The European Union's Markets in Crypto-Assets (MiCA) regulation aims to protect investors from volatility and cybersecurity risks. It requires crypto asset service providers to register with a member nation regulator, present a white paper laying out various risks, and have anti-money laundering controls consistent with the Financial Action Task Force's standards. However, MiCA does not regulate decentralized finance institutions, and compliance may be challenging due to the ability to enforce against violations. Despite its gaps, MiCA could serve as a foundation for other regions attempting to regulate crypto assets while guarding against stifling innovation.