Crypto industry looks to stablecoins and DeFi revisions in MiCA 2.0
The European Commission has opened a consultation to gather feedback on updates to MiCA, signaling a possible “MiCA 2.0” aimed at improving EU crypto rules. MiCA, fully enforced since Dec. 30, 2024, gave the EU a harmonized crypto rulebook and an early global benchmark, but industry now wants clearer treatment of DeFi, stablecoins, and tokenization. Stablecoins are a major focus. Regulators may rethink reserve rules, rewards, and multi-issuance models to support euro stablecoin competitiveness while preserving safety and oversight. Industry also wants permission for non-interest incentives like cashback and loyalty programs. The consultation also asks how to handle DeFi, where decentralization is hard to define, and whether CASPs should be responsible for due diligence on DeFi platforms they expose to users. Prediction markets are another open question, with uncertainty over whether they fall under MiCA, MiFID, or gambling rules. The comment period ends Aug. 31, but formal proposals may not arrive before 2028.
