European Commission reviews MiCA regulations to balance market access and compliance costs

Europe’s landmark crypto regulation is getting its first report card, and the grades are mixed. The European Commission’s public consultation on the Markets in Crypto-Assets Regulation, better known as MiCA, has been gathering feedback from industry participants, national regulators, and the public since May 20, 2026, with the deadline recently extended to September 30. The numbers tell a complicated story MiCA rolled out in phases, with stablecoin-specific rules going live on June 30, 2024, and broader regulatory requirements for crypto-asset service providers (CASPs) following on December 30, 2024. The framework was supposed to give the EU a first-mover advantage in crypto regulation, creating a single licensing regime that lets firms “passport” their services across all member states. As of September 1, 2026, the results are telling. There are 39 e-money tokens issued under MiCA. The number of authorized asset-referenced tokens, the category that includes stablecoins backed by baskets of assets or commodities, stands at zero. Capital requirements under MiCA range from €50,000 for firms offering basic Class 1 services to €150,000 for Class 3 operators like trading platforms. Ongo...