EBA highlights priorities for MiCA review to enhance crypto regulation

The European Banking Authority (EBA) published its response to the European Commission’s targeted consultation on the review of the Regulation on Markets in Crypto-assets (MiCA). The EBA emphasizes the need to strengthen the regulatory framework, especially regarding risks from multi-issuer stablecoin schemes.

The EBA recommends clarifying the scope of MiCA to improve consistency in crypto-asset classification and support innovation. It also suggests regulating crypto-asset lending, including activities related to decentralised finance (DeFi).

The EBA notes that existing requirements for asset-referenced tokens (ARTs) and electronic money tokens (EMTs) are broadly appropriate but calls for review of reserve requirements for issuers, particularly minimum reserve amounts held as deposits. It highlights that classification challenges under MiCA cause delays and costs for firms, hindering market competitiveness.

The EBA urges the European Commission to consider regulatory changes to mitigate risks posed by third-country multi-issuer schemes and to review reporting frameworks for issuers and service providers to enhance supervision and risk monitoring.

The EBA will continue supporting the review process to ensure a robust, proportionate, and future-proof crypto regulation in the EU.

Legal background: The EBA’s mandate includes monitoring market developments, technological innovation, and ensuring consistent application of EU laws. As of September 1, 2026, 39 EMTs have been issued under MiCA, with no ARTs authorized yet.

For more information, see the full response document on the EBA website.