On 30 September ESMA responded to the consultation on the MiCA review. These are recommendations, not approved amendments: here are the main points.
On 30 September 2026 the European Securities and Markets Authority (ESMA) sent its response to the European Commission's consultation on the review of MiCA, the regulation on crypto-assets. These are recommendations to the Commission: they are not approved amendments and have no implementation timetable.
The starting point
In the document ESMA recalls that the MiCA transitional period ended on 1 July 2026 and that early experience shows a solid framework for conduct, governance and disclosure. It adds, however, that investor protection remains less comprehensive than for traditional financial instruments. The stated aim of the review is to remove legal uncertainty, prevent regulatory arbitrage and, where possible, simplify. According to the European Banking Authority (EBA), as of 1 September 2026, 39 e-money tokens had been issued under MiCA and no asset-referenced token had been authorised.
The main requests
ESMA proposes, in summary:
- Token classification: clearer criteria and binding opinions by ESMA, in consultation with the EBA, especially for hybrid tokens and complex structures.
- DeFi: a narrower definition of what is genuinely decentralised, to avoid so-called "decentralisation washing", and a new regulated service for providers that give clients access to DeFi protocols.
- Staking, lending and borrowing: targeted disclosure, consent and risk-management requirements, without treating staking as equivalent to lending. ESMA points to risks such as slashing, lock-up periods and asset segregation.
- Marketing and costs: limits on problematic promotion practices, obligations for influencers and third parties promoting crypto-assets, and full cost transparency, for example against "zero commission" offers with high spreads.
- Fraud: explicit powers to order the removal of scam or unauthorised websites and to require the freezing of crypto-assets where there is reasonable suspicion of market abuse or money laundering.
- Unauthorised stablecoins: an explicit ban on authorised providers offering services in relation to stablecoins that do not comply with MiCA.
- Simplification: a centralised procedure at ESMA for white paper notification and fewer duplicate authorisations.
ESMA also asks for a framework for tokenised securities and on-chain settlement, and mentions the possibility, over time, of an optional EU-level regime.
Why it matters to Swiss readers
MiCA does not apply in Switzerland, but it affects anyone who serves customers in the European Union or uses providers operating there. The Swiss framework, based on the Financial Institutions Act, has a draft of new licences for stablecoins and crypto institutions, which was in consultation from 22 October 2025 to 6 February 2026. Comparing the two approaches is useful: Europe is already correcting its rule after two years of application, while Switzerland is still writing its own.
For an SME the practical consequences are indirect but real: choose authorised providers, read cost documentation carefully and be wary of aggressive promotions. Everything described here remains a proposal: the final text is up to the Commission and the European legislators.
Sources
- ESMA, Response to the EC consultation on the review of Regulation (EU) 2023/1114 (MiCA), 30 September 2026: https://www.esma.europa.eu/sites/default/files/2026-09/ESMA75-113276571-1721_Response_to_the_EC_consultation_MiCA_regulation_review.pdf
- European Banking Authority, The EBA identifies priorities for the review of MiCA: https://www.eba.europa.eu/publications-and-media/press-releases/eba-identifies-priorities-review-mica
Information, not advice.
