The European Commission said it is seeking comments 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 will remain open until August 31, invites responses from both the public and industry stakeholders, including crypto companies, financial institutions, technology providers, academics and consumer groups, the EU executive branch announced on Wednesday.
MiCA became law in 2023, establishing the EU’s first harmonized regulatory regime for cryptoassets and related services. The framework covers cryptoassets and stablecoins, as well as issuers and service providers of cryptoassets operating within the block. The first regulations, related to stablecoins, came into force 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 changes in the international regulatory landscape since MiCA was first developed.
The consultation includes both a public questionnaire and a more technical and specific consultation focused on the legal and operational aspects of the regime.
