MiCA Is Evolving: What CASPs Should Watch Next

MiCA Is Evolving: What CASPs Should Watch Next

On 30 September 2026, the European Securities and Markets Authority (ESMA) published its response to the European Commission’s review of MiCA, proposing targeted changes designed to make the framework clearer, strengthen investor protection and address financial services that are not fully covered by the current rules.

Importantly, these are ESMA recommendations — not new rules already in force. They may, however, indicate the direction in which the EU regulatory framework for crypto-asset businesses could develop next.

What could change?

🔹 Staking, Lending & Borrowing

ESMA proposes more specific requirements for these services, including clearer disclosures around costs, risks, rewards, collateral arrangements and potential losses. For CASPs offering or planning these products, this could mean additional compliance and disclosure obligations.

🔹 DeFi

One of the most significant proposals concerns decentralised finance. ESMA wants clearer criteria for determining when an activity is genuinely decentralised and proposes a new regulated crypto-asset service for companies providing users with access to DeFi protocols.

🔹 Marketing & Influencers

ESMA is calling for stronger safeguards around crypto-asset marketing, particularly where products are promoted through influencers or other third parties, alongside greater transparency around costs.

🔹 Stablecoins

The regulator proposes explicit rules preventing regulated crypto firms from providing services related to stablecoins that do not comply with MiCA requirements.

🔹 Third-Country CASPs

ESMA also wants stronger supervisory powers to address companies outside the EU that solicit European investors without the required MiCA authorisation. This could make cross-border business models and reliance on reverse solicitation increasingly important compliance issues.

🔹 Crypto-Asset Classification

Another proposal would give ESMA greater authority over token classification, including the ability to issue binding opinions, with particular attention to newer products such as hybrid tokens.

What does this mean for CASPs?

MiCA should no longer be viewed as a static regulatory framework.

Companies operating in Europe — or preparing a CASP authorisation — should consider not only the services covered by MiCA today, but also how their future products, marketing practices, DeFi integrations, staking models and cross-border activities could be affected by the next stage of regulatory development.

At the same time, ESMA is not proposing only additional requirements. Its recommendations also include simplifying white-paper notification procedures, reducing duplicative authorisation requirements for certain regulated firms and improving consistency of prudential requirements.

FinanceIQ Hub helps financial and digital-asset businesses navigate European regulatory requirements, structure their activities and prepare for licensing and authorisation processes.

📩 Planning a CASP authorisation or developing your digital-asset business in Europe? Contact FinanceIQ Hub to discuss your regulatory strategy.