The European Banking Authority has published its response to the European Commission consultation on reviewing the Regulation on Markets in Crypto-assets. The authority calls for regulatory updates to address emerging risks in multi-issuer stablecoin schemes, crypto-asset lending, and decentralised finance while seeking clearer scope definitions.
Addressing Risks in Multi-Issuer Schemes and Reserve Requirements
The European Banking Authority published its response on 24 September 2026 regarding the European Commission targeted consultation on reviewing Regulation (EU) 2023/1114, known as MiCA. While acknowledging that existing framework rules for issuers of asset-referenced tokens and electronic money tokens are generally appropriate, the authority highlighted specific structural risks requiring regulatory adjustments.
In particular, the authority recommends strengthening the legal framework to mitigate significant risks associated with third-country multi-issuer schemes. It also advocates reviewing reserve requirements for issuers, specifically concerning the minimum level of reserves held as bank deposits, to maintain effective risk management across the sector.
Clarifying Crypto-Asset Classification and Scope Boundaries
Classification of crypto-assets under current MiCA rules creates practical difficulties for both commercial firms and supervisory bodies. According to the supervisory body, uncertain classifications create avoidable costs and delays when launching products, which hinders innovation and harms the competitiveness of the European Union market.
To resolve these hurdles, the supervisory agency calls for clear legal definitions and clarified boundaries between MiCA and existing financial legal frameworks. Key areas include the legal interaction with the Markets in Financial Instruments Directive, the Capital Requirements Directive, and the revised Payment Services Directive legislation.
Regulating Crypto Lending and Expanding Supervisory Oversight
Beyond existing provisions, the banking supervisor advises the European Commission to bring crypto-asset lending and borrowing activities within the scope of regulation. This recommendation covers instances where crypto-asset service providers facilitate access to decentralised lending protocols, citing consumer protection concerns.
Additionally, the response highlights the need to update reporting rules for token issuers and service providers to ensure effective ongoing supervision. Data compiled by the authority shows that as of 1 September 2026, 39 electronic money tokens have been issued under MiCA, while zero asset-referenced tokens have been authorised.
