MiCA Regulation Yields Mixed Results, Firms Push for Compliance Relief
The European Commission's Markets in Crypto-Assets Regulation (MiCA) has been under review since May 2026, and the results are mixed. MiCA was designed to give the EU a first-mover advantage in crypto regulation by creating a single licensing regime that allows firms to 'passport' their services across all member states.
As of September 1, 2026, there are only 39 e-money tokens issued under MiCA, and zero authorized asset-referenced tokens. The framework's capital requirements range from €50,000 for basic Class 1 services to €150,000 for Class 3 operators like trading platforms.
The European Banking Authority (EBA) recently recommended strengthening regulations around multi-issuer stablecoins and clarifying existing definitions within the framework. This feedback will inform reports the Commission must prepare by June 2027, which could lead to legislative amendments that change the current compliance costs for firms.