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Glossary termPublished inMiCA

Operation of a trading platform for crypto-assets

What does "Operation of a trading platform for crypto-assets" mean under MiCA?

The management of one or more multilateral systems, which bring together or facilitate the bringing together of multiple third-party buying and selling interests in crypto-assets, in the system and in accordance with its rules, in a way that results in a contract, either by exchanging crypto-assets for funds or by the exchange of crypto-assets for other crypto-assets

Defined in / by

Last updated: 22 August 2026.

Regulations

  • Markets in Crypto-Assets (MiCA)

    MiCA is Regulation (EU) 2023/1114. Full application began on 30 December 2024 and the EU-wide transitional period expired on 1 July 2026, so there is now no grandfathering anywhere in the EEA. Around 325 crypto-asset service providers are authorised. Not one asset-referenced token issuer appears on ESMA's register.

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    Commission final report under Art. 140, covering DeFi, third-country equivalence, thresholds and consensus-mechanism environmental impact

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