The European Commission closed its consultation on the review of the Markets in Crypto-Assets (MiCA) regulation on September 30.

MiCA established a unified and harmonized set of rules for crypto-assets in the EU, for the first time allowing service providers authorized in one member state to "passport" their services throughout the European Union and EEA. For clients, this means access to licensed and supervised providers, while companies can invest in a single authorization and unified compliance framework instead of multiple national regimes.

Passporting turns 30 markets into a single market of about 450 million people

The passporting mechanism transforms fragmented national markets into an addressable market of around 450 million people and is seen as a key incentive for building crypto businesses in Europe.

Discussion focuses on proportionality of requirements and costs

The review aims to calibrate market access obligations: maintaining effective measures and simplifying those that impose costs without clear risk-reducing benefits. Compliance costs for CASPs are rising, with the burden falling most heavily on smaller companies and new entrants, who drive competition and innovation.