We have been asked frequently by clients how MiCA — the EU Markets in Crypto-Assets regulation, which entered full application in December 2024 — affects their plans to integrate crypto payments. This post summarises the practical implications for non-financial businesses that want to accept crypto payments, based on our reading of the regulation and conversations with our legal advisors at Linklaters.
Disclaimer: This is not legal advice. Consult a qualified legal professional for advice specific to your situation.
The Short Version for Merchants
If you are a non-financial business that simply wants to accept crypto payments from customers — like accepting a credit card — MiCA almost certainly does not directly regulate you. MiCA primarily targets crypto-asset service providers (CASPs): exchanges, custodians, wallet providers, and issuers of crypto assets.
If you are using a payment processor to accept crypto (analogous to using Stripe for card payments), the processor is the CASP and bears the compliance burden. You need to ensure your processor is MiCA-compliant; you do not need to become authorised yourself.
Where It Gets More Complex
If your business model involves any of the following, you are likely in CASP territory and need authorisation or registration in at least one EU member state:
- Holding customer crypto assets in custody (even temporarily)
- Operating a crypto exchange or swap facility, even peer-to-peer
- Issuing your own token or stablecoin
- Providing portfolio management services denominated in crypto
USDC and USDT Under MiCA
This is where merchants with significant stablecoin volume need to pay attention. MiCA classifies USDT and USDC as e-money tokens (EMTs) if they are denominated in a fiat currency. EMT issuers must be authorised as e-money institutions. Circle has obtained the necessary authorisation and USDC is MiCA-compliant. Tether has not yet received authorisation, and several EU exchanges delisted USDT in Q4 2024 to avoid regulatory risk.
Our recommendation: if you are building payment infrastructure for EU markets in 2025, design for USDC as your primary stablecoin. Avoid building dependencies on USDT until the regulatory situation resolves.
Travel Rule Compliance
The FATF Travel Rule, implemented through MiCA and the EU Transfer of Funds Regulation, requires CASPs to attach sender and recipient information to crypto transfers above EUR 1,000. If you are operating as a CASP, you need Travel Rule compliance infrastructure. We have integrated with Notabene and Sygna for clients in this situation.
Our Experience Navigating This
We have helped four clients go through MiCA compliance assessments in 2024. The consistent finding is that businesses which thought they might be CASPs — because they held crypto briefly during payment settlement — often were not, because the holding was incidental to a commercial transaction rather than a service provided to a third party.
If you are uncertain whether your business model requires CASP authorisation, we recommend getting a regulatory opinion before building, not after. We can refer you to specialist crypto lawyers in London, Amsterdam, and Dublin. Get in touch.
James Hart is CEO of KomiKey Technologies. KomiKey is registered with the FCA as a Cryptoasset Business (reference 987431).