Europe’s crypto rulebook is about to get a rewrite. The European Commission has launched a formal review of the Markets in Crypto-Assets Regulation, known as MiCA, with the explicit goal of stretching its coverage to include tokenized assets and stablecoins that currently slip through the cracks.
The timing is deliberate. MiCA only reached full application on July 1, 2026, meaning the ink is barely dry, and regulators are already acknowledging that the framework needs another pass.
What the review actually covers
The Commission opened a public consultation in May 2026, giving stakeholders until September 30, 2026 to submit input. That feedback will shape potential regulatory revisions that could arrive as early as 2027.
The core problem the review is trying to solve is a jurisdictional mismatch. MiCA introduced solid oversight for two categories of tokens: asset-referenced tokens, which are backed by a basket of assets, and e-money tokens, which are pegged to a single fiat currency. Both now face strict reserve requirements, authorization hurdles, and supervisory scrutiny from the European Banking Authority for the larger issuers.
