The Markets in Crypto Assets (MiCA) regulation is set to become law in the European Union by July 2023, with some rules taking effect in 2024 and 2025. It applies to those engaged in the issuance, offer to the public, and trading of crypto-assets or related services. NFTs are not covered, but regulators may monitor large collections. MiCA imposes stricter rules on stablecoins, more disclosure obligations, and anti-money laundering and data security procedures. Under MiCA, most crypto asset issuers only need to create a white paper and notify authorities in the EU country where they plan to do business. However, issuers of asset-referenced tokens (ARTs) must have their white papers approved and meet higher standards if they are "significant" in size. ART issuers must also have a registered EU office and match reserves to liabilities. The regulation includes market abuse rules and fines for incorrect information in white papers, but it may not prevent all industry blow-ups.