A new era in EU crypto-asset regulation: MiCA establishes rights and obligations for crypto-asset service providers

On 30 December 2024, the main provisions of the EU MiCA Regulation – or the Regulation on Markets in Crypto-Assets – started to apply. This regulation establishes a unified framework across the European Union for service providers dealing with crypto-assets.

MiCA regulates the provision of services related to asset-referenced tokens, e-money tokens and other crypto-assets. The “other crypto-assets” category includes commonly used cryptocurrencies, such as Bitcoin and Ethereum. However, the regulation does not cover non-fungible tokens (NFTs), financial instruments and structured deposits as defined by the MiFID II directive. If a crypto-asset qualifies as a financial instrument, MiCA does not apply to its issuance, and instead, the MiFID II directive and the EU Prospectus Regulation govern it.

The regulation defines crypto-asset services to include the following activities:

  • providing custody and administration of crypto-assets on behalf of clients;
  • operating a trading platform for crypto-assets;
  • exchanging crypto-assets for fiat currency;
  • exchanging one crypto-asset for another;
  • executing orders on behalf of clients to buy, sell or subscribe to one or more crypto-assets;
  • marketing crypto-assets to buyers on behalf of or for the account of a client;
  • transferring crypto-assets on behalf of clients;
  • receiving and transmitting orders in relation to crypto-assets on behalf of clients;
  • providing advice on crypto-assets;
  • managing crypto-asset portfolios.

The regulation imposes various obligations on crypto-asset service providers, most notably the requirement to obtain authorization to operate. In the Czech Republic, the authority responsible for issuing such authorization is the Czech National Bank, which will assess whether the applicant meets conditions concerning governance systems, internal controls, risk assessment and cybersecurity.

MiCA also introduces the requirement to issue a whitepaper when launching a crypto-asset. This document is meant to inform investors about potential risks associated with the crypto-asset. It should include sufficient information about the issuer, associated risks, and the rights and obligations tied to the crypto-asset. The regulation sets different content requirements for whitepapers depending on the type of crypto-asset and outlines exceptions where a whitepaper is not required.

Although MiCA is directly applicable in the Czech Republic, it was necessary to adopt national legislation to fully integrate certain provisions into Czech law. This was achieved through Act No. 31/2025 Coll., on the Implementation of European Union Regulations in the Area of Financial Market Digitalization, which came into effect on 15 February 2025. Besides implementing MiCA, this act also incorporates necessary provisions related to the DORA regulation. The act defines additional requirements for offering crypto-assets to the public and providing related services, assigns supervisory responsibility to the Czech National Bank for compliance with MiCA and DORA, and establishes offences and penalties for non-compliance.

This article is not an exhaustive discussion of the MiCA regulation or the provision of crypto-asset-related services. The regulation includes numerous additional rights and obligations not mentioned here, and this article is therefore intended merely as an introduction to the topic.

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If you have any questions about this topic, please contact the authors of this article – Jiří Absolon and Vojtěch Vojíř.

This document is a general communication and should not be regarded as legal advice on any specific matter.