- The European Commission launched a formal review of MiCA.
- Regulators are asking whether the framework still fits today’s crypto market.
- The review comes as the U.S. and Asia rapidly advance crypto regulation.
- Coinbase says Europe needs targeted improvements to stay competitive.
The European Union is officially reassessing its landmark MiCA crypto framework as global competition around digital asset regulation intensifies.
The European Commission opened a public consultation asking whether MiCA remains “fit for purpose” as crypto markets evolve and other regions move aggressively on new legislation.
The review covers all major parts of the framework, including crypto issuers, stablecoins, e-money tokens, and crypto service providers.
Two separate consultation tracks are now open: one for public feedback and another focused on technical responses from firms, regulators, and financial institutions.
The move comes at an important moment for Europe’s crypto industry. Firms operating under transitional MiCA regimes must secure full authorization by July 2026, putting pressure on companies still adapting to the framework.
Meanwhile, the global regulatory landscape has shifted significantly since MiCA first took effect in 2024. The United States is advancing multiple crypto bills, while Asian markets like Japan and South Korea are rapidly developing new digital asset frameworks.
Coinbase’s head of European policy, Katie Harries, said MiCA should be refined rather than completely rewritten. According to Harries, Europe already established an early global standard, but now needs targeted improvements to remain competitive as crypto and traditional finance continue converging.
The review also follows recent efforts by the European Central Bank to centralize oversight of major crypto firms under ESMA, signaling deeper integration of crypto supervision across the EU.
