MiCA — the EU’s Markets in Crypto-Assets Regulation — was introduced under Regulation (EU) 2023/1114 and applies from 30 December 2024. It establishes a dedicated market abuse regime for crypto assets. Title VI (Articles 86–92) prohibits insider dealing, unlawful disclosure of inside information, and market manipulation in relation to crypto assets admitted to trading on regulated platforms.
For issuers and crypto-asset service providers (CASPs), insider risk is a compliance obligation across governance, access controls, and surveillance. It applies to non-public information likely to affect crypto asset prices and extends beyond employees to contractors, advisers, and vendors. Firms are required to track access to inside information, disclose it without delay, and implement systems to detect, prevent, and report market abuse.
Article 87 defines inside information as non-public, precise information about a crypto asset or its issuer that would likely move prices if made public. The definition mirrors the EU's Market Abuse Regulation (MAR) but is adapted for crypto markets.
In practice, this includes token listings, protocol changes, major partnership announcements, treasury actions, and security incidents — information that is not public and likely to affect price.
Read About Insider List and Information Management Under MAR
Article 89 prohibits using inside information to trade, cancel or amend orders, or recommend that others do so. It also captures persons who ought to have known that information was inside information, not only those with actual knowledge. Article 90 prohibits the disclosure of inside information to third parties outside the normal course of duties.
The risk extends beyond employees. Contractors, advisers, and vendors involved in token issuance, due diligence, or platform integrations may also have access to inside information.
Article 91 prohibits spoofing, wash trading, spreading false information, and other conduct designed to distort prices or volumes. In crypto markets, social media and community channels can amplify these risks, increasing the need for monitoring and oversight.
Managing Insider Information is the Key to Managing Trading Risk
Insider risk can arise at multiple points in the lifecycle of a crypto asset or platform. Examples of these include:
Read a white paper on taking an integrated approach to managing trading compliance.
Article 88 requires issuers to disclose inside information publicly and without delay — requiring firms to track who has access to that information at all times.
Article 92 requires CASPs to maintain systems and procedures to prevent and detect market abuse and to report suspicious transactions or orders (STORs). The technical requirements for those systems are set out in Commission Delegated Regulation (EU) 2025/885, and ESMA's Final Report on Guidelines for the Prevention and Detection of Market Abuse under MiCA (April 2025) sets out how national competent authorities are expected to supervise compliance.
Read More About Crypto Regulation Compliance
Anyone with access to non-public, price-sensitive information — and the ability to trade — is within scope.
MiCA insider risk is not limited to front-office or capital markets teams. Staff working on crypto issuance, white papers, listings, platform integrations, or tokenisation deals are in scope, as are technology and security teams aware of vulnerabilities or outages that could affect token prices.
With MiCA in force and national competent authorities empowered to investigate and sanction under Articles 93–94, compliance teams should prioritise:
Ready to learn more about how MCO can help your firm keep pace with MiCA obligations?