The entry into force of the Markets in Crypto Assets Regulation (MiCA) establishes a unified regulatory framework for crypto assets in the European Union and fills the regulatory gaps in the existing financial supervisory system. MiCA delineates its regulatory scope and classifies crypto assets into ART, EMT and other crypto assets. It vests regulatory powers in NCAs, ESMA, and other relevant bodies, designating issuers and service providers as the principal regulated entities. To safeguard investors’rights and interests, the Regulation introduces a series of investor protection measures, including the right of withdrawal, the right of permanent redemption, the public register, and the rules against market abuse. The EU adheres to the principle of differentiated regulation and seeks to achieve regional regulatory coordination and consistency in the application of the Regulation, yet deficiencies remain with respect to the regulatory scope and the environmental regulation. China should draw upon the EU’s legislative experience, follow the global regulatory trend, adjust its regulatory philosophy in due course, formulate a legal system for crypto asset regulation, and implement a whole-chain regulatory regime covering pre-event access, in-process intervention, ex post investigation, and sanctions.