EU launches MiCA review toward MiCA 2

TLDR

The European Commission has kicked off a formal review of its MiCA crypto framework that could evolve into a broader MiCA 2 rulebook.

1. EU adviser Peter Kerstens announced a MiCA review and open consultation with no taboos, which could result in new legislative proposals informally dubbed MiCA 2.
2. The review aims to close gaps in MiCA around DeFi, NFTs, staking, and more complex cross protocol risks that current rules only lightly address.
3. For crypto users and firms, nothing changes immediately, but future rules will likely tighten requirements while providing clearer, EU wide conditions for compliant products.

Deep Dive

1. What The EU Announced

At Paris Blockchain Week 2026, European Commission adviser Peter Kerstens said the Commission will launch a public consultation to review the Markets in Crypto Assets (MiCA) regime, inviting feedback without taboos on what should be expanded, adjusted, or left unchanged. A summary on CoinMarketCaps community channel notes that this process could lead to legislative proposals that many in the industry already refer to as MiCA 2.

MiCA contains an internal review clause that requires the Commission to present a report by 30 June 2027, which can include proposals to amend the regulation. The new consultation is the start of that review process, not a replacement of MiCA.

2. Where MiCA 1 Falls Short

MiCA 1, which began taking effect from 2024, primarily targets centralized service providers and stablecoin issuers, harmonizing licensing and conduct rules across the EU. It leaves several areas only partially covered or explicitly outside scope.

Regulators and industry voices have highlighted gaps around genuinely decentralized finance, non fungible tokens, complex staking and restaking models, and cross chain or protocol level contagion risks. The consultation signalled by Kerstens is meant to test whether and how these areas should be brought into a future MiCA 2 style framework, while also checking if existing rules for centralized actors need refinement.

3. Impacts And What To Watch

In the short term, firms still operate under MiCA 1, so listing, custody, and stablecoin rules remain based on the existing text. The review mainly affects medium term planning for exchanges, wallet providers, stablecoin issuers, and DeFi projects that hope to serve EU users.

Key milestones to watch are the launch and scope of the public consultation, the Commissions formal review report by mid 2027, and any draft MiCA 2 legislation that follows, as flagged in the MiCA regulatory review article.

Conclusion

The MiCA review toward a potential MiCA 2 shows the EU wants to keep its crypto regime aligned with a fast moving market while preserving its role as a regulatory pace setter. For now, MiCA 1 still governs EU facing crypto activity, but the consultation phase will shape how far future rules reach into DeFi, stablecoins, and advanced products, and how comfortable large players feel scaling inside the bloc.