On 24 September 2026, the European Banking Authority (EBA) published its response to the European Commission’s (Commission) targeted consultation on the review of the Regulation on Markets in Crypto-assets (MiCA). Among other things the EBA assesses that the existing MiCA requirements for issuers of asset-referenced tokens and electronic money tokens are broadly appropriate but in the case of third-country multi-issuer schemes it recommends that the Commission consider regulatory changes to strengthen the framework to mitigate the significant to very significant risks posed by these schemes. The EBA also calls on the Commission to review the reserve requirements for issuers and consider steps to clarify the scope of, and definitions in, MiCA. The EBA also encourages the Commission to consider regulating crypto-asset lending, including where crypto-asset service providers facilitate access to decentralised lending protocols, in view of the risks posed to consumers. Finally, the EBA recommends the Commission take steps to review the reporting framework for issuers and crypto-asset service providers to support effective supervision and risk monitoring.
