The EU opened a formal MiCA review as global crypto regulatory competition accelerates.
Crypto News
The European Commission launched a formal consultation on May 20 to assess whether the Markets in Crypto-Assets Regulation (MiCA), the EU's landmark crypto-assets framework, remains fit for purpose. The review cites continued evolution in digital asset markets and a significantly changed global regulatory landscape since MiCA was first developed.
The consultation runs until Aug. 31. It covers MiCA's main building blocks, including rules for crypto-asset issuers, asset-referenced tokens, e-money tokens, and crypto-asset service providers operating within the EU.
2 Consultation Tracks Running in Parallel
Two separate tracks are running simultaneously. The first is a public questionnaire open to individuals, consumers, academics, and general stakeholders. The second is a targeted consultation designed for firms, financial institutions, regulators, and industry bodies, focused on the legal and technical dimensions of the framework. Responses from both tracks will inform future EU crypto policy.
MiCA was voted into law in 2023 as the EU's first harmonized regulatory regime for crypto-assets. Stablecoin-related rules took effect in June 2024, and the full framework became applicable in December 2024. The Commission said it is now reassessing the rules, given how much has changed since the framework was first drafted.
Policymakers in the US and Asia have advanced toward broad crypto regulatory frameworks in recent months. The Commission cited that shift as part of the basis for initiating the review. The consultation also lands ahead of a July 2026 deadline by which crypto firms operating under MiCA transitional arrangements must secure full authorization. Last week, Poland passed its domestic MiCA implementation bill. Zerohash also became the first firm to hold both a full MiCA CASP license and an Electronic Money Institution license from the Dutch central bank.
Coinbase Calls for Targeted Changes Only
Katie Harries, director and head of policy for Europe at Coinbase, said the review is an opportunity to refine the framework rather than reopen it. "MiCA has set an early global standard for clear and harmonized rules," Harries said. She called for "targeted improvements" to ensure Europe can maintain strong safeguards while remaining globally competitive, and stated explicitly that the consultation should not reopen the regulation's core principles.
The European Central Bank backed a proposal in April 2026 to centralize supervision of major cross-border crypto firms under the Paris-based European Securities and Markets Authority (ESMA). That proposal represents one of the most significant structural shifts to EU crypto oversight since MiCA's passage. The Commission's review is not expected to rewrite the framework's foundational structure, but could result in updates to specific provisions as MiCA enters its second full year of full applicability.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
