MiCA Phase 2 (CASP) enters into force event

regulation-milestone · PageRank 0.0000

Overview

The second application phase of the EU's Markets in Crypto-Assets Regulation (MiCA) took effect on 30 December 2024, six months after the stablecoin rules. From that date the full framework for crypto-asset service providers (CASPs) — covering exchanges, custody, brokerage and related services — became applicable across the EU, requiring authorisation and ongoing conduct, governance and disclosure compliance. Member states were permitted to grant transitional 'grandfathering' periods for existing providers, which varied by country.

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Frequently asked questions

What changed on 30 December 2024?

MiCA's rules for crypto-asset service providers became applicable, requiring authorisation and compliance for exchanges, custodians, brokers and similar firms operating in the EU.

How does this differ from the June 2024 phase?

The June 2024 phase applied only to stablecoin issuers (asset-referenced and e-money tokens); the December 2024 phase covers service providers.

Did existing firms have to comply immediately?

Member states were allowed to apply transitional periods for firms already operating under national regimes, so the effective deadline varied by jurisdiction.