MiCA: What investors should really expect

MiCA compact: Guidance for investors

MiCA: What investors should really expect

MiCA: What investors should really expect

People invested in digital assets often ignore the boring regulation topics. However, MiCA regulation will have impacts on crypto markets that will affect all investors.

MiCA: Unifying a fragmented landscape

Historically, European crypto investors encountered a hodgepodge of national rules, resulting in significant uncertainties and barriers to cross-border activity. With MiCA, the European Union has taken a proactive stance: since it became effective in December 2024, the framework permits crypto companies licensed in one Member State to operate across the continent with a single authorisation (passporting). This move targets the uncertainty that once kept traditional institutions at arm’s length from digital assets, signalling that Europe intends to be “open for business” in the crypto sector.

What MiCA covers - and what it doesn’t

  • Covered by MiCA: crypto-assets other than financial instruments (incl. ARTs/EMTs) and the provision of CASP services (e.g. custody, trading platform operation, exchange of crypto-assets, execution of orders, placing, advice).
  • Not covered by MiCA: securities and security tokens (financial instruments) which remain under the EU securities framework (MiFID II, Prospectus, UCITS, AIFMD). Tokenised bonds/shares and UCITS ETFs are therefore outside MiCA and follow the securities rulebook.

Investor protection and market integrity

It may frustrate investors who value self-sovereign investing, but the regulation is intended to protect them from fraud. MiCA introduces stringent transparency and disclosure requirements for issuers and service providers. All projects looking to offer tokens within the EU must prepare in-depth white papers, detailing everything from the project’s technology to risk factors and redemption rights, mirroring disclosure rules familiar to investors in equities and bonds. It also implements capital, governance, and anti-money laundering standards, offering protections comparable to those found in conventional financial markets.

By setting out clear expectations, MiCA plays a crucial role in making the crypto market more approachable for investors used to robust asset management and regulatory scrutiny.

Marcel Spalinger, Head Tech Banking at Maerki Baumann

Real market developments: What investors can expect

MiCA is generating ripple effects in Europe’s markets, with tangible impacts for both crypto and multi-asset investors:

  • Institutional products will multiply: Large asset management firms are preparing to launch regulated crypto ETFs, tokenised real estate funds, and security tokens—products that combine the innovation of blockchain with the stability of traditional finance.
  • Stablecoins are intended to become more reliable: EU-wide rules on capital reserves and regular reporting aim to reduce the risk of sudden collapses, addressing lessons learned from past stablecoin failures such as Terra/Luna.
  • Integrated custody and trading platforms will flourish: Banks and incumbent custodians are entering the scene, offering regulated, comprehensive services for both stocks and digital assets. This gives traditional investors the confidence to diversify into crypto without leaving familiar compliance structures behind.
  • Cross-asset portfolio management will become seamless: As regulatory silos break down, professional investors will find it easier to rebalance portfolios or offer blended products spanning shares, funds, and crypto assets.

Diverse implications for traditional and crypto investors

Maerki Baumann’s investment management team believes MiCA not only supports investor protection and liquidity but also unlocks new multi-asset strategies.

Blended portfolios containing both regulated securities and compliant digital assets will become commonplace. This convergence will attract both new entrants and established institutional investors, encouraging more sophisticated investment offerings and enhancing secondary markets’ depth and stability.

Pascal Hügli, Crypto Investment Manager bei Maerki Baumann

The enhanced focus on market abuse, with prohibitions on insider trading and market manipulation, ensures a fairer competitive environment — one that both reassures veteran market participants and entices innovation.

Conclusion: The road ahead

In sum, MiCA sends a strong signal to global markets: Europe is intent on merging digital asset dynamism with the reassurance of established financial oversight. For investors, this means a safer environment for money at work — whether in crypto, equities, or hybrids thereof. Those prepared for the coming compliance waves are likely to reap the rewards of an expanded, trusted marketplace.

Milko Hensel

Author: Milko Hensel

Milko Hensel is Team Head Tech Banking at Maerki Baumann. He is responsible for the relationships with FinTechs, supports the Tech Banking team of the bank in client acquisition and management and works in strategic projects of the bank. Since 2019 he is instrumental for the development, implementation and enhancement of Maerki Baumann’s crypto strategy. Milko holds an MBA from the University of Bradford and TIAS, Tilburg, as well as a bachelor degree in banking from the Baden-Württemberg Cooperative State University in Mannheim.

Important legal information

This publication is intended for information and marketing purposes only, and does not constitute investment advice or a specific individual investment recommendation. It is not a sales prospectus and does not constitute a request, an offer, or a recommendation to buy or sell investment instruments or investment services, or to engage in any other transaction. Maerki Baumann & Co. AG does not provide legal or tax advice. Investors are therefore advised to obtain independent legal or tax advice concerning the suitability of such investments, since their tax treatment depends on the personal circumstances of the investor in question and is subject to change at any time. ­Maerki Baumann & Co. AG holds a Swiss banking licence issued by the Financial Market Supervisory Authority (FINMA). This publication is expressly not intended for persons domiciled in Germany or so-called U.S. persons.
 

Editorial deadline: 25 November 2025

Maerki Baumann & Co. AG
Dreikönigstrasse 6, CH-8002 Zurich
T +41 44 286 25 25, info@maerki-baumann.ch
www.maerki-baumann.ch

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