What the EU is doing and why
Digitalisation is transforming finance. This can lead to innovative new products, services, applications and business models. Digital finance has a key role to play in shaping a more competitive, sustainable, resilient economy – and a more inclusive, modern, prosperous society.
A crypto-asset is a digital representation of value or a right that can be transferred or stored electronically using distributed ledger technology or similar technology. Crypto assets are a digital innovation that can streamline capital-raising processes, enhance competition and create an innovative and inclusive way of financing for consumers and SMEs. Crypto-assets can also be used as a means of payment and can present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting intermediaries.
The EU has adopted a comprehensive legislative framework that regulates the issuing of crypto assets as well as the services provided in respect of crypto-assets. This framework covers the crypto-assets and related services and activities that are not covered by other Union legislative acts on financial services.
A dedicated and harmonised framework for markets in crypto-assets will support innovation, will provide for the proportionate treatment of issuers of crypto-assets and crypto asset service providers to scale up their business cross borders, and provide significant benefits in terms of cheaper, faster and safer financial services and asset management.
Policy making timeline
- 8 November 2023Legislation - Crypto-assets (MiCa)
- 29 June 2023Legislation - Crypto-assets (MiCa)
The Markets in Crypto-assets Regulation (MiCa) came into force.
- 9 June 2023Legislation - Crypto-assets (MiCa)
Publication of the Markets in Crypto-assets Regulation (MiCa) in the Official Journal.
- 30 June 2022Political agreement - Crypto-assets (MiCa)
- 24 September 2020Legislative proposal - Crypto-assets (MiCa) & digital operational resilience (DoRa)
Digital finance package containing
- a digital finance strategy with
- legislative proposals on crypto-assets to draw on the possibilities offered by crypto-assets, while mitigating risks for investors and financial stability (including MiCa)
- legislative proposals for an EU regulatory framework on digital operational resilience: prevent and mitigate cyber threats (including DoRa)
- legislative proposals on crypto-assets to draw on the possibilities offered by crypto-assets, while mitigating risks for investors and financial stability (including MiCa)
- a renewed strategy for modern and safe retail payments
- a digital finance strategy with
- 3 April 2020Consultation - Digital finance strategy
The Commission launched a consultation on a new digital finance strategy for Europe / FinTech action plan.
End date: 26 June 2020 - February 2020 - July 2022Events and call for projects - Digital finance outreach
The digital finance outreach was a series of events and call for projects focusing on digital finance and digital innovation in the financial sector. The aim of these events is to present, inform and shape the EU digital finance strategy.
- 19 December 2019Consultation - Crypto-assets & digital operational resilience
The Commission launched two consultations
Basic information
Delegated and implementing acts
Transposition by EU Member States
Legislative history
- Original legislative proposal for the MiCa Regulation
- Impact assessment accompanying the legislative proposal for the MiCa Regulation
- Executive summary of the impact assessment accompanying the legislative proposal for the MiCa Regulation
- History of the legislative initiative on an EU regulatory framework for crypto-assets