The European Commission opened a consultation on May 20 about the EU’s Markets in Crypto-Assets Regulation (MiCA). The review asks the public and industry how the rules are performing nearly two years after rollout.
Stakeholders have until August 31 to submit feedback. Brussels will weigh the responses against shifting digital asset markets and competing global regulators.
What the MiCA Review Will Examine
MiCA, in force since 2024, was the first comprehensive crypto framework adopted by a major jurisdiction. It established harmonized rules for asset-referenced tokens, e-money tokens, and crypto-asset service providers across all 27 member states.
The Commission wants to assess whether the framework still fits a fast-changing sector. The consultation has a public track for individuals and a technical track for issuers, exchanges, banks, and policy bodies.
Stablecoins remain the most contested element. Industry tracking shows close to 30 approved fiat-backed tokens under the rules.
The parallel category for asset-referenced tokens has yet to clear a single product.
Global Pressure Builds for MiCA Updates
The review arrives as the EU faces accelerating moves in Washington and Asia. US lawmakers advanced the GENIUS Act stablecoin bill last year.
The push prompted European Central Bank President Christine Lagarde to publicly back a euro stablecoin response.
European banks are preparing a MiCAR-compliant euro stablecoin for 2026. Smaller crypto firms argue compliance costs are pushing activity toward more flexible jurisdictions.
Germany and the Netherlands are seen as the strictest enforcers.
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“We should not treat in the same way the global trade crypto exchanges coming from the US and listed on the US stock exchange market with the same rules that we treat a small startup company running a crypto business,” Ondřej Kovařík told BeInCrypto.
According to Kovařík, there should be two additional fixes:
- MiCA’s stablecoin rules are too strict for European issuers, he argued, leaving the market dominated by US dollar tokens.
- The framework should also add provisions to recognize equivalent regimes from countries such as the UK or Switzerland.
Kovařík was Renew Europe’s shadow rapporteur on MiCA, making him one of the key architects of the world’s first comprehensive crypto regulatory framework.
He also maintains memberships with the European Parliament (representing the Czech Republic) and the Committee on Economic and Monetary Affairs.
The August deadline gives Brussels a narrow window to gather positions before any legislative proposal.
Minor technical fixes or a broader MiCA 2 effort could follow. The outcome will shape the EU’s competitiveness in digital asset rulemaking.
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