MiCA 2 likely — EU to review crypto rules after PBW 2026 signalled

A European Commission adviser, Peter Kerstens, told attendees at Paris Blockchain Week (PBW) 2026 that the Markets in Crypto-Assets Regulation (MiCA) is likely to be reassessed as digital asset markets develop beyond the conditions under which the law was drafted, and that the Commission will launch a public consultation to test the rules with market participants.

Kerstens explained that MiCA was created when crypto markets were dominated by a handful of large assets alongside numerous smaller tokens, and that the ecosystem has since matured, prompting a need to check whether the regulatory framework remains fit for purpose. He emphasized the review is not because the framework is broken but to ensure legislation keeps pace with market structure. The regulation already contains a review clause requiring the Commission to report on application by June 30, 2027.

Practical tests of MiCA are already underway: the article notes that on March 24, stablecoin issuer Circle urged the Commission to amend aspects of the Market Integration Package — including lowering thresholds that limit euro-denominated stablecoins in settlement and expanding access for crypto-asset service providers. Separately, officials on April 3 weighed whether supervision of major crypto firms should shift to the European Securities and Markets Authority (ESMA) amid concerns about inconsistent enforcement across member states.

These signals point to a next phase in EU crypto rulemaking in which incremental, targeted changes are possible before any comprehensive overhaul. Areas likely to attract attention include stablecoin settlement rules, clearer standards for DeFi activity and consideration of consolidated supervision for pan‑EU crypto platforms to reduce jurisdictional fragmentation. Regulators aim to avoid creating perverse incentives for market behaviour to develop around static rules.

Market participants and policymakers now expect an open consultation to shape the agenda. Kerstens’ invitation to provide input “with no taboos” suggests the Commission will weigh industry proposals closely; analysts anticipate technical fixes and clarifications in the near term, with more substantive MiCA 2 measures—on supervision and DeFi—possibly emerging following the 2027 review. The consultation will be watched closely for indications of the EU’s regulatory stance as crypto markets continue to evolve.