MiCA scope explained: ten CASP services, ART/EMT/OTHR issuers, NFT and DeFi exemptions, and who is outside Regulation (EU) 2023/1114.
MiCA applies to crypto-asset issuers (ART, EMT, and other tokens offered to the public), persons seeking admission to trading, and crypto-asset service providers (CASPs) offering regulated services to clients in the EU.
Unique non-fungible tokens are generally outside MiCA scope, but ESMA's interdependent value test applies to collections where tokens gain value from belonging to a set. Many 'NFT' projects may still need white papers or CASP authorization.
Fully decentralized protocols without an identifiable intermediary may be exempt, but any centralized front-end, foundation, or fee-taking entity can trigger CASP obligations. Most DeFi interfaces serving EU users require careful analysis.
Custody, trading platform operation, exchange (fiat and crypto), order execution, placement, order reception/transmission, advice, portfolio management, and transfer services. Each requires authorization if provided professionally to clients.
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