European Commission launches MiCA review as global crypto regulatory landscape shifts

The European Commission has opened a formal consultation on whether MiCA, the bloc's landmark crypto-assets framework, remains fit for purpose as digital asset markets evolve, inviting feedback from individuals and industry participants through Aug. 31.

The review covers MiCA's main building blocks, including rules for crypto-asset issuers, asset-referenced tokens, e-money tokens, and crypto-asset service providers, a Wednesday notice said.

Specifically, two tracks are running in parallel. First is a public consultation open to individuals, and secondly, a targeted consultation for more technical and legal responses from firms, financial institutions, regulators, and industry bodies.

Global regulatory race

The Commission cited continued evolution in digital asset markets and a significantly changed global regulatory landscape as the basis for reassessing the framework.

Indeed, policymakers in the United States and Asia have advanced toward their own sweeping crypto regulations in recent months.

The Commission’s consultation also lands ahead of a July 2026 deadline for crypto firms operating under MiCA transitional regimes to secure full authorization.

Zerohash became the first firm to hold both a full MiCA CASP license and an Electronic Money Institution license from the Dutch central bank just two days ago, The Block reported. Poland also passed its domestic MiCA implementation bill last week.

Katie Harries, director and head of policy for Europe at Coinbase, said the review is an opportunity to sharpen, not restart. "MiCA has set an early global standard for clear and harmonized rules," she noted.

“We support targeted improvements to ensure Europe can combine its strong safeguards with global competitiveness, not a reopening of first principles," Harries added. "The convergence of crypto and traditional finance is underway, and other jurisdictions are making serious progress to provide clear and competitive regulations."

The European Central Bank backed a Commission proposal in April to centralize supervision of major cross-border crypto firms under Paris-based ESMA, marking one of the most significant structural shifts to EU crypto oversight since MiCA itself.