Definition
MiCA is the European Union regulatory framework for crypto-asset issuers, service providers, and trading venues, in full effect since late 2024. It covers licensing, conduct of business rules, best-execution obligations (Article 76), and record-keeping requirements (Title V) for crypto-asset service providers (CASPs) operating in the EU. MiCA is the most comprehensive crypto regulatory regime in any major jurisdiction as of 2026, and it is shaping institutional procurement requirements globally as firms build stacks that can satisfy MiCA-grade audit by default rather than retrofit compliance later.
Example
An EU-based crypto exchange must maintain order execution policy disclosures, produce best-execution reports for clients on demand, and retain trade and order records under Title V for the MiCA-mandated period. The trading platform they select must make all of that possible out of the box.
How Liquid Mercury Handles This
Mercury Pro's audit, retention, and best-execution surfaces are built to satisfy MiCA Title V record-keeping and Article 76 best-execution obligations without custom engineering, so EU-licensed CASPs can inherit compliance from the platform.