The European Union is reviewing MiCA, its core crypto regulation, and is leaving open the possibility of follow-up legislation.

On April 15, Cointelegraph reported that Peter Kerstens, an adviser in the European Commission's financial services department responsible for technological innovation, digital transformation and cybersecurity, said at Paris Blockchain Week 2026 that MiCA would be reviewed again in line with market changes.

The key point is not that the current rules have failed, but whether they can keep up with the pace of market change. Kerstens said the Commission would check with market participants whether the rules work in practice and help companies grow. He said he could not be definitive about what comes next, but that EU financial regulation has typically developed in stages. He added, "It could be rather unusual if 'MiCA 2' does not emerge even as time passes."

MiCA already includes a review clause. According to the EU's Official Journal, the Commission must report on the status of MiCA's application by June 30, 2027, and can submit legislative proposals if needed. The remarks show policymakers are already keeping in mind the need for follow-up adjustments ahead of that process.

The backdrop to the review is a change in market structure. Kerstens said that when MiCA was designed, the crypto market centred on a small number of large assets and many small tokens, but as the ecosystem has matured it needs to be revisited to see whether the framework fits today's market environment.

He also stressed that the industry would be broadly consulted. Kerstens said the public consultation would be conducted "without taboos" and asked market participants to propose directly which rules should be expanded, adjusted or left as they are. That means the MiCA review may reflect both gaps revealed in enforcement and market demand, rather than being a one-sided tightening of regulation.

Detailed MiCA-related rules are already being tested in the field. Circle on March 24 asked the European Commission to adjust parts of a draft market integration package. It called for lowering the threshold that restricts the use of euro-denominated stablecoins for payments and widening the access scope for crypto-asset service providers.

Debate is also continuing over the supervisory system. EU officials on April 3 considered whether to transfer supervisory authority over large crypto companies to the European Securities and Markets Authority (ESMA). Concern was cited that differences in enforcement among countries could undermine regulatory consistency. The discussion is spreading beyond MiCA's wording to whether the supervisory structure itself needs to be revised.