MiCA and its impact on European crypto taxation
The Markets in Crypto-Assets Regulation (MiCA) entered into force gradually during 2024 and is fully applicable as of December of that year. Although it is primarily a financial regulation, it has significant indirect implications for taxation.
What is MiCA?
MiCA is the first European regulation to create a harmonized framework for Crypto-Asset Service Providers (CASP). It covers:
- E-money tokens (such as stablecoins backed by fiat currency).
- Asset-referenced tokens (such as multi-asset stablecoins).
- Other crypto-assets (utility tokens, etc.).
Major exchanges such as Coinbase, Binance (Brazil), Kraken… must obtain a CASP license to operate in the EU.
Indirect tax impact: greater transparency
CASPs under MiCA are required to:
- Identify their users (full KYC).
- Report transactions to the competent authorities.
- Share information with financial regulators.
This greatly facilitates the exchange of data between exchanges and the AEAT, eliminating much of the perceived anonymity.
DAC8 and MiCA: the total transparency combo
MiCA is complemented by the DAC8 directive, which requires all providers to automatically report transactions of their EU tax-resident users to the corresponding tax authorities.
Together, MiCA + DAC8 mean that starting in 2026, the AEAT will automatically receive crypto transaction data from regulated exchanges in the EU, without the need for individual requests.
Does MiCA affect Bitcoin and Ethereum?
Bitcoin and Ethereum are not "MiCA crypto-assets" in the strict sense (they are decentralized protocols, not issuers). However, the exchanges that trade them are regulated under MiCA.
Unregulated exchanges that do not obtain a CASP license will not be able to operate freely in the EU—although some will continue to do so from third countries, reducing guarantees for users.
Regulated vs. unregulated stablecoins
Under MiCA, stablecoins like USDT (Tether) must obtain an e-money token license to circulate freely in the EU. If they do not obtain it, European exchanges must delist them.
This could affect investors who use USDT as a safe haven between trades. MiCA-regulated stablecoins may have greater liquidity on European exchanges.
Conclusion
MiCA does not directly change how your tax bill is calculated, but it drastically increases the likelihood that the AEAT will have information about your transactions. The era of crypto opacity is coming to an end in Europe. Proactive compliance is the only sustainable strategy.