Question 1

What is MiCA?

Accepted Answer

MiCA is the EU Markets in Crypto-Assets Regulation (EU) 2023/1114. It governs issuers of crypto-assets and providers of crypto services such as exchange and custody. The stablecoin rules have applied since 30 June 2024 and the remaining rules since 30 December 2024.

Question 2

Do I need a licence to offer crypto services in the EU?

Accepted Answer

Yes. Anyone who exchanges, holds or transfers crypto-assets for clients as a business needs authorisation as a crypto-asset service provider under MiCA, issued by the national authority, for example Finansinspektionen in Sweden or BaFin in Germany. Transitional rules end no later than 1 July 2026.

Question 3

Is a MiCA licence valid in the whole EU?

Accepted Answer

Yes. An authorised crypto-asset service provider may offer its services in every EU member state. It first notifies its home authority of the countries concerned, and that authority informs the authorities in those countries.

Question 4

What is a white paper under MiCA?

Accepted Answer

A white paper is the disclosure document required when a crypto-asset is offered to the public. It describes the issuer, the project, the rights attached, the technology and the risks. It is notified to the competent authority and published before the offer starts.

Question 5

What are the rules for stablecoins under MiCA?

Accepted Answer

MiCA splits stablecoins into two kinds. Asset-referenced tokens need authorisation from the competent authority. E-money tokens, which track a single currency, may only be issued by credit institutions or e-money institutions. Both must hold reserves and give holders a right of redemption.

Question 6

Does MiCA apply to NFTs?

Accepted Answer

As a rule, no. Crypto-assets that are unique and not fungible with other crypto-assets are excluded. NFTs issued in large series or split into fractions may however count as fungible and fall within the rules.

Question 7

What is money laundering?

Accepted Answer

Money laundering means converting, transferring or concealing money or other property derived from crime so that its origin is hidden. EU law requires banks and many other businesses to prevent it, and every member state makes it a criminal offence.

Question 8

Which businesses must follow anti-money laundering rules?

Accepted Answer

Among others banks, payment and credit institutions, insurers, auditors, accountants, tax advisers, estate agents, lawyers in certain transactions, crypto-asset service providers and traders accepting cash of 10 000 euros or more.

Question 9

What is customer due diligence?

Accepted Answer

Customer due diligence means identifying the customer and the beneficial owner, understanding the purpose of the business relationship and monitoring it on an ongoing basis. Enhanced measures apply when the risk is high, for example for politically exposed persons.

Question 10

Must I report suspected money laundering?

Accepted Answer

Yes. A business covered by the rules must promptly report suspicious transactions to the national financial intelligence unit. The customer must not be told that a report has been filed.

Question 11

What changes with the new EU anti-money laundering regulation?

Accepted Answer

Regulation (EU) 2024/1624 applies directly in all EU countries from 10 July 2027. It sets uniform due diligence rules across the Union and bans business cash payments above 10 000 euros. The new EU authority AMLA in Frankfurt coordinates supervision.

Question 12

What applies to crypto transfers under anti-money laundering rules?

Accepted Answer

Since 30 December 2024 information on the originator and beneficiary must accompany every crypto-asset transfer between service providers, with no minimum amount. This is known as the travel rule and follows from Regulation (EU) 2023/1113.

Short answers on MiCA and money laundering

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