subject to relevant transitional period)
• Source: ESMA

Advice and portfolio management requirements

Guidelines on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities

• Status: In force (subject to relevant transitional period) 
• Source: ESMA

ESMA table on Member States which intend to comply with the MiCA suitability requirements guidelines

• Status: N/A
• Source: ESMA

Guidelines for the criteria on the assessment of knowledge and competence under MiCA

• Status: Final text published — to be adopted
• Source: ESMA

SMSG advice to the ESA’s consultation paper on guidelines for the assessment of knowledge and competence under MiCA

• Status: N/A
• Source: SMSG

Transfer services requirements

Guidelines on the procedures and policies, including the rights of clients, in the context of transfer services for cryptoassets

• Status: In force (subject to relevant transitional period)
• Source: ESMA

ESMA table on Member States which intend to comply with the MiCA crypto-asset transfer Guidelines

• Status: N/A
• Source: ESMA

ESMA interim MiCA white paper register

• Status: N/A
• Source: ESMA

ESMA Proof of Concept (PoC) — White papers

• Status: N/A
• Source: ESMA

ESMA Independent study on data formats for text-based disclosures (white paper data formats)

• Status: N/A
• Source: ESMA

ESMA Study on how financial instrument transactions are registered in various DLTs

• Status: N/A
• Source: ESMA

ESMA statement to support the smooth implementation of MiCA data standards and format requirements

• Status: N/A
• Source: ESMA

Guidelines on supervisory practices for competent authorities to prevent and detect market abuse under MiCA

• Status: In force (subject to relevant transitional period)
• Source: ESMA 

Guidelines on templates for explanations and opinions, and the standardised test for the classification of cryptoassets including ARTs

• Status: In force (subject to relevant transitional period)
• Source: ESAs (ESMA, EBA, and EIOPA)

Guidelines on the conditions and criteria for the qualification of cryptoassets as financial instruments

• Status: In force (subject to relevant transitional period) 
• Source: ESMA

SMSG advice to ESMA on its consultation papers on reverse solicitation and the qualification of cryptoassets as financial instruments under MiCA

• Status: N/A
• Source: SMSG

Guidelines on reverse solicitation under MiCA

• Status: In force (subject to relevant transitional period)
• Source: ESMA

ESMA table on Member States which intend to comply with the MiCA reverse solicitation Guidelines

• Status: N/A
• Source: ESMA

ESMA opinion to support the convergent application of MiCA (regarding broker models and third-country routing)

• Status: N/A
• Source: ESMA

SMSG advice to ESMA on its consultation papers on reverse solicitation and the qualification of cryptoassets as financial instruments under MiCA

• Status: N/A
• Source: SMSG

Recent developments in MiCA and crypto-assets

ESA joint report on recent developments in crypto-assets, including DeFi, lending, borrowing and staking, and self-custody wallets

• Status: N/A
• Source: ESA

Transitional measures

ESMA statement on MiCA transitional measures coming to an end

• Status: N/A
• Source: ESMA

ESMA letter to Member States encouraging a smooth transition to MiCA and limiting transitional measures

• Status: N/A
• Source: ESMA

ESMA statement encouraging market participants and competent authorities to start preparing for the transition to MiCA

• Status: N/A
• Source: ESMA

ESMA statement on MiCA transitional measures

• Status: N/A
• Source: ESMA

List of grandfathering periods decided by each Member State under MiCA

• Status: N/A
• Source: ESMA

Preparing for MiCA in relation to ART / EMT activities

EBA statement for issuers and offerors of ARTs and EMTs to comply with MiCA and reminds consumers of risks

• Status: N/A
• Source: EBA

EBA statement for financial institutions and other undertakings who carry out ART / EMT activities prior to 30 June 2024 to prepare for MiCA

• Status: N/A
• Source: EBA

EBA template — for financial institutions and other undertakings to notify their competent authority of their ART / EMT activities

• Status: N/A
• Source: EBA

SMSG advice

SMSG advice to ESMA on its third consultation paper on MiCA.

• Status: N/A
• Source: SMSG

SMSG advice to ESMA on its second consultation paper MiCA

• Status: N/A
• Source: SMSG

SMSG advice to ESMA on its first consultation paper on MiCA 

• Status: N/A
• Source: SMSG

MiCA Upcoming Texts

Delegated Act in accordance with Article 139 MiCA to specify technical elements of the definitions in Article 3(1) MiCA, and to adjust them to market and technological developments

• Status: No material published to date; deadline 30 June 2026
• Source: European Commission

Report from the Commission in respect of the power to adopt delegated acts referred to in Articles 3(2), 43(11), 103(8), 104(8), 105(7), 134(10), and 137(3) 

• Status: No material published to date; deadline 29 June 2026
• Source: European Commission

Report from the Commission to the European Parliament and the Council on the application of MiCA, accompanied, where appropriate, by a legislative proposal, specifying at least the information in Article 140(2)

• Status: No material published to date; interim report deadline 30 June 2025, final report deadline 30 June 2027
• Source: European Commission

Report from ESMA and the EBA, to the European Parliament and the Council, on the application of MiCA and developments in markets in cryptoassets, specifying at least the information in Article 141

• Status: No material published to date; first report deadline 31 December 2025, and annually thereafter
• Source: ESMA and EBA

Report from the Commission to the European Parliament and the Council, on the latest developments with respect to cryptoassets, in particular on matters that are not addressed in MiCA, accompanied, when appropriate, by a legislative proposal, specifying at least the information in Article 142(2) 

• Status: No material published to date; deadline 30 December 2024 (see here for the joint report from the EBA and ESMA on recent developments in crypto-assets which will contribute to the European Commission’s report)
• Source: European Commission