Introduction
MiCA stands for Markets in Crypto-Assets Regulation: the European licence spot crypto exchanges need in order to offer services across the 27 EU member states. Just like comparing energy providers, there is a major difference between crypto exchanges: which ones hold MiCA, which do not, and what that means for you as a trader.
On this site we compare all MiCA-licensed exchanges on price, features and legal protection.
What exactly is MiCA?
MiCA (Markets in Crypto-Assets Regulation) is the first comprehensive European law regulating crypto services. It entered into force in phases from 2024, with transition periods running until 1 July 2026.
Under MiCA, crypto service providers need a licence as a CASP (Crypto-Asset Service Provider) to offer spot crypto services to European users. The licence is issued by a national supervisor in one EU member state and is then valid in all 27 member states through "passporting".
Important: MiCA only covers spot crypto services (buying, selling, custody, transfers). Derivatives such as perpetual futures require a What is a MiFID II licence?, and fiat payment services require PSD2 and EMI explained.
Which exchanges hold MiCA?
All licensed exchanges are listed in the public ESMA CASP register. As of 1 July 2026 roughly 231 CASPs were registered across 27 countries. Popular jurisdictions include:
- Latvia (FCMC)
- Malta (MFSA)
- Ireland (Central Bank of Ireland)
- Luxembourg (CSSF)
- Netherlands (DNB)
- Cyprus (CySEC)
Several household names are notably absent — they exited the EU, withdrew their application, or are not yet published. See the DNB fines overview for exchanges that were fined in the past.
What does a MiCA licence cover — and what not?
Covered under MiCA:
- Spot crypto trading
- Custody of crypto
- Portfolio management
- Crypto advice
- Transfers
- Issuance of certain stablecoins (ART, EMT)
Not covered under MiCA:
- Perpetual futures and crypto derivatives — requires MiFID II
- Tokenised stocks — requires MiFID II
- Fiat payment services / SEPA — requires PSD2 or EMI
- NFTs (if unique)
- DeFi without a central entity
An exchange that wants to offer the full product range therefore needs all three licences: MiCA + MiFID II + PSD2. See Capital efficiency explained for why that matters to you as a trader.
Why does MiCA matter to you as a trader?
- Consumer protection. MiCA-licensed exchanges must meet strict requirements on transparency, capital, cybersecurity and client funds.
- Segregation of client funds. Your money and crypto are held separately from the exchange's own assets.
- Supervision. A national supervisor (in the Netherlands: DNB) can intervene.
- Tax. In many EU countries, only transactions via licensed exchanges are accepted by the tax authority without questions.
- Regular audits. Licensed exchanges publish Proof of Reserves explained and undergo external audits.
MiCA vs other licences
| Licence | Covers | Supervisor |
|---|---|---|
| MiCA | Spot crypto (buy/sell/custody) | National (DNB, MFSA, CySEC, etc.) |
| MiFID II | Perpetuals, derivatives, tokenised stocks | National (CySEC, ATVP, MFSA, BaFin) |
| PSD2 / EMI | Payments, SEPA, fiat rails | National (DNB, FCMC) |
What happens to exchanges without MiCA?
After 1 July 2026, exchanges without MiCA may no longer offer spot crypto services to EU users. Their options:
- Still apply for MiCA (a 6-12 month process)
- Operate via a reverse solicitation model — the user must actively seek out the exchange
- Withdraw from the EU
- Operate via another licensed entity
Several exchanges were previously fined by the Dutch central bank for operating without registration — see the DNB fines overview.
Frequently asked questions
Is MiCA the same as MiCAR?
Yes, MiCA and MiCAR (Markets in Crypto-Assets Regulation) refer to the same EU regulation.
Can I still trade on an exchange without MiCA?
Technically yes, via reverse solicitation or a VPN — but you give up legal protection and may face tax complications.
Does MiCA mean my crypto is insured?
No. MiCA does not require deposit insurance like banks have. It does require segregation of client funds.
Will I pay more at a MiCA-licensed exchange?
Not necessarily. See our cost comparison for actual price differences.