Scope, Stablecoins, CASPs And More – MiCAR’s Dual Consultations Chart The Course For EU Crypto Regulation’s Next Chapter

QuickTake

On 20 May 2026, the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) launched a broad Public Consultation on the review of the Markets in Crypto-Assets Regulation (MiCAR)² aimed primarily at EU retail and non-expert users of digital assets, together with a Targeted Consultation on the review of MiCAR¹ addressed to market, industry and institutional stakeholders. Both consultations close on 31 August 2026 and will inform the Commission’s reports and any legislative proposals pursuant to Articles 140 and 142 MiCAR, including potential adjustments to MiCAR’s scope, stablecoin regime, crypto-asset service provider (CASP) framework, treatment of decentralised finance (DeFi), staking, lending, non-fungible tokens (NFTs), tokenised deposits and the private-law treatment of tokens.