# MiCA

> MiCA (European Union · ESMA): Market licensing · Regulation (EU) 2023/1114. Region: Europe. Privacy with disclosure: Confidentiality is workable so long as the regulated firm can identify parties and disclose on demand.

Part of the Soda Labs Privacy Hub regulation map, which reads the instruments
themselves rather than summarising the summaries: https://www.sodalabs.xyz/privacy-hub/regulation

## Key facts

- Entry type: Regulator or standard-setter
- Region: Europe
- Subject: Market licensing · Regulation (EU) 2023/1114
- Authority: European Union · ESMA
- Stance on on-chain confidentiality: Privacy with disclosure. Confidentiality is workable so long as the regulated firm can identify parties and disclose on demand.
- Tags: MiCA, Article 76(3), CASP licensing, trading venues
- Canonical page: https://www.sodalabs.xyz/privacy-hub/regulation/reg-mica

## What it actually says

MiCA carries exactly one operative anonymity rule, and it is narrower than its reputation. Article 76(3) requires a trading platform's operating rules to prevent admission of crypto-assets with an inbuilt anonymisation function, unless the platform can identify the holders and their transaction history. It binds trading venues only: custody, transfer, exchange and execution are untouched, no coin is named, and "inbuilt anonymisation function" is left undefined. ESMA has issued no guidance interpreting it, so national competent authorities apply it with varying strictness, which is where listing fragmentation across the bloc comes from. Titles III and IV applied from 30 June 2024, the CASP regime from 30 December 2024, and national grandfathering closed for good on 1 July 2026.

## The instruments that matter

- **Article 76(3)**: trading platforms may not admit assets with an inbuilt anonymisation function unless holders and transaction history can be identified
- **Recital 22**: services provided in a fully decentralised manner without any intermediary fall outside scope
- **Grandfathering ended 1 July 2026**: no member state may extend national transitional regimes further

## Sources

- [Regulation (EU) 2023/1114](https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng)
- [ESMA MiCA hub](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica)

## Related entries

- [CJEU on identifiability](https://www.sodalabs.xyz/privacy-hub/regulation/reg-cjeu-identifiability): Case law · is a wallet address personal data
- [EDPB blockchain guidelines](https://www.sodalabs.xyz/privacy-hub/regulation/reg-edpb-blockchain): Data protection guidance · Guidelines 02/2025
- [EU Data Act, Article 36](https://www.sodalabs.xyz/privacy-hub/regulation/reg-eu-data-act): Smart contract requirements · Regulation (EU) 2023/2854
- [Digital euro](https://www.sodalabs.xyz/privacy-hub/regulation/reg-digital-euro): Central bank digital currency · COM(2023) 369
- [eIDAS 2 and the EU Digital Identity Wallet](https://www.sodalabs.xyz/privacy-hub/regulation/reg-eidas2): Digital identity · Regulation (EU) 2024/1183
- [EU AMLR Article 79](https://www.sodalabs.xyz/privacy-hub/regulation/reg-eu-amlr): Anti-money laundering · Regulation (EU) 2024/1624