The European Union is beginning to acknowledge that its most ambitious cryptocurrency regulation to date may not be final. The rules known as MiCA (Markets in Crypto-Assets) only recently came into force, but considerations about their further evolution are already emerging. According to European Commission officials, it is likely that a so-called “MiCA 2” will eventually emerge.
Table of Contents – MiCA 2:
Regulation with the ambition to keep pace with the market
At the Paris Blockchain Week 2026 conference, this was indicated by Peter Kerstens, advisor to the European Commission on technological innovation and digital transformation. According to him, the Commission will review MiCA in the coming years and will also open a public consultation in which companies and other market participants can engage.
The goal is not to admit a mistake in the regulation’s design, but to ensure that the rules correspond to reality. The cryptocurrency market has changed significantly since MiCA was created. While previously a few large assets and numerous smaller tokens dominated, today the ecosystem is more complex and mature.
It is precisely this transformation that forces regulators to consider whether the current framework still meets market needs.
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MiCA 2? More evolution than revolution
Kerstens emphasized that European financial legislation typically evolves gradually. “It would be rather unusual if some form of MiCA 2 didn’t emerge,” he said, noting that the specific form cannot yet be predicted.
The regulation itself anticipates this. It contains a so-called review clause, according to which the European Commission must publish a report on MiCA’s functioning by June 30, 2027. If a need for changes becomes apparent, it can supplement the report with new legislative proposals.
The market is testing the boundaries of the rules
The debate about amendments comes at a time when MiCA is beginning to be applied in practice – and some of its parts are already encountering limits. Stablecoins are a typical example.
For instance, Circle called on the European Commission in March this year to adjust certain parameters of the upcoming Market Integration Package. Specifically, it proposes lowering the limits that restrict the use of euro stablecoins in transaction settlements, while expanding access for crypto service providers.
This shows that regulation is not just a theoretical construct, but a living framework that must respond to specific market needs.
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Risk: the market will find a way around the rules
At the same time, the European Commission is aware of one key risk. If regulation doesn’t keep pace with innovation, the market may begin to develop “around” existing rules.
This could lead to legal uncertainty – and paradoxically, also to a weakening of investor protection, which MiCA is meant to ensure.
Therefore, the Commission wants to open a public debate “without taboos,” in which companies and experts can highlight problematic aspects of the regulation, but also areas where it works well and doesn’t need to be changed.
Who will oversee crypto firms?
In addition to the content of the regulation itself, the question of its supervision is also being addressed. European authorities are considering, for example, whether supervision of the largest crypto firms should be transferred to the European Securities and Markets Authority (ESMA).
The reason is concern about inconsistent interpretation of the rules across individual member states. According to some politicians, more centralized supervision could bring greater consistency.
What this means for retail investors
For retail investors, the entire development has a clear impact – cryptocurrency regulation in Europe is not a finished product, but a process. MiCA has established a basic framework intended to increase market safety and confidence in digital assets.
At the same time, however, the rules will continue to be adjusted based on how the market itself evolves. For investors, this means one thing – monitor not only cryptocurrency prices, but also regulatory changes. These could influence the availability of services, exchange operations, or the use of stablecoins in everyday life in the future.
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