MiCA

MiCA (Markets in Crypto-Assets Regulation) is a unified European Union framework that governs the issuance of crypto-assets and the provision of crypto services across the bloc. Adopted in 2023, MiCA applies in phases: stablecoin rules took effect on 30 June 2024, the remaining provisions on 30 December 2024, with a transition window for existing providers running into mid-2026.

Why it exists

Before MiCA, each EU member state regulated crypto differently: Germany and Estonia required VASP-style licenses, others demanded only AML registration, some had nothing. MiCA replaces those national regimes with a single European passport — a provider authorised in one member state can operate across the entire bloc.

Token classification

MiCA defines three categories of crypto-assets with distinct obligations:

• ART (Asset-Referenced Tokens) — tokens pegged to a basket of assets such as multiple currencies or commodities.
• EMT (E-Money Tokens) — tokens pegged to a single fiat currency, treated as electronic money. Classic stablecoins like USDC and USDT fall here.
• Other crypto-assets — utility tokens and most other tokens, including the bulk of jettons on TON.

Each category carries its own requirements regarding white papers, reserves, and issuer obligations.

CASP obligations

A Crypto-Asset Service Provider is any entity offering regulated services: custody, exchange, order execution, token placement, investment advice, portfolio management. A CASP must obtain authorisation from a national competent authority (BaFin in Germany, AMF in France, MFSA in Malta, and so on), comply with AML rules, hold minimum capital, maintain risk-management policies, and segregate client assets.

White paper requirement

Issuers of crypto-assets (with limited exemptions for small private placements and certain edge cases) must publish a standardised white paper describing the project, risks, technology, and holder rights. The document is notified to the regulator, and the issuer bears liability for the information disclosed.

Stablecoins under MiCA

The most discussed block of MiCA is the regime for EMTs. Issuers must be EU-established, hold reserves with EU banks, and honour redemption at par. Caps are imposed on the use of “significant” non-euro stablecoins as a means of payment within the EU. This has already led several European exchanges to delist some USDT pairs and pivot to USDC and EURC, which are issued under euro jurisdiction.

Implications for TON

For TON-ecosystem projects targeting European users — DEXes, wallets, custodians — MiCA means either obtaining a CASP authorisation in an EU member state or restricting EU access. Tether, as the issuer of USDT (including on TON), has not obtained a full EMT authorisation in the EU, which has affected USDT availability for European customers on regulated venues. Non-custodial wallets such as Tonkeeper and MyTonWallet are not, in themselves, CASPs because they do not hold client funds, but the fiat on-ramps integrated into them are.

This is not legal advice; the precise obligations depend on a project’s role and jurisdiction, and qualified legal counsel should be consulted before launching in the EU.