EU Commission prepares MiCA 2 consultation

TLDR

The European Commission is preparing a public consultation that could lead to a MiCA 2 upgrade of the EUs crypto rulebook.

1. EU officials confirmed a MiCA review with a broad, no taboos consultation that may result in follow up legislation informally dubbed MiCA 2.
2. The review is expected to focus on gaps in todays MiCA regime, especially DeFi, NFTs, stablecoins, reporting and cross border supervision.
3. For crypto firms, the next key milestones are the consultation launch, industry lobbying, and an official review report due by mid 2027.

Deep Dive

1. What MiCA 2 Involves

At Paris Blockchain Week 2026, European Commission adviser Peter Kerstens said MiCA will undergo a formal review and public consultation, and that it would be rather unusual if there were not a MiCA 2 at some point.[](https://cointelegraph.com/news/eu-adviser-says-mica-2-is-likely-as-crypto-market-matures-pbw-2026)

According to a summary of his remarks, the Commission plans a multi month consultation to gather feedback from exchanges, wallet providers, DeFi teams and consumer groups across all 27 member states.[]()

MiCA itself already includes a review clause requiring the Commission to report on its application by 30 June 2027 and, if needed, to propose changes, so MiCA 2 would be the natural next legislative step rather than a surprise.[](https://cointelegraph.com/news/eu-adviser-says-mica-2-is-likely-as-crypto-market-matures-pbw-2026)

2. Likely Focus Areas

Reports indicate the consultation will look at how MiCA is working in practice and where it is incomplete. Priorities flagged by Kerstens and EU briefing notes include:

1. DeFi protocols and on chain services that do not fit neatly into todays centralized crypto asset service provider (CASP) categories.[]()
2. NFTs, environmental disclosure obligations for consensus mechanisms, and cross border operational issues.
3. Stablecoin use caps and supervision, with issuers like Circle already lobbying to adjust euro stablecoin limits and access rules.[](https://cointelegraph.com/news/eu-adviser-says-mica-2-is-likely-as-crypto-market-matures-pbw-2026)

There are also debates about moving supervision of the largest crypto firms to the European Securities and Markets Authority (ESMA) to avoid uneven enforcement across member states.[](https://cointelegraph.com/news/eu-adviser-says-mica-2-is-likely-as-crypto-market-matures-pbw-2026)

3. What To Watch Next

Kerstens framed the review as proactive. MiCA is not considered broken, but the market has matured beyond the assumptions used when it was drafted, so static rules risk becoming outdated.[](https://cointelegraph.com/news/eu-adviser-says-mica-2-is-likely-as-crypto-market-matures-pbw-2026)

The consultation is expected to start in 2026 and run for several months, after which the Commission would draft any MiCA 2 proposals for Parliament and Council to negotiate.[]()

For exchanges, stablecoin issuers, wallets and DeFi teams serving EU users, the high value actions are to track the consultation questions, submit detailed feedback, and model how tighter rules on DeFi, NFTs and reserve backed tokens could affect licensing, operations and product design.

Conclusion

MiCA gave the EU a first mover, unified crypto framework, but officials are already positioning a MiCA 2 upgrade to match a more complex, institutionalised market. For crypto businesses, this is both a risk of higher compliance and an opportunity to shape clearer long term rules that can support scalable, passportable operations across the bloc.