EU reviews MiCA: ESMA seeks stricter crypto, DeFi rules

6.9 Regulation

Sep 30, 2026

The EU is reviewing MiCA rules. ESMA seeks stronger enforcement, stricter DeFi, staking, lending, and marketing rules, and limits on non-compliant stablecoins. Compliance costs remain high.

The European Commission is currently reviewing the Markets in Crypto-Assets Regulation (MiCA) to find a balance between market access and compliance costs. So far, 39 e-money tokens have been issued, but no asset-referenced tokens have received authorization, and compliance expenses remain significant. The European Securities and Markets Authority (ESMA) is advocating for broader enforcement powers. These include the authority to freeze assets, take down fraudulent websites, and ban misleading marketing. ESMA also suggests stricter rules for crypto marketing and clearer regulations for DeFi, staking, and lending activities. Additionally, ESMA proposes simplifying certain MiCA requirements, restricting licensed firms from offering services related to non-compliant stablecoins, and establishing a new regulated category for DeFi gateways. These recommendations are part of the ongoing MiCA review, aiming to enhance investor protection and regulatory oversight in the EU crypto market.