What MiCA is and how to check if a crypto platform is legal

A few years ago anyone could open a “crypto exchange” and start taking people’s money. In the European Union that is no longer the case, and it is one of the best things to happen for ordinary investors. It is called MiCA.

What MiCA is

MiCA (Markets in Crypto-Assets) is an EU regulation that governs the crypto-asset market. The same rules apply in every member state, including Croatia.

For companies providing crypto services, such as exchanges, custody or transfers, MiCA has applied since 30 December 2024. Member states could give existing companies a transitional period, but it ended everywhere in the EU by 1 July 2026 at the latest. Since then, only companies with MiCA authorisation may provide crypto services.

What MiCA gives investors

• Licensing and supervision. A company must be authorised by a national regulator. In Croatia that is HANFA.
• Rules on safeguarding your assets. Client assets must be kept separate from the company’s own.
• Clear information on risks and fees.
• One register for the whole EU. A company authorised in one member state may provide services across the Union.

What MiCA does not do

MiCA does not protect you from price falls. If you buy a cryptocurrency and it loses half its value, nobody will compensate you. Crypto is not insured like a bank deposit.

MiCA also cannot help if you send money to a scammer without authorisation. That is why checking before you pay is essential.

How to check a platform in 5 minutes

1. Find the company’s legal name. The footer or terms of use must state the full company name and the country where it is registered. If you cannot find it, that is already a red flag.

2. Check the national register. In Croatia, HANFA keeps a register of entities authorised to provide crypto-asset services. Other EU regulators keep similar registers.

3. Check the ESMA register. Companies authorised anywhere in the EU appear in the central MiCA register of the EU supervisor ESMA. Search for “MiCA register” on esma.europa.eu.

4. Compare the web address. Scammers copy the look and name of well-known platforms. The address where you sign up must match the one listed in the register.

5. Look for warnings. Regulators, including HANFA, publish warnings about entities offering services without authorisation. Search the platform’s name together with “warning” or “scam”.

Red flags, licence or not

Even if someone claims to “have a licence”, be careful if:

• they called or messaged you first,
• they promise guaranteed returns,
• they ask you to send money to a personal account or to an “account manager’s” crypto address,
• they ask you to pay a “tax” or “fee” before you can withdraw your own money.

Scammers sometimes show fake licences or name-drop a real company they have nothing to do with. Always check yourself, in the official register.

In short

MiCA is a big step towards a safer market, but it does not do the checking for you. The rule is simple: not in the register, no payment.

If you are unsure about a platform, get in touch before you pay. Also read how to buy bitcoin in Croatia safely and how to spot a crypto scam.