EU launches formal review of MiCA crypto rules

The European Commission opened a formal review of the Markets in Crypto-Assets (MiCA) framework and launched two parallel consultations that run through Aug. 31. The review covers rules for crypto-asset issuers, asset-referenced tokens, e-money tokens and crypto-asset service providers.

One track is a public questionnaire for individuals. The other is a targeted call for technical and legal input from firms, financial institutions, national regulators and industry bodies.

The Commission cited changes in digital asset markets and a substantially altered global regulatory landscape, noting recent regulatory advances in the United States and parts of Asia. The review comes ahead of a July 2026 deadline for firms operating under MiCA transitional arrangements to obtain full authorization.

The consultation will examine MiCA’s main elements, including issuer rules, the treatment of asset-referenced and e-money tokens, and the authorization and supervision framework for crypto-asset service providers. Responses may influence licensing requirements, disclosure rules, consumer protections and cross-border supervision arrangements.

In April the European Central Bank backed a Commission proposal to concentrate supervision of major cross-border crypto firms at the Paris-based European Securities and Markets Authority (ESMA). That proposal would change the current supervisory structure.

Industry developments during the transition period include a firm obtaining both a full MiCA crypto-asset service provider license and an electronic money institution license from the Dutch central bank. Poland’s parliament approved a domestic bill implementing MiCA’s rules last week.

Katie Harries, director and head of policy for Europe at Coinbase, described the review as an opportunity to refine the framework rather than rewrite it. She urged targeted improvements that preserve consumer safeguards while supporting European competitiveness.

The consultation closes on Aug. 31. The Commission will use the public and targeted inputs to assess whether MiCA remains fit for purpose or whether amendments or implementation adjustments are needed before the July 2026 authorization deadline.