Glossary

Short definitions for register browsing. Not legal advice — consult the Regulation and your counsel. Hover or focus underlined terms site-wide for tooltips.

• MiCA

  Markets in Crypto-Assets Regulation (EU) 2023/1114 — the EU framework governing the offer and admission to trading of crypto-assets and the authorisation and conduct of crypto-asset service providers across the EEA.

  In brief: EU Markets in Crypto-Assets Regulation — the main rulebook for crypto-asset offers and service providers in the EEA.

• ESMA

  European Securities and Markets Authority — the EU authority coordinating capital-markets supervision; under MiCA it maintains interim CASP, NCASP and white-paper registers and issues technical standards and guidance.

  In brief: European Securities and Markets Authority — EU supervisor that publishes MiCA registers and many Level 2/3 measures.

• EBA

  European Banking Authority — the EU banking authority responsible for significant ART oversight triggers and much of the ART/EMT Level 2/3 policy under MiCA Titles III and IV.

  In brief: European Banking Authority — leads many ART/EMT prudential and issuer-side MiCA mandates.

• CASP

  Crypto-asset service provider — a legal person or other undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is allowed to provide crypto-asset services in accordance with Article 59 MiCA.

  In brief: Crypto-asset service provider — a firm authorised to provide one or more MiCA services (a–j) to clients.

• NCASP

  Non-authorised / non-compliant crypto-asset service provider entries as published in ESMA register of entities reported for operating without authorisation or otherwise flagged. Not a complete fraud database.

  In brief: Non-authorised / flagged crypto-asset service provider entries published by ESMA — not a complete fraud list.

• ART

  Asset-referenced token — a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies (MiCA Art. 3(1)(6)).

  In brief: Asset-referenced token — a crypto-asset that aims to keep a stable value by referencing other assets (not a single official currency).

• EMT

  E-money token (electronic money token) — a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency (MiCA Art. 3(1)(7)).

  In brief: E-money token — a crypto-asset that aims to keep a stable value by referencing one official currency.

• Other crypto-asset

  Crypto-asset other than an ART or EMT — typically utility or other tokens falling under Title II of MiCA (offer to the public / admission to trading) rather than the ART/EMT issuer authorisation regimes.

  In brief: Crypto-assets other than ART/EMT — usually Title II white-paper / marketing rules for offers or admission to trading.

• NCA

  National competent authority — the authority or authorities designated by each Member State under Article 93 MiCA to carry out the functions and duties provided for in the Regulation.

  In brief: National competent authority — the Member State regulator designated to apply MiCA locally.

• LEI

  Legal Entity Identifier — a 20-character alphanumeric code based on ISO 17442 that uniquely identifies a legal entity. Used as the primary key for CASP entries in this toolkit.

  In brief: Legal Entity Identifier — a 20-character ISO code that uniquely identifies a legal entity in registers and filings.

• iXBRL

  Inline XBRL — the machine-readable format required by Commission Implementing Regulation (EU) 2024/2984 for crypto-asset white papers, using ESMA MiCA taxonomy.

  In brief: Inline XBRL — the machine-readable format required for MiCA crypto-asset white papers.

• White paper

  A disclosure document required for offers to the public or admission to trading of crypto-assets (and for ART/EMT issuers). White papers in the ESMA register are not approved by NCAs; they are notified disclosures.

  In brief: Required MiCA disclosure for many offers or admissions to trading — notified, not NCA-approved.

• Passporting

  Under MiCA, an authorised CASP may provide services across the EEA on the basis of home-state authorisation, subject to notification to host NCAs. The ESMA register lists passport countries associated with authorised services.

  In brief: Using a home-state MiCA authorisation to provide services in other EEA states after notification.

• Crypto-asset services (a–j)

  MiCA Article 3(1)(16) defines ten crypto-asset services. Letters below match the short codes used in the ESMA CASP CSV and on this site:

  • a custody — Custody and administration of crypto-assets on behalf of clients
  • b trading platform — Operation of a trading platform for crypto-assets
  • c exchange for funds — Exchange of crypto-assets for funds
  • d exchange for crypto — Exchange of crypto-assets for other crypto-assets
  • e execution of orders — Execution of orders for crypto-assets on behalf of clients
  • f placing — Placing of crypto-assets
  • g reception/transmission of orders — Reception and transmission of orders for crypto-assets on behalf of clients
  • h advice — Providing advice on crypto-assets
  • i portfolio management — Providing portfolio management on crypto-assets
  • j transfer services — Providing transfer services for crypto-assets on behalf of clients