The European Commission launched a two-track consultation on the functioning of Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) on 20 May 2026. The consultation comprises a public track open to all respondents and a targeted track for market participants covering technical and legal questions. Both tracks run until 31 August 2026. The exercise is at the pre-legislative information-gathering stage; no proposal has been tabled. Articles 140 and 142 of MiCA require the Commission to produce a review report, which may or may not be accompanied by a legislative proposal to amend the regulation.
Articles 140 and 142 of MiCA mandate a Commission review of the regulation's operation and of market developments since entry into application. The first phase of MiCA, covering asset-referenced tokens (ARTs) and e-money tokens (EMTs) under Titles III and IV, applied from 30 June 2024. The full regime, including crypto-asset service provider (CASP) authorisation requirements under Title V, applied from 30 December 2024. The consultation document examines whether the ART, EMT, and CASP regimes remain fit for purpose and assesses market structure, cross-border service provision, gaps, and overlaps with adjacent EU financial services legislation.
CASPs authorised under MiCA, ART and EMT issuers, credit institutions and investment firms providing crypto-asset services under Article 60, technology infrastructure providers serving CASPs, and industry associations are the primary addressees of the targeted consultation. These parties are expected to provide operational data and market experience that the public track may not capture. Submissions from respondents outside the EU are accepted. The Commission intends the results to inform its assessment of MiCA's competitive position relative to digital asset regimes adopted in other jurisdictions.
The consultation does not signal that MiCA will be amended. The Commission may conclude that the current text requires no change, minor technical corrections, or a substantive legislative revision. Any amending proposal would proceed through ordinary legislative procedure and could not take effect for several years. CASPs and issuers operating under MiCA must continue to comply with the regulation as it currently stands. Firms that have not yet obtained CASP authorisation under Title V should not expect pending review results to affect their applicable obligations.
Licentium advises digital asset businesses on MiCA authorisation and regulatory strategy across EU member states. We may be able to assist with targeted consultation submissions or identify appropriate support through our partner network. Work we undertake includes CASP authorisation under Title V of MiCA, ART and EMT issuer compliance under Titles III and IV, crypto-asset classification analysis, cross-border services structuring, and regulatory engagement for digital asset issuers and service providers.