MiCA (EU Markets in Crypto-Assets Regulation)

MiCA is the European Union's framework for crypto issuers and service providers, fully applicable since the end of 2024, requiring licensing, disclosures, and reserve rules for stablecoins across the EU.

How it works

U.S. businesses serving EU customers must comply or use a licensed EU partner. It does not change U.S. tax treatment, but it affects which platforms are available to EU users and how those platforms report.

Why it matters

For Americans abroad using EU platforms, MiCA-licensed exchanges are regulated custodians, which bears on FBAR and FATCA analysis. FBAR.

Where this comes up in our work

Token and Web3 opinion letters

Howey analysis and written opinions for token projects and exchanges.

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Definitions are general information, not legal advice, and may not reflect the most recent changes in law.