The European Banking Authority (EBA) recommends strengthening MiCA regulations, clarifying scope, regulating crypto lending, and reviewing issuer requirements in its response to the European Commission’s consultation on MiCA.
The European Banking Authority (EBA) has 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 support consistency in crypto-asset classification and to foster innovation. It also suggests regulating crypto-asset lending activities, including those related to decentralised finance (DeFi).
The EBA notes that current requirements for asset-referenced tokens (ARTs) and electronic money tokens (EMTs) are broadly appropriate but recommends reviewing reserve requirements for issuers, such as minimum reserve amounts, while maintaining effective risk management.
The EBA highlights classification challenges under MiCA that cause costs and delays, impeding product rollout and competitiveness. It urges the European Commission to clarify definitions and scope within MiCA.
Additionally, the EBA advocates for the regulation of crypto-asset lending and recommends reviewing the reporting framework for issuers and service providers to improve supervision and risk monitoring.
The EBA will continue supporting the European Commission’s review to ensure a robust, proportionate, and future-proof regulatory framework for the EU crypto sector.
Legal basis and background information are included, emphasizing the EBA’s mandate to monitor market developments and contribute to consistent application of EU laws. As of September 1, 2026, 39 EMTs have been issued under MiCA, with no ARTs authorized.
For more details, see the full response document available at the source link below.
