Scope, Stablecoins, CASPs And More – MiCAR’s Dual Consultations Chart The Course For EU Crypto Regulation’s Next Chapter

QuickTake

On 20 May 2026, the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) launched a broad Public Consultation on the review of the Markets in Crypto-Assets Regulation (MiCAR)² aimed primarily at EU retail and non-expert users of digital assets, together with a Targeted Consultation on the review of MiCAR¹ addressed to market, industry and institutional stakeholders. Both consultations close on 31 August 2026 and will inform the Commission’s reports and any legislative proposals pursuant to Articles 140 and 142 MiCAR, including potential adjustments to MiCAR’s scope, stablecoin regime, crypto-asset service provider (CASP) framework, treatment of decentralised finance (DeFi), staking, lending, non-fungible tokens (NFTs), tokenised deposits and the private-law treatment of tokens.

As set out across the consultation documents, the Commission is collecting evidence on whether MiCAR remains “fit for purpose” in light of market and international regulatory developments, and on issues left outside MiCAR’s original scope—notably DeFi, staking/lending, NFTs, tokenised deposits, and legal/property-law questions around tokens. The public consultation focuses on user awareness, usage patterns, perceived risks and information needs; the targeted consultation seeks granular, data-backed feedback on MiCAR’s operation and possible reforms.

• What. The Commission is collecting evidence on whether MiCAR remains “fit for purpose” in light of market and international regulatory developments, and on issues left outside MiCAR’s original scope—including DeFi, staking/lending, NFTs, tokenised deposits, and legal/property-law questions around tokens. The public consultation focuses on user awareness, usage patterns, perceived risks and information needs; the targeted consultation seeks granular, data-backed feedback on MiCAR’s operation and possible reforms.
• When. Responses to both online questionnaires must be submitted by 31 August 2026. The consultations will feed into (i) the Article 142 MiCAR report on latest market developments and gaps, and (ii) the Article 140 MiCAR review of the Regulation’s application.
• Who. The public consultation is addressed to EU users of digital financial services, including current and potential users of crypto-assets, stablecoins, DeFi protocols, tokenised assets and NFTs. The targeted consultation is aimed at a wide range of stakeholders, including issuers, CASPs, traditional financial institutions active in tokenisation, national competent authorities (NCAs), the European Supervisory Authorities (ESAs), being the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), academics and other expert respondents.
• Three biggest themes:

1. Scope and perimeter refinement—whether MiCAR should remain limited to non-financial-instrument crypto-assets or move towards a more asset/technology-based perimeter; how to address DeFi, staking, lending, NFTs, prediction markets (platforms enabling users to wager on the outcome of future events), perpetual futures (derivative contracts without an expiry date, allowing indefinite holding of leveraged positions) and tokenised deposits.
2. Stablecoin and CASP regimes—calibration of own-funds, reserves, liquidity, redemption rights and significance criteria for asset-referenced tokens (ARTs) and e-money tokens (EMTs); treatment of global/multi-issuer stablecoins, an equivalence approach, and prudential, conduct and reporting requirements for CASPs.
3. Legal certainty and cross-border structure—private-law treatment of tokens (ownership, transfer, collateral, insolvency), possible EU-level harmonisation or conflict-of-laws rules, and interaction with the EU’s economic security objectives and the international role of the euro.

• Immediate action. Retail-facing firms should consider responding to the public consultation to shape future consumer-protection, disclosure and information-provision standards. Issuers, CASPs, banks and other financial institutions should undertake an internal impact assessment against the targeted consultation’s themes (stablecoins, CASPs, DeFi connectivity, tokenised deposits, legal treatment of tokens) and prepare data-driven responses, including examples and proposed solutions.

Read the full article

Download

Footnotes

1. Available here.

2. Available here.