MiCA: European cryptocurrency regulation has entered a new phase. Just days after the transitional period under the MiCA regulation ended on July 1, the European Parliament adopted a political position on where digital asset regulation in the EU should move next. Attention is now turning primarily to areas that MiCA does not yet cover clearly enough: decentralized finance, crypto lending, staking, and NFTs.
The report titled Digital assets – challenges for the competitiveness and integrity of the European Union’s financial system became the formal position of the European Parliament following the vote. However, this is not new legislation, and the document itself does not change MiCA rules or immediately introduce new obligations for crypto companies. It is rather a political signal to the European Commission that, according to MEPs, the current framework may not be sufficient for all rapidly developing parts of the market.
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DeFi, staking, and NFTs are coming under greater pressure
MiCA has already established uniform rules for crypto asset service providers and for issuers of certain tokens. It addresses, for example, licensing, supervision, disclosure obligations, investor protection, or rules for stablecoins. However, part of the market, primarily DeFi protocols, staking services, crypto lending, or certain NFTs, remains in a gray zone or outside the main regulatory framework. This is precisely what the European Parliament wants to reopen.
MEPs are therefore calling on the European Commission to assess whether these activities should be brought more clearly into European regulation. In practice, this does not mean that DeFi or staking will immediately become as regulated as centralized exchanges. However, it does mean that Brussels is beginning to systematically address the question of where technological innovation ends and where a financial service begins that may carry risks for investors and market stability.
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End of MiCA transitional period changes rules for companies
July 1, 2026 was a pivotal date. Until then, some crypto service providers could use the transitional regime if they had previously operated under national rules of individual member states. After this date, however, companies that fall under MiCA must obtain the appropriate authorization, otherwise they cannot continue to serve clients in the EU.
For the average investor, this is important mainly from a practical perspective. If they use a cryptocurrency exchange, broker, or digital asset manager in the EU, they should verify that the provider actually holds authorization under MiCA.
EU doesn’t want a fragmented crypto market
One of the main motives behind the new parliamentary position is also the effort to prevent each member state from interpreting the rules in its own way. MEPs warn that different national approaches could fragment the European market for digital assets and complicate the operation of companies that want to operate across the EU. A unified European framework is precisely one of the main reasons why MiCA was created.
This is also crucial for Europe’s competitiveness. Overly strict or inconsistent regulation could push some innovation outside the EU. Too lax an approach, on the other hand, could increase risks for investors and damage confidence in the entire sector. The parliamentary report therefore strikes a dual tone – it wants better oversight of risky activities, while at the same time acknowledging that digital assets, tokenization, and euro stablecoins can be an opportunity for European financial markets.
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Commission is already examining whether MiCA needs expansion
The European Commission has already launched a targeted consultation on the revision of MiCA, asking whether the current framework corresponds to market developments. In the consultation document, it states that the crypto market has moved significantly since MiCA’s adoption and that it is necessary to assess whether the regulation remains “fit for purpose,” that is, whether it still corresponds to the reality of a rapidly changing sector. Comments are to be submitted by August 31, 2026 at the latest.
Part of the debate includes, among other things, tokenized financial assets, stablecoins, the scope of regulated crypto services, or the question of whether some new business models should have their own rules. The Commission is also asking whether the list of services under MiCA is sufficient and whether additional activities should not be added to it.
What this means for the crypto market
For crypto companies, the report means primarily one thing: regulatory pressure does not end after MiCA’s launch. On the contrary, a second phase is beginning in which it will be addressed what exactly should be included in the European framework. Exchanges, custody services, and other providers are already dealing with licenses. Next in line may be services based on yields, lending, decentralized infrastructure, or tokenization of assets.
For investors, it is important that MiCA does not guarantee protection for all products labeled as “crypto.” A company’s regulatory status does not yet mean that every product on the platform automatically falls under the same protection. This will be important especially for staking, DeFi yields, lending, and other services that may look similar to traditional financial products but carry specific technological and market risks.
After the end of the MiCA transitional period, the European Union is not sending the market a message that regulation is complete. Rather, it is saying that the first major framework is in place, but further development of cryptocurrencies, tokenization, and digital finance will require new answers. And it is precisely DeFi, staking, crypto lending, and NFTs that are now among the main topics that may determine the future shape of the European crypto market.
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