The European Union is reopening the debate on cryptocurrency regulation. The European Commission has launched a public consultation on the MiCA (Markets in Crypto-Assets) rules, which aim to harmonize oversight of digital assets across the EU. Although the regulation only came into force in 2024, Brussels is already indicating that some parts may undergo significant changes.
The consultation will be open until August 31, and companies from the cryptocurrency sector as well as the general public can participate. The European Commission states that since the introduction of MiCA, the cryptocurrency market and the global regulatory environment have continued to evolve rapidly, and therefore wants to determine whether current rules still correspond to market reality.
Some industry representatives are already dubbing the possible future adjustments “MiCA 2”.
Table of Contents:
EU Reopens the Question of Interest on Stablecoins
One of the main topics of the consultation is stablecoins, i.e., cryptocurrencies pegged to the value of traditional currencies, most commonly the US dollar or euro. MiCA currently prohibits stablecoin issuers from offering holders interest or other forms of rewards resembling interest on bank deposits.
It is precisely this ban that the European Commission now wants to reassess. As part of the questionnaire, it is asking whether the restriction should remain in place or whether it would be appropriate to adjust the rules.
In addition, Brussels is also analyzing other areas related to stablecoins, such as reserve requirements, liquidity management, investor rights in token redemption, or rules determining when a stablecoin is considered “significant”.
Stablecoins are among the fastest-growing segments of the cryptocurrency market and are increasingly used not only for cryptocurrency trading but also for money transfers or decentralized finance.
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Regulation May Focus More on DeFi and Staking
The consultation also shows that the European Union is beginning to address areas that have so far remained outside the main MiCA framework. Specifically, these include decentralized finance (DeFi), staking, cryptocurrency lending, NFTs, or tokenized financial assets.
DeFi platforms today often operate without a central authority and outside traditional regulatory structures. The European Commission is therefore examining whether current rules can also cover the risks associated with these services.
The consultation also includes questions regarding investor protection, market integrity, or potential simplification of certain regulatory obligations for crypto asset service providers, referred to as CASPs (Crypto Asset Service Providers).
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European Commission Also Addresses Public Trust in Cryptocurrencies
An interesting part of the entire consultation is also the effort to find out how ordinary consumers perceive cryptocurrencies after the introduction of MiCA. The European Commission is not only examining the legal functioning of the regulation but also whether people actually understand and trust digital assets.
The questionnaire contains questions regarding awareness of Bitcoin, Ethereum, stablecoins, DeFi, and tokenized assets. The Commission is also asking what, in the public’s opinion, would increase trust in cryptocurrency services.
Among the factors under consideration are stronger investor protection, clearer rules, better regulatory oversight, or easier access to cryptocurrencies through regulated banks and payment institutions.
Important Deadline Approaches for Crypto Firms
The MiCA revision comes at a time when an important transition deadline is approaching for cryptocurrency companies operating in the European Union. From July 2026, crypto asset service providers will be required to obtain full licensing under MiCA rules. Firms that do not obtain authorization will have to cease their services in the EU.
This approaching deadline could significantly transform the European cryptocurrency market. Smaller platforms may struggle to meet the new regulatory requirements, while larger players will likely strengthen their position through greater credibility and access to the European market.
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