Iris Coleman
Apr 15, 2026 11:21
European Commission adviser Peter Kerstens says MiCA will likely evolve with a second version as crypto markets mature beyond original framework assumptions.
The European Union’s landmark crypto regulatory framework will almost certainly get a sequel, according to a senior European Commission adviser who signaled that policymakers are already preparing to adapt MiCA as digital asset markets outgrow the conditions the law was built around.
Peter Kerstens, adviser on technological innovation at the Commission’s financial services department, told attendees at Paris Blockchain Week 2026 that the regulator will launch a public consultation to evaluate whether MiCA still fits market realities. His assessment was blunt: it would be “rather unusual” if there weren’t a “MiCA 2” eventually.
Built-In Evolution, Not Emergency Repair
Kerstens framed the coming review as routine maintenance rather than damage control. The original MiCA regulation already contains a mandatory review clause requiring the Commission to report on its application by June 30, 2027, with authority to propose legislative changes if warranted.
The adviser noted that MiCA was drafted when crypto markets looked fundamentally different—a handful of dominant assets surrounded by thousands of smaller tokens. That structure has shifted, and the regulatory framework needs to reflect current market dynamics.
“No taboos” will apply to the public consultation, Kerstens said, inviting industry participants to flag where rules should expand, contract, or remain untouched. His warning carried weight: if regulation doesn’t evolve alongside innovation, markets will simply route around existing rules, creating the legal ambiguity everyone wants to avoid.
Industry Already Pushing for Changes
The consultation won’t start from zero. Crypto firms have been testing MiCA’s boundaries since implementation began, and the feedback loop is already active.
Stablecoin issuer Circle submitted recommendations to the Commission on March 24, pushing to lower thresholds that currently restrict euro-denominated stablecoin use in settlement. The company also wants expanded access for crypto-asset service providers under the proposed Market Integration Package.
Meanwhile, enforcement questions remain unresolved. On April 3, EU officials debated whether supervision of major crypto firms should shift from national regulators to ESMA, the bloc’s securities watchdog. The discussion reflects ongoing concerns about inconsistent enforcement across member states—a friction point that MiCA 2 might need to address directly.
What Traders Should Watch
The June 2027 review deadline gives the industry roughly 14 months to shape what comes next. Firms operating in the EU should track the public consultation timeline closely—early engagement could influence rules that will govern European crypto markets for the next decade.
For stablecoin issuers specifically, the outcome matters enormously. Circle’s push to loosen settlement restrictions hints at where current rules create operational friction, and whether MiCA 2 addresses these concerns will determine how competitive euro-denominated stablecoins become against dollar alternatives.
The centralization-versus-national-supervision debate also deserves attention. If ESMA gains direct oversight of major crypto firms, expect a more uniform—but potentially stricter—enforcement environment across the bloc.
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