The European Commission has opened a formal consultation on whether the EU’s Markets in Crypto-assets (MiCA) regime is still fit for purpose, as global regulation of digital assets accelerates. The consultation, open until 31 August, will assess rules for crypto-asset issuers, asset-referenced tokens, e-money tokens and crypto-asset service providers.
Two-track consultation process
The review will run on two parallel tracks:
- a general public consultation open to individuals and organizations
- a targeted consultation aimed at experts, including firms, regulators and industry associations
The Commission said it was responding to rapid changes in international policy and market structure since MiCA began to apply in 2024.
Global pressure and 2026 deadline
Regulators in the United States and Asia have recently moved ahead with their own comprehensive crypto frameworks, setting new benchmarks for oversight and market integrity.
In the United States, the Senate Banking Committee approved the CLARITY Act on 14 May 2026. In Asia, Hong Kong issued its first stablecoin licenses in April. These developments have sharpened competition among financial centres and increased pressure on Brussels to ensure EU rules support innovation while maintaining safeguards.
The timing of the EU review aligns with a key MiCA milestone: by 1 July 2026, crypto businesses currently operating under transitional national regimes must secure full authorization under MiCA. The Commission’s reassessment is intended to ensure the framework remains aligned with global standards as that deadline approaches.
Growing market, shifting supervision
The move comes as the total value of Europe’s digital asset market is expected to reach about USD 0.77 trillion in 2026, according to Commission estimates. Officials describe the consultation as a response to the speed of regulatory change abroad, rather than a signal that the original MiCA design has failed.
In April, the European Central Bank backed a proposal to centralize supervision of major cross-border crypto firms under the European Securities and Markets Authority (ESMA) in Paris. If adopted, this would mark the most significant shift in EU crypto oversight since MiCA’s introduction, moving from fragmented national supervision to a single European supervisor for the largest players.
Licensing signals deeper integration with traditional finance
Companies are starting to clarify their regulatory position under MiCA. Zerohash recently became the first firm to obtain both a full MiCA crypto-asset service provider license and an electronic money institution license from the Dutch central bank.
This dual authorization model points to a broader strategy: firms are seeking to integrate more deeply with the traditional financial system, particularly for stablecoin offerings. Under MiCA, most stablecoins are treated as e-money tokens, subjecting them to rules similar to those for electronic money.
National implementation gathers pace
Member states are racing to complete domestic legislation to give effect to MiCA before the end of transitional periods. Poland’s parliament passed its revised MiCA implementation bill on 15 May, after earlier political delays. The push to align national rules across all 27 member states reflects the looming 1 July 2026 date when the full MiCA rulebook will apply across the single market.
Industry seeks fine-tuning, not a rewrite
Harries, head of European policy at a United States-based crypto firm, said the MiCA review should be seen as an opportunity to refine existing provisions rather than to reopen the core structure of the regulation. Harries pointed to increasing convergence between digital assets and traditional finance, arguing that rules need periodic adjustment to keep pace with market integration.
Industry feedback so far suggests limited appetite for a wholesale redesign of MiCA, which has already influenced regulatory approaches in at least 14 non-EU jurisdictions. Instead, many market participants appear focused on technical improvements to better balance consumer protection with global competitiveness.
Next steps
The consultation will remain open until the end of August. The Commission will then assess feedback from both the general and targeted consultations before deciding whether amendments to MiCA, changes to supervisory structures, or additional guidance are needed to keep the EU’s crypto framework aligned with a fast-moving global market.
For deeper insight into regulation and investor protection, explore how crypto and DeFi might evolve by 2025 across global markets.
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