The European Commission on MiCA 2.0 and the next phase of Europe’s digital asset framework

At a key juncture in the implementation of the European Union’s Markets in Crypto-Assets Regulation, the European Commission has launched a consultation to assess whether the framework remains fit for purpose in light of rapidly changing markets. Running until 31 August 2026, the consultation provides an opportunity for industry input on the future direction of the regime and the nascent but growing world of financial services provided in decentralised contexts.

Peter Kerstens, adviser for financial sector digitalisation and cybersecurity at the European Commission, joins OMFIF to discuss the evolution of MiCA. The roundtable examines regulatory approaches to stablecoins, including EU and international issuance models, the balance between innovation and financial stability, and the implications for issuers, cryptoasset service providers and firms operating in the EU financial ecosystem.

Further details on the consultation and how to respond are available here. The discussion explores:

• As the Commission reviews MiCA, what has worked well and which developments in stablecoins, tokenisation and decentralised finance are raising new policy questions that still need to be addressed?
• Will the public consultation offer an opportunity to clarify the question of multi-jurisdictional issuance of stablecoins in Europe?
• Much of the recent discussion has shifted from cryptoassets themselves to the tokenisation of traditional financial assets. What are the most significant regulatory or market structure factors shaping whether tokenisation can reach scale in Europe?

This in-person roundtable is off-the-record, held under Chatham House rules and is for representatives primarily from regulators, European Supervisory Authorities, central banks, commercial banks, tech providers and financial market infrastructure providers.