Stablecoin issuance under MiCA: what changed and who it applies to
The Markets in Crypto-Assets (MiCA) regulation introduces the first comprehensive EU framework for stablecoin issuance, redefining compliance obligations for issuers and service providers across Europe. CRYPTO LICENSE GUIDE · 2026 Stablecoin issuance under MiCA: Crypto licensing across 15+ jurisdictions CONSULTING24.CO What MiCA means for stablecoin issuers MiCA establishes a harmonised legal framework for stablecoins, categorised as asset-referenced tokens (ARTs) and e-money tokens (EMTs). Issuers must obtain authorisation as a credit institution or an electronic money institution, or comply with specific stablecoin rules. The regulation applies to any entity issuing stablecoins to the EU market, regardless of where the issuer is based, if the stablecoin is offered to EU residents. Key requirements include maintaining a reserve of assets equal to the value of tokens in circulation, with strict custody and investment rules. Issuers must also provide clear redemption rights to ...