MiCA (Markets in Crypto-Assets Regulation)
MiCA — the Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114) — is the EU's comprehensive framework for regulating crypto-assets across the European Economic Area. It was adopted in June 2023, with stablecoin provisions taking effect in June 2024 and full CASP (Crypto-Asset Service Provider) licensing required by 1 July 2026.
For property companies, MiCA's most immediate impact is on stablecoins. The regulation classifies dollar-pegged stablecoins as e-money tokens (EMTs) and requires their issuers to hold an Electronic Money Institution licence in an EU member state. This determines which stablecoins are legally available on regulated European exchanges: USDC (issued by Circle, which holds an EMI licence in Ireland) is compliant; USDT (issued by Tether, which has not obtained an EMI licence) is not, and has been delisted from multiple EU platforms.
MiCA also regulates Crypto-Asset Service Providers (CASPs) — the platforms, exchanges, and custodians that facilitate crypto transactions. After 1 July 2026, any CASP operating in the EU must be fully authorised under MiCA. For property companies that accept stablecoin payments, this means verifying that the service provider handling the conversion is MiCA-authorised.
The regulation establishes consumer protection rules including reserve requirements (stablecoin issuers must maintain 1:1 backing), redemption rights (holders can redeem at par value at any time), and transparency obligations (regular disclosure of reserve composition and audit results).
For property companies evaluating stablecoin payments, MiCA provides the regulatory certainty that was previously missing. The rule is straightforward: use MiCA-compliant stablecoins processed through MiCA-authorised service providers, and your operations sit on solid regulatory ground.