The 27-member bloc's Markets in Crypto-Assets (MiCA) regulation (also abbreviated to MiCAR) was approved by European parliamentarians in April last year, making the EU the world's first major jurisdiction to establish a comprehensive regulatory framework for crypto-assets.

Part of a series of measures relating to digital finance in Europe, MiCA regulates crypto-asset issuance and services not covered by pre-existing regulations on financial instruments and financial products by creating a harmonised European regulatory framework. It specifically introduces a pan-European licensing and supervisory regime for issuers of crypto-assets, crypto platforms and crypto-asset service providers ('CASPs') across a broad range of crypto-assets, including exchange tokens (such as Bitcoin), utility tokens, asset-referenced tokens ('ARTs') and electronic-money tokens ('EMTs').