European Commission reviews MiCA regulations to balance market access and compliance costs
The European Union's Markets in Crypto-Assets Regulation (MiCA) is undergoing a critical review as the European Commission collects feedback on its implementation. While the framework successfully established a passporting regime for 450 million consumers, it faces significant operational hurdles. As of September 1, 2026, there are 39 authorized e-money tokens, yet the number of authorized asset-referenced tokens remains at zero. Compliance costs for crypto-asset service providers are reaching millions of euros annually, creating a substantial barrier for market participants. The European Banking Authority has recommended further tightening regulations around multi-issuer stablecoins to address supervisory challenges. Public consultation concluded on September 30, 2026, with findings expected to inform legislative amendments by June 2027. This stress test is pivotal for the RWA market, as the current lack of asset-referenced token approvals suggests the framework may require adjustments to facilitate broader institutional adoption.