The MiCA regulation has brought new regulation of cryptocurrencies in the Czech Republic and whole EU – what is changing?

Are you issuing your own cryptocurrency or planning to tokenize an asset? Then you will be interested in what you have to fulfill. In this article, we will present you in detail the obligations that apply to you under the MiCA regulation and tell you how we can help you fulfill them.

The easiest and fastest way is to buy your MiCA ready company NOW.

In this article, you will learn:

• what is the MiCA regulation and what new obligations it introduces
• to which assets does the new MiCA regulation apply
• whether there is any interim regime
• what documents do you need
• what you need to fulfill to obtain a license from the CNB for your crypto assets
• how our law firm will help you with the entire process.

The MiCA regulation brings new obligations

Until now, cryptocurrencies and crypto assets in general were practically not subject to any regulation – they were considered goods. In general, this status does not change, but this area is now regulated by the MiCA (Markets in Crypto-Assets) regulation from December 30, 2024. This regulation represents a comprehensive regulatory framework for crypto assets in the European Union, which will significantly affect companies issuing crypto assets.

In the Czech Republic, an Act 31/2025 Coll. on digitalization of financial market law is currently in legal force since 15th February, 2025 that entrust the Czech National Bank (CNB) with powers in this area. The draft law is set to enter into force immediately with effect for CNB, so it is not advisable to wait for anything and start to work with us on your application.

The new Act and MiCA introduces new obligations for crypto asset issuers like:

1. Registration in the EU – crypto asset issuers must be legal entities registered in the EU. Until now, many have circumvented this obligation by registering in tax havens,
2. White paper – issuers are required to prepare and publish a detailed white paper on the crypto asset,
3. Professional conduct – issuers must act honestly, fairly and professionally in the best interests of crypto asset holders,
4. Transparent communication – all communication with crypto asset holders must be clear, fair and not misleading, or
5. Conflicts of interest management – issuers must identify, prevent, manage and disclose potential conflicts of interest.

What assets does the new MiCA regulation apply to?

MiCA applies to and sets out specific requirements for the following types of tokens:

1. Asset-linked, e.g. currencies (USD or EURO), gold, silver, etc. – we generally call them the category of asset-linked fungible tokens, or so-called electronic money tokens (EMTs), and
2. Other tokens (ARTs) – crypto assets other than asset-linked tokens.

Issuers of EMT and ART tokens are subject to stricter requirements. In addition to the need to draft a white paper, there is an obligation to notify or obtain a permit (license) from the competent authority. In the case of the Czech Republic it is the CNB.

What assets does the MiCA regulation not apply to?

The following types of tokens are not covered by the MiCA regulation:

1. Non-fungible tokens (NFTs)

These unique and non-fungible tokens are generally exempt from the MiCA regulation. However, there are exceptions, for example, for large NFT collections that may show signs of fungibility.

2. Financial crypto assets

These are tokens that are already regulated by existing EU regulations, such as financial instruments and structured deposits within the meaning of the MiFID directive. If this is your case, contact us and we will prepare the authorization process for you under MiFID II.

According to the definition of financial instruments under MiFID II, this relatively broad category, which is not covered by MiCA, includes crypto assets expressed as related to instruments traded on the capital market. Generally, crypto assets that meet the following criteria fall into this category:

• transferability – the instruments are transferable, although not necessarily freely tradable
• standardization – there is a degree of standardization that allows for the interchangeability of the instruments
• capital market tradability – the instruments are generally suitable for organized trading on the capital market, whether held or expressed in crypto-assets.

The last criteria includes, for example:

1. transferable securities – shares of companies; bonds; any other securities that give the right to acquire or sell such transferable securities or that give rise to a cash settlement determined by reference to transferable securities; currencies; interest rates or yields; commodities or other indices or measures,
2. money market instruments – options, futures, swaps, forwards and other derivative contracts,
3. units of collective investment undertakings, and
4. derivatives – derivative instruments for the transfer of credit risk, financial contracts for difference and emission allowances.

3. Other crypto assets exempted from the scope of the MiCA regulation

You will probably be pleased to know that some parts of the MiCA regulation, in particular Titles II, III and IV, do not apply to crypto assets without an identifiable issuer. Furthermore, the MiCA regulation exempts utility tokens from some of its requirements, subject to certain conditions. Also, if the given conditions are met, airdropped tokens and rewards for mining, pooling or staking are exempted from the scope of the regulation.

The regulation also does not apply to tokens used only in a limited network of merchants. The condition is that the holder of the crypto asset uses it only in exchange for goods and services within a limited network of merchants who have a contractual arrangement with the offeror.

It is important to note that while some types of tokens are generally exempt from the scope of the MiCA regulation, there may be specific cases or conditions where they are subject to regulation. Therefore, it is always necessary to assess each case individually. We recommend consulting with our experts, who have been in this field for years and can explain everything and give you meaningful advice.

Crypto asset issuers and related service providers have different regimes

After the entry into force of the Act on the Digitalization of the Financial Market, which passed the Senate a few days ago, the CNB will accept:

• notifications of a white paper of an asset-backed crypto-asset (other than a token) or an electronic money token (EMT),
• applications for authorization of an ART issuer that is not a bank and applications for approval of a white paper of an ART issuer that is a bank,
• notifications of an EMT issuer’s intention to publicly offer an EMT or seek its admission to trading and notifications of an EMT issuer’s white paper,
• applications for authorization to operate as a crypto-asset service provider (CASP) and notifications of entities that already have a CNB authorization to provide crypto-asset services.

CASP activities mainly include the following types of services that require a CASP permit from the CNB:

• custody and management of crypto assets on behalf of third parties
• operation of a trading platform for crypto assets (crypto-exchange)
• exchange of crypto assets for fiat currency
• exchange of crypto assets for other crypto assets
• execution of orders related to crypto assets on behalf of third parties
• placement of crypto assets
• reception and transmission of orders related to crypto assets on behalf of third parties
• advice on crypto assets.

The issuance of tokens per se does not fall under CASP services. Issuers of such crypto assets have other obligations under the MiCA regulation, such as:

• development and publication of a detailed white paper on the crypto asset in accordance with the MiCA regulation,
• notification to the CNB by means of an application,
• obtaining a permit for certain types of tokens (e.g. asset-linked tokens or electronic money tokens).

So what’s the difference?

Crypto asset issuers are therefore subject to a different regime than crypto asset service providers (CASPs). While CASPs focus on providing services related to existing crypto assets, issuers are involved in the creation and issuance of new crypto assets. If you plan to both issue and provide any of the services listed above (typically, e.g., exchange), then you need a CASP permit from the Czech National Bank. We will be happy to provide it for you.

There is an interim regime

Until December 30, 2024, you were authorized to provide services related to crypto-assets on the basis of a trade license. Specifically, on the basis of a reportable trade with the subject of business No. 81 according to Annex No. 4 of the Trade Licensing Act: “providing services related to virtual assets”. If you subsequently submit an application for a CASP activity permit pursuant to Article 63 of the MiCA Regulation by July 31, 2025, you will be able to continue to perform this activity on the basis of this authorization until the date the decision on this application becomes legally effective, but no later than July 1, 2026.

What documents do you need?

We have experience in preparing the necessary documents. And will be happy to provide you with complete legal support throughout the entire procedure with the CNB.

Cooperation with us begins with a non-binding consultation, where we will discuss your intention. Based on your specific business model and intention, we will then determine what documents you need and which ones we would recommend beyond the mandatory ones. We will then agree on specific steps and a deadline for implementation.

As a rule, the following documents will be involved:

1. White paper – a detailed document describing the crypto-asset, its properties, risks and legal information about the issuer.
2. Business plan – a document describing the company’s business model and strategy.
3. Organizational structure – a diagram showing the company’s structure and management.
4. Financial statements – documents proving the financial stability of the company or its estimated revenues, including structuring.
5. Policies and procedures – documents describing risk management, AML procedures and customer protection. Based on our experience, we also recommend that you attach the terms and conditions and GDPR to the application.

We will prepare all these documents for you in the best quality, in the shortest possible time and more advantageously than anyone else. Read the reviews of our satisfied clients and you will see that you are in the right place. Contact us now and we can get started.

The easiest and fastest way is to buy MiCA ready company.

Why use the services of ModerniPravnik.cz?

The MiCA regulation represents a significant change in the regulation of crypto assets in the EU. Companies issuing crypto assets will have to devote considerable effort to preparing documentation and ensuring compliance with the new rules. Legal support will be key to successfully managing this process. And, of course, minimizing regulatory risks, as there is a risk of not only fines and bans on activities, but also criminal sanctions for unauthorized business. At ModerniPravnik.cz, the issue of crypto assets we have been providing long-term support, both legally and practically. With us, you can be sure that you will not make a mistake.

Why us?

1. The initial consultation, where you explain your project to us, is FREE.
2. Legal analysis: We will assess whether the crypto asset falls within the scope of MiCA and what specific requirements apply to it.
3. We will prepare a white paper: We will ensure that the white paper meets all the requirements of MiCA and related legal regulations.
4. Compliance advice: We will help set up internal processes and policies, including AML, in accordance with MiCA. We will also prepare business terms and conditions and GDPR. After setting up the processes, we will formulate them into documents that are an attachment to the notification or license application.
5. Licensing advice: We will be your partner and guide in notifying or obtaining the necessary licenses from the Czech National Bank. We will ensure communication with the Czech National Bank and bring the process to an end.

Related legal regulations in relation to documents that are attached to the notification or license application

• MiCA Regulation – this is the main regulatory document for crypto assets in the EU.
• Payment System Act, which integrated the Electronic Money Directive – relevant for issuers of electronic money tokens.
• AML Act (on certain measures against the legalization of proceeds from crime) incorporating the 5th AML Directive – important for setting up anti-money laundering procedures.
• GDPR and consumer protection – relevant for the protection of users’ personal data, it is necessary to have the principles of personal data protection and GDPR, the provisions of the Civil Code and the Consumer Protection Act in commercial terms.
• ESMA Technical Standards – detailed rules for the implementation of MiCA and others.

Autor: Mgr. Petr Uklein, senior attorney at the law firm ModerniPravnik.cz

Contact us, we will be happy to look into your case!