EU announces MiCA review and consultation

TLDR

The EU is moving ahead with a formal review of its MiCA crypto law and a wide public consultation that could lead to a future MiCA 2.

1. An EU Commission adviser said MiCAs application will be reviewed and a no?taboos consultation launched, as already foreseen in the laws 2027 review clause.
2. The review will likely focus on whether MiCA works for stablecoins, exchanges and newer areas like DeFi, NFTs and large cross border crypto groups.
3. Crypto businesses in or serving the EU should watch the consultation in 2026 and consider contributing, as feedback can shape any tightening or easing in MiCA 2.

Deep Dive

1. What The EU Is Actually Doing

At Paris Blockchain Week 2026, European Commission adviser Peter Kerstens said the Commission will review the Markets in Crypto Assets Regulation (MiCA) and start a public consultation with no taboos, inviting industry input on what to expand, adjust or keep as is, according to a Cointelegraph report.

MiCA itself already contains a review clause requiring the Commission to report on its application by 30 June 2027 and to propose legislative changes if needed, as summarized in a CoinsKid community analysis.

Kerstens stressed that the review is not because MiCA is broken, but because EU financial rules usually evolve in stages, making it rather unusual not to see a MiCA 2 over time.

2. Key Areas Likely Under Scrutiny

MiCA currently covers crypto asset service providers (CASPs), plus three broad token categories: asset referenced tokens, e money tokens and other crypto assets like utility tokens. Stablecoin rules took effect in June 2024, with most other rules from December 2024.

Officials and market players are already testing the frameworks limits. Circle has urged changes to proposed limits on euro stablecoin usage, and EU officials are debating putting the biggest firms under EU level supervision by ESMA, signaling that supervision and stablecoin design are live topics.

Separately, legal and industry analyses note that most of the 174 MiCA CASP authorizations so far are for custody and transfer, with only a small number able to operate centralized exchanges, which may also feed into the what is working discussion.

3. What To Watch And How Firms Can Respond

The Commission is expected to publish consultation documents in 2026, with several months for responses from exchanges, custodians, wallet providers, DeFi projects and consumer groups.

For EU facing businesses, this is effectively the window to argue that specific MiCA provisions are too strict, too vague or blocking innovation, and to propose concrete tweaks. Trade associations will likely coordinate detailed submissions.

Users and investors should watch for signals about stricter oversight of large providers, treatment of DeFi and any changes to stablecoin caps, as these can influence venue choice, product availability and risk profiles.

Conclusion

The MiCA review and consultation mark the shift from first generation EU crypto rules to an iterative regime that adapts as markets mature. For crypto builders and service providers in Europe, the next MiCA phase will not just be something to comply with, but something they can help shape if they engage early in the consultation process.