MiCA: the European crypto regulation

With MiCA (Markets in Crypto-Assets), the European Union has equipped itself with a single framework for crypto-assets, overcoming the patchwork of national rules. For a Swiss business the topic is not theoretical: Switzerland is not in the EU, but anyone who issues tokens or offers crypto services to European clients falls within the scope of the regulation. Understanding what it governs and what it does not avoids building a project on false premises.

What MiCA governs

The regulation does not treat every token the same way. It distinguishes three broad categories:

Asset-referenced tokens (ART): tokens that aim to maintain stable value by pegging to several currencies, commodities or other crypto-assets.
E-money tokens (EMT): tokens pegged to a single official currency, effectively functioning as electronic money.
Other crypto-assets: tokens that do not fall into the first two categories, including many utility tokens.

Crypto-assets that already qualify as financial instruments under the European markets legislation fall outside the perimeter and continue to follow the existing rules. Also outside, in principle, are genuinely unique and non-fungible NFTs, although substance prevails over form: calling a fungible series issuance an “NFT” is not enough to escape the regulation.

Who must comply

MiCA addresses two types of entity:

Issuers of tokens, required to publish an information document (white paper) with mandatory minimum content, notified to the competent authority. For ARTs and EMTs the obligations are more stringent, with requirements on reserves, authorisations and capital.
Crypto-asset service providers (CASPs): exchange platforms, wallet custody, order execution, advice, placement. Operating requires an authorisation and compliance with organisational, prudential and conduct requirements.

The cornerstone principle is the European passport: once authorisation is obtained in one member state, the service can be offered throughout the Union without repeating the process country by country.

What changes for those operating from Switzerland

Switzerland has its own regime, centred on FINMA, on financial services legislation and on anti-money laundering rules. MiCA does not apply directly on Swiss territory, but it becomes relevant as soon as one looks to the European market:

Issuance aimed at EU investors: a public offering of tokens to the European public triggers MiCA obligations, regardless of where the issuer is based.
Services to EU clients: offering exchange, custody or placement to European clients typically requires an entity authorised in the Union.
Dual track: a Swiss project with European ambitions must reconcile Swiss requirements and MiCA requirements, avoiding duplication but without leaving gaps exposed.

It is worth recalling that activities subject to authorisation — both in Switzerland and in the EU — go through licensed entities. Our role is one of structuring and advice: designing the legal architecture of the project, correctly qualifying the token and coordinating authorised partners for the regulated phases.

Recurring mistakes

Qualifying the token by ear: the token’s legal category determines the entire structure of obligations. A mistake upstream is paid for downstream.
Ignoring anti-money laundering: AML rules remain an autonomous pillar, in Switzerland as in the EU, and should not be confused with MiCA compliance.
Underestimating the white paper: it is not a marketing document, but an act with mandatory content and liability for those who draft it.
Thinking “offshore” solves it: if the target public is European, a distant registered office does not remove the obligations.

In summary

MiCA creates a single EU framework and distinguishes ART, EMT and other crypto-assets, with increasing obligations.
Issuers and service providers have different requirements; authorisation grants access to the European passport.
A Swiss project aimed at Europe must manage Swiss rules and MiCA in parallel.
Correctly qualifying the token is the decision on which everything else depends.

How we help you

We analyse the project, qualify the token, map the obligations between Switzerland and the EU and coordinate authorised partners for the regulated activities, so you reach the market with a solid structure. Structure your crypto project with us.