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European Commission Opens Dual Consultation on MiCA Scope, Stablecoins and CASPs, 20 May 2026

On 20 May 2026, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union launched two simultaneous consultations reviewing Regulation (EU) 2023/1114 (MiCA): a public consultation for all stakeholders and a targeted technical consultation for industry, covering the regulation's scope, stablecoin treatment, and crypto-asset service provider obligations.

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On 20 May 2026, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) launched two simultaneous consultations on Regulation (EU) 2023/1114 (MiCA). The consultations are at the review and consultation stage. MiCA has been fully applicable since 30 December 2024, and Article 142 MiCA obliges the Commission to report to the European Parliament and the Council on MiCA's functioning by 30 December 2025, with legislative proposals where appropriate.

The dual consultation covers three areas identified in Article 142 MiCA. First, scope: whether MiCA adequately covers decentralised finance protocols, non-fungible tokens, and instruments not currently within its perimeter. Second, stablecoin rules: whether the requirements for asset-referenced tokens (ARTs) under Title III and electronic money tokens (EMTs) under Title IV remain appropriate given first-year implementation experience. Third, CASP obligations: whether the authorisation requirements, operational standards, and consumer protection rules under Title V are proportionate and effective. The targeted consultation addresses more technical and legal questions from regulated entities including banks, investment firms, and digital asset issuers.

Crypto-asset service providers, stablecoin issuers, DeFi protocol operators, custodians, and financial institutions offering crypto services face the most direct implications. The consultation asks whether CASP authorisation burdens are calibrated to risk, whether reserve and redemption requirements for EMTs and ARTs require recalibration, and whether MiCA's scope should extend to additional digital asset categories. Responses will inform the Commission's Article 142 report and any subsequent legislative amendment.

The Commission has not pre-signalled the direction of any legislative change. The targeted consultation addresses stakeholders including digital asset issuers, technology providers, academia, industry bodies, and public authorities. Non-EU market participants with EU-facing operations may also submit responses. Consultation deadlines are not confirmed in the published materials; consultations of this type typically run for eight to twelve weeks from launch.

Licentium advises on MiCA compliance and may assist with consultation response drafting, CASP authorisation strategy, and scope analysis. Work we undertake includes MiCA gap assessments, CASP licensing support, ART and EMT regulatory classification, consultation response drafting, and cross-jurisdictional crypto regulatory mapping.

Source: European Commission, DG FISMA, Commission Seeks Feedback on the Functioning of EU Crypto-Assets Rules (MiCA Targeted Consultation), 20 May 2026

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