MiCA 2 Incoming? EU Crypto Cops Hint at Regulatory DLC Drop

EU officials are eyeing a potential "MiCA 2" as the bloc's landmark crypto law gears up for a checkup—because apparently even perfectly good regulations need a sequel eventually.

Speaking at Paris Blockchain Week 2026, Peter Kerstens—an adviser on technological innovation at the European Commission's financial services department—said the Commission will review its Markets in Crypto-Assets Regulation (MiCA) and launch a public consultation to assess how the rules are working for market participants. Because nothing says "we take your feedback seriously" like a regulatory review that takes three years to arrive.

Kerstens noted he couldn't predict the future, but added that EU financial legislation typically evolves in stages—making it "rather unusual" if there weren't a "MiCA 2" down the line. MiCA already contains a built-in review clause, requiring the Commission to report on its application by June 30, 2027, with the option to accompany that review with legislative proposals. For those keeping score at home: yes, the legislation already comes with its own patch notes scheduled.

The review isn't a response to a broken framework, Kerstens emphasized, but an effort to ensure rules keep pace with a changing market structure. He pointed out that MiCA was designed when crypto markets were dominated by a few large assets and many smaller tokens. Since then, the ecosystem has matured, requiring policymakers to reassess whether the framework fits current conditions. Translation: the roadmap changed, and apparently so must the meta.

Kerstens also highlighted the role of industry feedback, saying the Commission would begin with a public consultation with "no taboos"—inviting market participants to identify where rules should be expanded, adjusted, or left unchanged. He warned that if regulation doesn't evolve alongside innovation, markets may develop around existing rules, creating legal uncertainty. Basically, EU bureaucrats are asking the class to submit feedback on the homework, while secretly hoping no one notices they're already drafting MiCA 3 in the background.

The comments come as MiCA and related frameworks are being tested in practice. On March 24, stablecoin issuer Circle urged the European Commission to adjust parts of its proposed Market Integration Package, including lowering thresholds that limit euro-denominated stablecoin use in settlement and expanding access for crypto-asset service providers. Nothing says "regulatory flexibility" like a $40B stablecoin issuer politely asking the EU to ease up on the settlement caps.

Meanwhile, policymakers are debating how MiCA should be implemented, with officials weighing whether to shift supervision of major crypto firms to the European Securities and Markets Authority (ESMA) amid concerns over inconsistent enforcement. The crypto industry braces for another round of "which authority do we actually answer to" theater.