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In force · 30 December 2024

MiCA: what may be said about a crypto-asset, and by whom.

In force since 30 December 2024

Last reviewed: 5 October 2026

The Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114, has applied in full since 30 December 2024; the rules for asset-referenced and e-money tokens applied earlier, from 30 June 2024. For an AI conversation the relevant part of MiCA is not the licensing regime but the content rules: what is said about a crypto-asset in an onboarding, support or marketing call has to be fair, clear and not misleading, and it has to be recognisable as a marketing communication when that is what it is.

What the law requires

MiCA applies in full since 30 December 2024; the titles on asset-referenced tokens and e-money tokens applied from 30 June 2024.
Regulation (EU) 2023/1114, Art. 149
Marketing communications relating to an offer of crypto-assets must be clearly identifiable as such, and must be fair, clear and not misleading.
Regulation (EU) 2023/1114, Art. 7
A crypto-asset service provider must act honestly, fairly and professionally in the best interests of its clients; the information it gives them (marketing included) must be fair, clear and not misleading, and clients must be warned of the risks associated with crypto-assets, including the risk of total loss of value.
Regulation (EU) 2023/1114, Art. 66
Member States must provide for administrative penalties; the regulation sets the floors per infringement category.
Regulation (EU) 2023/1114, Art. 111

What Audact does about it

Approved-message enforcement: the agent can only make the statements you approved, and anything outside that set is refused rather than improvised.
In controlled testing
A receipt is visible in the product for governed calls, recording a hash of the output the gate released (on a block, the fallback reply the caller receives) and what was refused, so a later question about a specific conversation has an answer.
Working today
The Article 50 disclosure spoken in the flow: a separate duty from MiCA, and one that applies alongside it.
In controlled testing
Risk-warning placement and wording per jurisdiction as a policy pack.
In development

Where it bites

MiCA regulates the sentence, not the channel.

Nothing in MiCA is about telephony. What it regulates is the content of what a firm tells a client or a prospect: the wording of an offer, the identifiability of marketing, the risk warnings, the honesty of the information. A voice agent is simply a channel in which those sentences are produced — at speed, without a person reading them first.

That is what makes an AI conversation the difficult case. A brochure is drafted once and reviewed once. A voice agent generates a sentence in every call, and a generated sentence that promises a return, downplays volatility or leaves out a warning is the same breach it would be in print, with less chance of being caught.

Alongside

MiCA does not replace Article 50, and Article 50 does not replace MiCA.

A crypto-asset service provider running AI conversations sits under both. Article 50 of the AI Act governs whether the person is told they are talking to a machine. MiCA governs whether what that machine says about the asset is fair, clear and not misleading. Neither duty satisfies the other, and the same call has to meet both.

In practice they are enforced by different authorities as well: the national competent authority for financial markets for MiCA, and the market surveillance authority designated under the AI Act for Article 50.

Note

Information, not legal advice.

This page sets out the rules as we read them, with the article numbers so you can check us. It is not legal advice, and your own position depends on facts this page cannot know. Take advice from qualified counsel before you rely on it.

Questions

Does MiCA apply to my agency?
Not directly, unless your agency itself offers crypto-assets or provides crypto-asset services. It reaches you through your client: if you run conversations in which crypto-assets are offered, explained or marketed, the content rules in Articles 7 and 66 govern what may be said in them.
What does “fair, clear and not misleading” mean for a generated sentence?
The standard does not change because a machine produced the sentence. In practice it means the agent must not promise or imply a return, must not present a crypto-asset as low-risk, and must carry the risk warnings the firm is required to give. That is a policy question before it is a model question, which is why the approved set is enforced rather than prompted.
How high are MiCA penalties?
MiCA requires Member States to provide for administrative penalties and sets minimum ceilings per category of infringement in Article 111. The figures that circulate for this vary by category and by Member State, so check Article 111 and the national implementation rather than a summary.

The sentence the agent is allowed to say

Each sentence segment the model produces is checked before it is sent to speech; a segment already spoken is not withdrawn (In controlled testing). See how the policy engine decides what an agent may and may not state.

How Control works

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