The European Commission opened a public and targeted consultation on the review of the Markets in Crypto-Assets Regulation (MiCA) on May 20, 2026. The official targeted consultation page states that responses are due by August 31, 2026, and that the exercise is intended to assess whether MiCA remains fit for purpose after initial implementation and subsequent market and policy developments.
Commission opens formal MiCA review consultation
The consultation includes two tracks: a public consultation for individuals and a targeted consultation for technical and legal feedback from crypto-asset issuers, crypto-asset service providers, financial institutions, technology providers, academia, industry bodies, consumer groups, public-interest organisations and EU public authorities. The Commission said the feedback will inform future policy work on digital assets.
The formal scope is tied to the Commission’s review work under Articles 140 and 142 of MiCA. The consultation document says responses will help prepare reports on MiCA’s application and on recent crypto-asset market developments. It also states that the consultation paper is a working document, does not prejudge the Commission’s final decision and does not constitute a formal legislative proposal.
Topics under review and limits of interpretation
The consultation covers MiCA’s current building blocks and possible gaps. The document asks for feedback on scope and definitions, including the distinction between MiCA-regulated crypto-assets and assets governed by other sectoral legislation, such as tokenised financial instruments. It also reviews rules for asset-referenced tokens and e-money tokens, including significant-token criteria, redemption, reserve treatment and the current ban on interest or interest-equivalent remuneration for stablecoin holders.
The document also addresses crypto-asset service providers, but CASP supervision itself is not the core subject of this consultation because it is being handled through the Commission’s broader market integration and supervision package. Separately, ESMA notes that MiCA’s transitional period ends across the EU on July 1, 2026, after which unauthorised CASPs must have implemented wind-down plans.
The consultation explicitly asks about areas beyond MiCA’s current scope, including decentralised finance, staking, lending and borrowing, NFTs, prediction markets, perpetual futures and tokenised deposits. For staking, the document says staking is not separately regulated under MiCA, although custody and administration of crypto-assets are covered where a provider holds assets or private keys for clients.
The confirmed development is limited to the consultation itself. The Commission opened the review on May 20, 2026, set a response deadline of August 31, 2026, at 23:59 CEST, and invited feedback on MiCA’s current framework and adjacent market areas. Any conclusion that the process will produce “MiCA 2,” new DeFi rules, a changed stablecoin interest regime or expanded CASP obligations remains interpretation until the Commission publishes a formal proposal.