Back to Markets
Crypto▲ Bullish
MiCAR Enforcement Begins. Europe's Crypto Firms Face Real Supervision
MiCAR enforcement begins across the EU. National supervisors now oversee stablecoin reserves, CASP licensing, and investor rights. The gap between rulebook and reality remains wide.
Continue with
The Markets in Crypto-Assets Regulation is fully in force. Europe's crypto market has moved from rule-writing to enforcement, and the shift is already reshaping how firms operate across the bloc.
National competent authorities in each EU member state, coordinated by the European Securities and Markets Authority, now supervise compliance for licensed crypto-asset service providers. The regulation covers three layers: stablecoins, asset-referenced tokens, and crypto-asset services. Firms holding a CASP license in one country can passport services across the EU. The practical question is whether supervisors in France, Germany, and Italy interpret the rules the same way. A crypto exchange approved in Paris may face different examination standards in Berlin or Milan. That inconsistency could fragment the single market the regulation intends to create.
Stablecoin issuers face the most specific obligations. E-money tokens must hold reserves in euro-denominated deposits or short-term government debt. Asset-referenced tokens carry capital charges and redemption requirements. The regulation already forced some projects to restructure or exit Europe entirely. New issuance like SEKAU, a dollar-pegged token on Stellar, must now comply from day one.