With the Markets in Crypto‑Assets regulation (MiCA) fully in force since December 2024, the European Union is rolling out its next phase—called **MiCA 2.0**—which tightens licensing, anti‑money‑laundering, market‑abuse safeguards, and e‑money token frameworks. This update will significantly reshape Bitcoin-related services across Europe (source [1] – Reuters).
Crypto Giants Secure EU Passport Licenses
Under MiCA 2.0, Malta, Luxembourg, and other authorities are issuing licenses to firms like Gemini, OKX, Crypto.com and Coinbase—enabling them to operate across all 27 EU states via a passporting regime (source [1]). Yet concerns are growing over regulatory arbitrage and uneven enforcement among member states.
New Obligations for Crypto Asset Service Providers
Starting December 2024, all CASPs—exchanges, trading platforms, wallet custodians—are mandated to hold minimum capital reserves, undergo strong governance and AML checks, and publish whitepapers for public token issuances (excluding smaller offerings) (source [2] – InnReg).
ESMA Pushes Market Abuse Guardrails
In May 2025, ESMA released binding guidelines to harmonize detection and prevention of insider trading, market manipulation, and crypto‑specific abuses across member states, applicable to all CASPs under MiCA 2.0 (source [3] – FiscalNote).
Interplay with PSD2 for E‑Money Tokens
The European Banking Authority (EBA) recently clarified that e‑money tokens (Euro‑pegged stablecoins) will also fall under PSD2 rules, meaning CASPs must be authorized as payment service providers. This avoids dual regulatory burden while ensuring continuity and clarity by March 2026 (source [4] – Morgan Lewis).
Implications for Bitcoin Ecosystem
- High compliance bar: Smaller Bitcoin wallet or service providers may struggle to meet capital, KYC, and audit standards—and may shut or merge.
- Institutional-grade services: Exchange and custody platforms achieving MiCA 2.0 compliance will offer users stronger security and credibility.
- Better user protection: Standardized disclosure and anti‑fraud oversight protect retail users and improve trust.
- Euro‑crypto mix: Combining stablecoin use under PSD2 with Bitcoin services can enable new hybrid payment and treasury tools.
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