On 20 May 2026, the European Commission launched a targeted consultation on the functioning of the Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114. The consultation is at the assessment stage: the Commission is gathering input to inform the mandatory review report under Articles 140 and 142 of MiCA, and that report may, if warranted, be accompanied by a legislative proposal to amend the regulation. No proposal has been tabled; the current exercise is consultative.
Articles 140 and 142 of MiCA require the European Commission to submit to the European Parliament and the Council a report on the application of the regulation and developments in crypto-asset markets, together with a legislative proposal if the Commission determines one is needed. MiCA became fully applicable on 30 December 2024, establishing licensing requirements for crypto-asset service providers (CASPs), issuers of asset-referenced tokens, and issuers of e-money tokens. The consultation examines whether the scope, obligations, and supervisory architecture of MiCA remain adequate in light of market developments and changes in the international regulatory environment, particularly in the United States.
Crypto-asset service providers holding MiCA licences, applicants in the authorisation pipeline, asset-referenced token issuers, and e-money token issuers all face exposure to potential rule changes if the Commission proceeds to a legislative proposal. Areas under scrutiny include custody obligations, conflict-of-interest controls, the treatment of decentralised protocols, and whether AI-driven trading systems require explicit classification. Entities that submit consultation responses have the opportunity to shape the scope and design of any amendment before a formal proposal is tabled.
The Commission has not set a timetable for a legislative proposal, and the review report is the only obligatory output under MiCA. Key open questions include whether the exclusion of fully decentralised crypto-assets will be revised, how non-fungible tokens with financial characteristics will be classified, and whether international equivalence determinations will be adjusted following regulatory changes in the United States. Consultation responses will be published and form part of the record supporting any subsequent legislative impact assessment.
Licentium advises crypto-asset service providers and token issuers on MiCA compliance and may assist with consultation submissions and regulatory positioning ahead of any legislative proposal. Entities wishing to participate in the consultation or assess their exposure to potential amendments are welcome to reach out. Work we undertake includes MiCA licensing, CASP authorisation, regulatory change analysis, equivalence assessments, and policy submission drafting.