What is MiCA (Markets in Crypto-Assets)?
MiCA, the Markets in Crypto-Assets Regulation, is the European Union's rulebook for crypto-assets. It replaces separate national regimes with one framework for firms that offer crypto services to customers in the EU. It was adopted in 2023 and applied in stages through 2024 and 2025.
What it covers
In general terms, MiCA has three main parts:
- Crypto-asset service providers (CASPs). Exchanges, custodians, and transfer and trading platforms need authorisation from a national regulator and must meet governance, capital, conduct and consumer protection rules. A CASP is the EU counterpart of a VASP.
- Stablecoin issuers. MiCA sets rules for tokens that reference a currency (e-money tokens) or other assets (asset-referenced tokens). Issuers face requirements on reserves, redemption and disclosure. See stablecoin compliance and stablecoins.
- Other crypto-assets. Issuers of other tokens publish a white paper and follow disclosure rules.
MiCA does not replace anti-money laundering rules. CASPs still have AML duties, and EU rules on information that accompanies crypto transfers apply (see the Travel Rule). Scope, exemptions and deadlines are detailed. Ask a lawyer whether MiCA applies to your activity.
Why it matters for payments
A business that accepts or sends crypto for EU customers should work out whether it is a CASP, whether the stablecoins it handles are issued by an authorised issuer, and which AML controls it must run. Those answers depend on the facts of each case.
How Amboss relates to MiCA
Amboss provides the screening and risk layer that businesses use in their own compliance programs. Reflex screens channel peers by IP address and funding source against sanctions lists, checks funding addresses against the OFAC SDN list, and produces exportable audit reports. Amboss describes Reflex as extending an existing AML program into the Lightning layer, and says your business remains responsible for its own obligations. Reflex is being integrated into Amboss Rails for payments processed through that platform.
See the Reflex page.