The Markets in Crypto-Assets Regulation (MiCA) has entered full enforcement across the European Union, marking the most comprehensive crypto regulatory framework in the world. The regulation establishes uniform rules for all 27 EU member states.
The CASP Transition
Under MiCA, the previous VASP (Virtual Asset Service Provider) regime has been replaced by the CASP (Crypto-Asset Service Provider) framework. Existing providers operating under national licenses have a grandfathering period that expires on July 1, 2026. After this date, only fully authorized CASPs can offer services in the EU.
Key Requirements
CASP authorization brings several obligations: robust governance structures, minimum capital requirements, comprehensive customer protection measures, and detailed reporting to national competent authorities. Stablecoin issuers face additional reserve and transparency requirements.
The Passport Advantage
One of MiCA's biggest benefits is the passporting mechanism. A CASP licensed in any EU member state can serve customers across all 27 countries without additional local licenses. This creates a truly unified European crypto market for the first time.
ON3X and MiCA
As a EU-registered Virtual Asset Service Provider, ON3X has been proactively preparing for the CASP transition. Our compliance team has been working closely with regulators to ensure a smooth transition, so users can continue to enjoy uninterrupted service across the European Economic Area.