Overview
- The European Commission opened the consultation on May 20, 2026 and it will stay open until August 31, 2026 with a public questionnaire and a targeted technical track for market participants.
- Commission officials said feedback will be used to assess whether MiCA needs technical updates or broader changes to remain fit for evolving digital asset markets.
- Stablecoin rules are a central focus because MiCA currently bans interest payments and links some issuers to electronic money rules that industry groups say raise costs and favour well‑capitalized players.
- The review will probe the treatment of decentralized finance and gaps in how certain tokens are classified under MiCA, issues that market participants say create legal uncertainty for protocols and exchanges.
- Firms face a mid‑2026 deadline for full CASP authorization and industry estimates report a sharp fall in active providers to roughly 200 authorised firms, a shift that critics warn could concentrate the market, push smaller players offshore and spur projects to bolster euro stablecoins.