MiCA turns crypto from a “use case” into a treasury risk decision.

From 30 Dec 2024, MiCA applies. From 1 July 2026, only licensed CASPs can operate in the EU.

For Heads of Treasury, this is not a technology discussion. It is about counterparty risk, asset protection, and governance. Under MiCA, any crypto exposure payments, on/off-ramps, liquidity, tokenised assets raises four non-negotiable questions:

1. Is the provider MiCA / CASP licensed (or formally in process)?
2. Which EU authority supervises them?
3. Are client assets legally segregated?
4. What is the failure and recovery outcome for corporates?

If these answers are not clear, auditable, and policy-aligned, the exposure does not belong on a corporate balance sheet.

MiCA doesn’t make crypto “safe.” It makes risk visible and therefore manageable.

For treasury leaders, this is the moment to:

1. Update treasury policies.
2. Revisit approved counterparty lists.
3. Align with Audit, Risk, and the Board

Regulation enables comparability. Comparability enables control.

Interested to hear how other treasury functions are embedding MiCA into their frameworks.