Pillar · MiCA & regulation
MiCA & regulation: the full guide.
Everything an EU stablecoin holder needs from the Markets in Crypto-Assets Regulation — what it covers, who supervises what, and what your rights are. Each chapter checked against the regulation text and the ESMA register.
Checked 24 JUL 2026 against primary sources
The regulation, in four numbers
Key concepts
Four terms you need first.
E-money token — pegged 1:1 to one fiat currency, redeemable at par.
Asset-referenced token — pegged to a basket; none authorised yet.
The legal right to convert a stablecoin 1:1 to fiat at the issuer at any time.
A licence granted in one EU member state is recognised across all 27 + Iceland, Norway, Liechtenstein.
In this cluster
Start with the explainer.
From the register
See MiCA applied.
Every article links back here; this pillar links out to each. Check a coin directly: EURC profile · full register.