From the journal

European Commission Launches Targeted MiCA Review Consultation, 20 May 2026

On 20 May 2026, the European Commission opened a targeted consultation and a public consultation on the review of Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA). The consultations assess whether MiCA remains fit for purpose following full application from December 2024 and invite submissions from digital asset issuers, crypto-asset service providers (CASPs), financial institutions, technology providers, and public authorities. Responses are due by 31 August 2026.

3 min read

On 20 May 2026, the European Commission opened two parallel consultation tracks on the review of Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA): a targeted consultation directed at technical and legal experts in the industry, and a public consultation open to individuals and the wider public. Both consultations close on 31 August 2026. The review is required by MiCA's own review mandate and may result in a legislative proposal to amend or complement the Regulation if the Commission's assessment identifies gaps or deficiencies.

MiCA entered into full application in December 2024. Its review clause obliges the Commission to report to the European Parliament and the Council on MiCA's application, accompanied where warranted by a legislative proposal. The targeted consultation addresses the main building blocks of MiCA: the issuance and operation regimes for asset-referenced tokens under Title III and e-money tokens under Title IV; the authorisation and conduct of business requirements for crypto-asset service providers (CASPs) under Title V; and the market abuse and market manipulation provisions under Title VI. Respondents are also invited to address whether MiCA's scope adequately covers decentralised finance protocols and novel asset categories not addressed when the Regulation was adopted in 2023.

CASPs authorised or seeking authorisation under MiCA should use the consultation period to submit evidence on compliance friction points, particularly regarding the CASP authorisation process under Article 59, prudential own-funds requirements, and client asset segregation rules. Asset-referenced token and e-money token issuers should document operational experience under the Regulation, as the Commission's review report will inform whether the Title III and IV requirements are calibrated appropriately. National competent authority positions may also be shaped by the submissions of their supervised entities.

The Commission retains full discretion not to propose legislative amendments if the review concludes MiCA is functioning as intended. The August 31 deadline closes the consultative record; no new submissions will be accepted after that date. The Commission's report, with any accompanying legislative proposal, is expected no earlier than 2027. The European Securities and Markets Authority is conducting parallel technical reviews of MiCA delegated acts and guidelines, which may produce separate amendment proposals on an earlier timeline.

Licentium assists digital asset businesses in preparing and submitting responses to European Commission MiCA consultations and in mapping MiCA compliance positions across authorisation, conduct, and market abuse obligations. Work we undertake includes MiCA advisory, CASP licensing and authorisation, stablecoin issuer compliance, European Commission consultation response preparation, and crypto-assets regulatory strategy.

Source: European Commission, 'Commission seeks feedback on the functioning of EU crypto-assets rules,' 20 May 2026

Crypto Regulatory

More from the journal

See all
Illia Prokopiev

From Cloud Concentration to AI Dependence: The UK’s Critical Third Parties Regime

The United Kingdom now directly oversees designated technology suppliers whose service failures could threaten financial stability. The question is whether the first cloud designations show a legal expansion toward AI-model providers, and what the present regime requires. This analysis assumes the quoted statement concerns the UK financial-services Critical Third Parties regime and assesses the law through 14 July 2026.

Alberta Regulated iGaming Market Launched on 13 July 2026 with 22 Operators

Alberta's regulated private iGaming market launched on 13 July 2026, making Alberta the second Canadian province to permit private online gambling operators after Ontario. The Alberta Gaming, Liquor and Cannabis Commission serves as market regulator and the Alberta iGaming Corporation oversees commercial operations and operator contracts. Twenty-two operator sites went live on day one, including FanDuel, DraftKings, BetMGM, and BetRivers. Operators must fully launch or exit the Alberta market by 13 October 2026.

European Commission Presents Cybersecurity and AI Action Plan on 7 July 2026

On 7 July 2026, the European Commission presented an Action Plan on Cybersecurity and Artificial Intelligence. The plan directs the Commission and ENISA to evaluate advanced AI models before they reach the EU market, establish a secure testing platform for critical-sector organisations, and launch an EU Grand Challenge on AI-powered cybersecurity solutions. It operates alongside the AI Act, NIS2 Directive, DORA, Cyber Resilience Act, and Cyber Solidarity Act, and introduces no new directly binding obligations.