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MiCA

The Markets in Crypto Assets Regulation (MiCA) is a regulation of the European Union (EU) aimed at regulating the issuing of crypto assets and the operations of Crypto Asset Service Providers (CASPs) in the member states of the EU.

Current Status

MiCA officially entered into force in June 2023 and is now fully applicable across the EU, providing comprehensive oversight for crypto asset issuers, stablecoins (EMTs and ARTs), and CASPs.

Content and Scope

MiCA defines and creates regulations for two things:

  • Crypto Assets - defined as ‘Distributed Ledger Technology-based cryptographic tokens that are used as a medium of exchange’. MiCA lays down specific definitions of three subclasses of crypto assets:
    • Electronic Money Tokens - crypto assets that maintain a ‘stable’ value by referencing a single ‘real word’ fiat currency, specifically (and only for the purposes of MiCA) the Euro. Examples include Quantoz and STASIS EURO.
    • Asset-Referenced Tokens - crypto assets that maintain a ‘stable’ value by referencing anything other than a single fiat currency (i.e. two or more fiat currencies, one or more cryptocurrencies, one or more other assets such as gold or diamonds). Examples include PAX Gold and DIAM.
    • Utility Tokens - crypto assets designed to provide access to a service offered by the issuing entity. Examples include Dusk, Filecoin and Binance Coin.
  • Crypto Asset Service Providers - defined as entities that engage in any of the following activities:
    • custody and administration of crypto assets on behalf of third parties
    • crypto exchange services (running an exchange)
    • ‘crypto advisory’ services, defined as advice on investing in crypto assets, NOT portfolio management

Dusk and MiCA

As an issuer of a crypto asset, Dusk has fully integrated MiCA compliance into its core technology, ensuring alignment with regulations while working with regulated entities. As part of Dusk’s commitment to compliance, inclusion of MiCA principles has been built into our technology at the foundational level.

Understanding, translating, and explaining to our publics the meaning and implications of MiCA has been a core part of Dusk’s thought leadership in the regulatory space. As such, we have been issuing several pieces of content related to the regulation:

External