Nařízení o trzích s kryptoaktivy (MiCA)

MiCA Glossary: Key Terms and Definitions

Concise definitions of the most important MiCA terms, drawn from Regulation (EU) 2023/1114.

MiCA

Regulation (EU) 2023/1114 on Markets in Crypto-Assets — the EU framework that harmonises rules for crypto-asset issuance, public offers, admission to trading and crypto-asset services across all Member States.

Crypto-asset

A digital representation of a value or of a right that is able to be transferred and stored electronically, using distributed ledger technology or similar technology (Article 3(1)(5)).

CASP — Crypto-Asset Service Provider

A legal person or other undertaking whose occupation or business is providing one or more crypto-asset services to clients on a professional basis, authorised under Article 59 MiCA.

ART — Asset-Referenced Token

A type of crypto-asset that aims to maintain a stable value by referencing any other value or right, or a combination thereof, including one or more official currencies (Article 3(1)(6)).

EMT — E-Money Token

A type of crypto-asset that aims to maintain a stable value by referencing the value of one official currency; issuance is reserved to credit institutions and electronic money institutions (Article 3(1)(7)).

Significant ART / EMT

An ART or EMT classified as significant by the EBA based on size, complexity and interconnectedness criteria in Articles 43 and 56; significant tokens are supervised directly by the EBA.

Utility token

A type of crypto-asset that is only intended to provide access to a good or a service supplied by its issuer (Article 3(1)(9)).

White paper

The mandatory disclosure document for the public offer or admission to trading of a crypto-asset, prepared under Articles 6, 19 and 51 MiCA and notified to the competent authority.

NCA — National Competent Authority

The Member State authority designated under Article 93 MiCA to authorise and supervise CASPs and issuers within its jurisdiction.

ESMA

European Securities and Markets Authority — coordinates supervision, maintains the public register of CASPs and issuers, and develops technical standards under MiCA.

EBA

European Banking Authority — directly supervises significant ARTs and EMTs and issues guidelines on prudential and governance requirements.

Passporting

The right of an authorised CASP or token issuer to provide services or market a token in any other EU Member State after a notification procedure (Articles 65 and 21).

Reverse solicitation

Narrow exemption allowing a non-EU firm to serve an EU client only when the client initiated the service at their own exclusive initiative; cannot be used to market or solicit clients in the EU.

Own funds (Annex IV)

Permanent minimum capital that a CASP must hold: EUR 50,000 (Class 1), EUR 125,000 (Class 2 — custody), or EUR 150,000 (Class 3 — trading platform), and at all times at least one quarter of the previous year's fixed overheads.

Market abuse (Title VI)

Prohibitions on insider dealing, unlawful disclosure of inside information and market manipulation in crypto-assets admitted to trading, modelled on MAR.