MiCA regulation in Europe: what changes for the Spanish investor

MiCA (Markets in Crypto Assets Regulation) is the European Union's first comprehensive regulatory framework for crypto assets. Approved in 2023 and in application from the end of 2024, it fundamentally changes how exchanges are operated and tokens are issued in Europe.

What is MiCA?

MiCA is a European regulation (not a directive, so it applies directly in all member states without the need for transposition) that regulates:

1. Issuance of cryptoassets (ICOs, token sales).
2. Stablecoins (electronic money tokens and asset-referenced tokens).
3. Crypto asset service providers (CASPs): exchanges, custodians, advisors.

Implementation schedule

• June 2024: Application for stablecoins (Title III and IV).
• December 2024: Complete application for CASPs and cryptoasset issuers.

What changes for exchanges?

CASP license required

Exchanges that want to operate in the EU must obtain the CASP license from a national regulator. In Spain, the CNMV assumes this role for MiCA (in line with the Bank of Spain's previous registration for PSAV).

• Unlicensed exchanges cannot legally offer services in the EU.
• Binance, Coinbase, Kraken and others have started the licensing process.

Greater investor protection

With MiCA, exchanges must:

• Segregate client funds from own funds.
• Publish approved whitepapers for any listed token.
• Maintain resolution plans in the event of insolvency.
• Clear information about risks.

What changes for stablecoins?

Stablecoins are the most regulated point by MiCA:

EMTs (Electronic Money Tokens)

Stablecoins backed 1:1 by fiat currency (such as USDC, EURT). They must:

• Be issued by authorized electronic money entities.
• Maintain 100% liquid reserves.

ARTs (Asset-Referenced Tokens)

Tokens referenced to a basket of assets or currencies (the type that evolved from Meta's Libra/Diem). Stricter regulation.

USDT (Tether): As of 2024, Tether had not obtained a MiCA license. Some European exchanges stopped offering USDT. Current holders can hold it, but liquidity on European exchanges has reduced.

What changes for token issuers?

Any project that wants to issue a token in the EU must:

• Publish an approved whitepaper.
• Provide complete and non-misleading information.
• Assume responsibility for the information published.

This does not apply to Bitcoin (no central issuer) or Ethereum (no issuer that can be regulated).

Indirect tax implications of MiCA

MiCA is not a tax rule, but it has consequences:

1. Greater transparency: Licensed exchanges will report data to tax authorities (already required by DAC8).
2. Stricter KYC: Impossible to operate on European exchanges without identification.
3. End of regulatory anonymity: The combination MiCA + DAC8 + Model 721 creates a very complete tax information system.

What does MiCA NOT cover?

• Pure DeFi: The regulation does not directly apply to decentralized protocols without a central manager.
• NFTs: Generally excluded (the regulations consider them unique), although the Commission reviews the case of massive collections.
• Bitcoin and Ethereum directly: There is no adjustable issuer.

Recommendations for the Spanish investor

1. Use exchanges that have or are in the process of obtaining a CASP license (Binance, Coinbase, Kraken are already in the process).
2. Migrate positions from non-compliant stablecoins (USDT) to compliant alternatives (USDC, EURC) if you operate on European exchanges.
3. Increased regulation increases custody security, but also hinders privacy.

Updated: April 2026 | Fiscal year: 2025