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On May 20, 2026, the European Commission launched a consultation to assess the functioning of the Markets in Crypto-Assets Regulation (MiCA), the EU's harmonised regulatory framework for crypto-assets and related services. MiCA, implemented in 2024, established comprehensive rules covering crypto-assets, asset-referenced tokens, e-money tokens (stablecoins), their issuers, and crypto-asset service providers. The Commission is reviewing whether the current framework remains fit for purpose as digital asset markets and the global regulatory landscape continue to evolve significantly. The consultation seeks stakeholder feedback on MiCA's main building blocks to determine whether updates are necessary in light of market developments and international policy changes. The Commission is conducting two parallel consultations. A public consultation invites feedback from individuals and the general public. A targeted consultation addresses more technical and legal questions for stakeholders including digital asset issuers and service providers, financial institutions, technology providers, academia, think tanks, industry bodies, consumer and public interest organisations, and EU public authorities. The feedback gathered will inform the Commission's future policy work on digital assets and potential regulatory amendments. The consultation period runs until August 31, 2026. Stakeholders can respond to the public consultation and targeted consultation through dedicated online portals on the Commission's website. The Commission will analyse all responses received to assess whether MiCA requires modifications to address emerging market challenges, technological developments, and alignment with evolving international regulatory standards.