MiCA Review: What the European Commission Could Change About the EU Crypto Rules

The Markets in Crypto-Assets Regulation, MiCA for short, has applied across the European Union since December 2024 and was meant to be the final word: a single rulebook for issuers and service providers that replaces the patchwork of national regimes. Less than two years on, the European Commission has reopened it. A targeted consultation on the review of MiCA has been running since May 20, 2026, and anyone who wants to respond has until September 30, 2026. For you as an investor in Germany, this is more than an administrative notice out of Brussels. The questionnaire asks whether the interest ban on stablecoins should fall, whether staking gets rules of its own, whether crypto lending slips into scope, and whether trading platforms will find it easier or harder to give you access to liquidity outside the EU. These are the dials that decide which products a MiCA-regulated crypto exchange will even be allowed to offer you in two years. One point up front, because summaries tend to lose it: not a single one of these changes has been decided. The Commission is gathering opinions. This piece sorts out what the document actually says, how binding it is, and what timetable realistically sits behind it. The MiCA review by the numbers: 86 questions, four sections, one questionnaire The consultation document comes from the Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union and is dated May 20, 2026. It runs to 86 numbered questions, many of them with sub-questions and rating scales from 1 to 5. The Commission explicitly asks for evidence: set things out clearly, with data, concrete examples and legal references wherever possible. Only what arrives through the online questionnaire is counted. The document says so plainly: only responses submitted through the questionnaire feed into the summary report. An email to the relevant unit address is there for queries, but it does not replace a response. The four parts of the document The consultation follows the architecture of MiCA itself: Part 1 – scope and definitions (Title II): what counts as a crypto-asset under the regulation at all, how the white paper regime works, and how the marketing rules apply. Part 2 – asset-referenced tokens and e-money tokens (Titles III and IV): by far the longest section, covering supervisory requirements, reserves, classification as “significant”, redemption rights and the interest ban. Part 3 – crypto-asset service providers (Titles V and VI): the service catalogue, own funds, multi-function groups, reporting duties and the interplay with DORA and the revised Payment Services Directive. Part 4 – beyond today's scope: decentralised finance, staking, crypto lending and borrowing, and non-fungible tokens. A subordinate clause in the introduction gives away the political direction.