The European Commission has been gathering feedback on the MiCA regulation through a public consultation that ran from May 20, 2026, to September 30, 2026. The framework, which introduced stablecoin rules on June 30, 2024, and broader requirements for crypto-asset service providers on December 30, 2024, is now undergoing its first major review.
Data as of September 1, 2026, shows that 39 e-money tokens have been issued under the current rules. However, the number of authorized asset-referenced tokens remains at zero. Capital requirements for firms range from €50,000 for Class 1 services to €150,000 for Class 3 operators, with annual compliance costs reaching into the millions for larger entities.
On September 24, 2026, the European Banking Authority recommended that the Commission clarify definitions and strengthen oversight for multi-issuer stablecoins. These entities face unique supervisory challenges, as responsibility for maintaining a token's peg is shared among multiple parties.
The feedback collected will inform official reports due by June 2027, which may lead to legislative amendments. While the passporting mechanism allows firms to access a market of approximately 450 million consumers, the lack of authorized asset-referenced tokens indicates potential friction within the existing regulatory structure.
