The European Commission opened a public consultation on 20 May 2026 on possible amendments to MiCA, the regulation governing crypto-assets across the EU. Responses are due by 31 August 2026. The consultation arrives as the MiCA transitional period for crypto-asset service providers approaches its 1 July 2026 expiration. After that deadline, unlicensed operators face penalties of up to 12.5 percent of annual turnover.
A central question in the review is whether to maintain the ban on interest or yield payments for e-money tokens and asset-referenced tokens. The prohibition was designed to prevent EUR stablecoins from competing with bank deposits for funding that supports participation in payment schemes including SEPA Instant Credit Transfer and TIPS. The Commission is reassessing the provision as USD-denominated stablecoins continue to dominate global issuance.
The consultation also examines extending MiCA coverage to decentralized finance protocols. DeFi was largely excluded from the original regulation. Other areas under review include reserve and liquidity management requirements for stablecoin issuers, significance thresholds for tokens requiring direct EBA supervision, and treatment of tokens issued across multiple EU jurisdictions.