EU opens MiCA consultation to review if crypto framework is still fit for purpose

The European Commission said it is seeking feedback on whether the European Union’s landmark crypto framework, the Markets in Crypto-Assets Regulation (MiCA), remains fit for purpose as digital asset markets evolve.

The consultation, which remains open until Aug. 31, invites responses from both the public and industry stakeholders, including crypto firms, financial institutions, technology providers, academics and consumer groups, the executive branch of the EU announced on Wednesday.

MiCA was voted into law in 2023, establishing the EU’s first harmonized regulatory regime for crypto-assets and related services. The framework covers cryptoassets and stablecoins, as well as issuers and cryptoasset service providers operating within the bloc. The first regulations, related to stablecoins, took effect in June 2024, and the rules became fully applicable the following December.

The Commission said it is now reassessing the framework given the rapid changes in digital asset markets and shifts in the international regulatory landscape since MiCA was first developed.

The consultation includes both a public questionnaire and a more technical targeted consultation focused on legal and operational aspects of the regime.