TLDR
- The EU consultation could shape MiCA’s next phase as stablecoins, DeFi, and crypto services grow.
- Euro stablecoins remain small globally, raising fresh policy questions about Europe’s role in digital payments.
- The ART regime faces renewed scrutiny because no regulated tokens have launched under EU rules.
- Brussels is also asking about staking, lending, NFTs, tokenized deposits, prediction markets, and perpetuals products.
- Feedback from firms and citizens may guide the 2027 MiCA review and future crypto law.
The European Commission has launched a public consultation on the “functioning of EU crypto-assets rules.” The exercise places MiCA, stablecoins, DeFi, and other crypto services under renewed review. It also comes before the scheduled formal review of MiCA in 2027.
The angle is clear: EU targets crypto rule overhaul as stablecoins and DeFi take center stage. The Commission wants feedback from firms, users, and the wider public. Their responses may guide future changes to EU crypto law.
MiCA returns to policy focus
MiCA gave the EU a full crypto framework before many major markets. It created rules for crypto service providers and token issuers. Yet the market has changed since lawmakers adopted the package.
The consultation asks whether the framework still fits current activity. It also tests how the EU can stay open to business. At the same time, regulators want clear rules for users and firms.
The Commission is asking for views before its 2027 review. That timing gives the market a chance to shape the next phase. It also lets officials gather evidence before drafting any proposal.
CASPs remain a core part of the questions. They include exchanges, brokers, and other firms that serve crypto users. The review may examine how licensing works across EU member states.
Stablecoins and ART rules face review
Stablecoins sit near the center of the review. Euro stablecoins remain a small part of global stablecoin supply. Market observers estimate their share at about 0.2 percent.
That figure contrasts with the euro’s wider role in traditional finance. The euro holds about a fifth of many financial payments and transactions. Therefore, the consultation may revisit rules that affect euro stablecoin growth.
The ART regime also faces close attention. Asset-referenced tokens are covered by MiCA, but the category has seen little use. According to the supplied brief, no regulated ART has launched in the EU.
Stakeholders have raised issues around classification and national civil law. Some also point to issuance caps and other rules. These points may decide whether the ART regime changes.
DeFi, NFTs and new products enter the debate
The consultation goes beyond stablecoins and service providers. It also asks about staking, lending, DeFi, NFTs, tokenized deposits, perpetuals, and prediction markets. These areas often sit outside clear MiCA coverage.
This widened scope shows that MiCA may not remain static. Crypto firms outside the first rulebook may still face future rules. However, the consultation stage does not change the law by itself.
Industry feedback will help officials compare market facts with policy choices. Public feedback will also give users a direct voice. The Commission said the consultation covers the “functioning of EU crypto-assets rules.”
Any future changes would need the normal EU lawmaking process. The responses will feed into the formal MiCA review next year. For now, the consultation opens a broad debate on Europe’s crypto rulebook.
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