On 20 May 2026, the European Commission launched a targeted consultation on the functioning of Regulation (EU) 2023/1114 (MiCA), which entered full application in December 2024. The consultation is at the pre-legislative review stage under MiCA Article 360, which requires the Commission to report on the regulation's application to the European Parliament and Council and, if warranted, accompany that report with a legislative proposal.
The consultation document covers six thematic areas: scope and definitions, asset-referenced token and e-money token rules, crypto-asset service provider obligations, decentralised finance, staking and lending, and non-fungible tokens. The Commission is examining whether DeFi protocol operations, staking services, and NFT issuance require new regulatory obligations or can be addressed through delegated acts under the existing MiCA text.
Issuers of asset-referenced tokens and e-money tokens, licensed CASPs, DeFi protocol operators, NFT issuers, and providers of staking and lending services all face potential changes to their regulatory classification and obligations. Entities currently outside MiCA's scope should assess whether proposed amendments would capture their activities. Industry bodies, financial institutions, technology providers, and public authorities are explicitly invited to submit responses.
The consultation closes 31 August 2026. Any legislative proposal arising from the review would follow the ordinary EU legislative procedure, requiring co-decision by the European Parliament and Council. The Commission may conclude no amendments are warranted. No draft legislative text has been published.
Licentium advises crypto-asset issuers and service providers on MiCA compliance strategy and positioning ahead of legislative developments. We can assist with consultation submissions and with assessing the exposure of current structures to proposed scope expansions. Work we undertake includes MiCA consultation strategy, CASP licensing, DeFi regulatory classification, stablecoin issuance structuring, and NFT regulatory analysis.