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The New Crypto Regulations in Europe

TradeSynapse23 mars 20269 min10

The New Crypto Regulations in Europe#

The MiCA regulation (Markets in Crypto-Assets) came into force progressively between 2024 and 2025, making Europe the first major economy with a complete regulatory framework for crypto-assets. Here is what it changes for investors.

What Is MiCA?#

MiCA is a European regulation governing the issuance, trading, and custody of crypto-assets across all 27 EU countries. It replaces a patchwork of national rules with a harmonized framework, offering greater legal clarity to businesses and greater protection to investors.

What Changes for Investors#

  1. Exchanges must obtain European authorization (CASP — Crypto Asset Service Provider)
  2. Mandatory publication of a standardized whitepaper for every new token
  3. Separation of client assets from platform assets (an end to FTX-style collapses)
  4. Transparency on fees and risks
  5. A 14-day right of withdrawal for purchases of unlisted tokens

Stablecoins Under Close Watch#

MiCA distinguishes "e-money tokens" (backed 1:1 by a fiat currency) from "asset-referenced tokens" (backed by a basket). Issuers must hold sufficient reserves, be audited regularly, and cap daily transaction volumes for non-euro stablecoins.

Concrete Impact

Tether (USDT) has been delisted from some European platforms for non-compliance with MiCA. European investors are encouraged to use euro-denominated stablecoins (Circle's EURC) or MiCA-compliant alternatives.

DeFi and NFTs: The Grey Areas#

MiCA does not directly cover genuinely decentralized DeFi, nor non-fungible NFTs. However, if a DeFi protocol has an identifiable legal entity, or if an NFT is sold as part of a series (making it fungible in practice), MiCA applies. The European Commission is preparing a dedicated framework for 2027.

Does MiCA affect Bitcoin and Ethereum?
Not directly. MiCA does not regulate crypto-assets themselves but the service providers (exchanges, custodians). Bitcoin and Ethereum remain decentralized assets. However, the platforms offering them must be authorized.
Is my exchange MiCA-compliant?
Check that your exchange holds a CASP authorization (or a national authorization pending conversion). The major exchanges (Binance, Coinbase, Kraken) have applied. Consult the AMF register for France.
What is the impact on taxation?
MiCA does not change taxation, which remains national. In France, the 30% flat tax on crypto capital gains still applies. Information sharing between platforms and tax authorities has, however, been strengthened.
Are dollar stablecoins banned?
No, but non-euro stablecoins (USDT, USDC) face volume restrictions if their daily use exceeds certain thresholds (1 million transactions or EUR 200 million per day). Circle (USDC) has obtained its MiCA licence.

The French Position

France is among the most advanced countries in crypto regulation, through the AMF. The PSAN status (Digital Asset Service Provider), a forerunner of MiCA, left French firms well prepared for the transition.

Regulatory Warning

Crypto-assets remain high-risk investments. MiCA strengthens protection but does not eliminate the risk of capital loss. Invest only what you can afford to lose.

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