MiCA
Markets in Crypto-Assets Regulation
The EU's comprehensive crypto-asset framework, fully effective Dec 2024 — establishes EMT and ART regimes for stablecoins.
MiCA distinguishes E-Money Tokens (single-fiat reference, e.g. USDC, EURC) from Asset-Referenced Tokens (basket-pegged). EMT issuers must be authorised credit institutions or e-money institutions; reserves must be segregated, daily-redeemable, and 1:1. Tether has not pursued MiCA EMT status; Circle has.
Related terms
- E-moneyA regulated category of monetary value held electronically and redeemable at par — the EU MiCA EMT regime piggy-backs on the existing e-money directive.
- Payment stablecoinA regulatory category (notably under [[genius-act]] and MiCA EMT) for fiat-backed stablecoins used as payment instruments.
- EURCCircle's EUR-pegged stablecoin, issued under MiCA-aligned EMT framework.