Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR) establishes a regime for the regulation and supervision of crypto-asset issuance and crypto-asset service provision in the EU. It came into force on 29 June 2023.

MiCAR establishes a regime for the regulation and supervision of crypto-asset issuance and crypto asset service provision in the EU. Among the activities within the scope of MiCAR are the activities of offering to the public or seeking admission to trading asset-referenced tokens (ARTs) and electronic money tokens (EMTs) and issuing such tokens (ART/EMT activities). These activities will be subject to, respectively, Title III and Title IV of MiCAR from 30 June 2024. Also, as from 30 June 2024 ARTs and EMTs constitute regulated instruments under MiCAR and therefore from this date consumers benefit from the rights and protections set out in MiCAR.

Issuers of ARTs (other than credit institutions) may continue their activities if tokens were issued before 30 June 2024 until they are granted or refused an authorisation under MiCAR, provided they apply for authorisation before 30 July 2024. For credit institutions that issued ARTSs prior to 30 June 2024, a white paper has to be approved before 30 July 2024 in order to be able to continue their activities.