On 30 September 2026, the European Securities and Markets Authority (ESMA) issued its response to the European Commission’s public consultation on the review of Markets in Crypto-Assets Regulation (MiCA).
ESMA argues that the revisited MiCA framework should bring clearer token classification, more effective supervision of cross-border risks including stronger convergence tools for ESMA, and better alignment between MiCA and the Markets in Financial Instruments Directive II while ensuring consistency with the forthcoming Market Integration and Supervisory Package.
ESMA’s experience to date suggests that MiCA provided a solid framework for investor protection through its conduct, governance and disclosure requirements applicable to cryptoasset service providers (CASPs). However, the level of investor protection under MiCA remains less comprehensive and distinct from the regulatory framework applicable to traditional financial instruments.
Among other things ESMA proposes:
- New regulated services for CASPs acting as gateways to Decentralised Finance and Protocols.
- Enhanced supervisory powers and empowerment to issue binding opinions on token classification.
- Streamlined white paper notification procedures, simplified authorisation requirements for transfer services, and greater alignment of prudential requirements with other regulatory frameworks.
- Targeted requirements for staking, lending, and borrowing services.
- Enhanced investor protection measures such as marketing practice restrictions and cost transparency.
- Stricter rules against the provision of CASP services in respect of unauthorized stablecoins.