MiCAR 2.0: Reading The Further ESMA, ESRB, AMLA And SRB Responses Together

EU RegCORE Client Alert | EU Digital Single Market, financial services and crypto-assets

QuickTake

The latest responses to the review of the EU’s Markets in Crypto-Assets Regulation (MiCAR) broaden the reform agenda across classification, market conduct, financial crime and crisis management. The European Securities and Markets Authority (ESMA) and European Systemic Risk Board (ESRB) add proposals on regulatory powers and global stablecoin risks.¹ "Stablecoin” is market terminology: for tokens within MiCAR’s scope, an e-money token (EMT) purports to maintain a stable value by reference to one official currency; an asset-referenced token (ART) does so by reference to another value, right or combination, including official currencies. The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) published its response on 7 October,² while the Single Resolution Board (SRB) published its contribution on 9 October.³

Together, they raise questions about crypto-asset service providers’ (CASPs) permissions, client rights, financial-crime controls and continuity when a participant fails.

The policy debate now reaches beyond authorisation to the distribution, use and failure of tokens and services. Some issues call for current remediation; others require preparation for policy choices still under discussion. Firms should distinguish three priorities:

1. CASPs still providing services involving non-MiCAR-compliant ARTs or EMTs should remediate promptly. ESMA’s opinion points to an outer limit of 8 January 2027, with earlier action expected and only limited, supervised arrangements for orderly exit.⁴
2. Banks issuing EMTs or holding stablecoin reserve deposits should test how a run or resolution affects funding, reserve access and redemption. Existing liquidity and resolution arrangements need to reflect those dependencies.
3. Issuers and CASPs should assess product permissions, client claims and financial-crime responsibilities together. Costed reform scenarios should distinguish changes to service definitions from changes to supervision or failure management.

This further Client Alert continues our earlier analysis⁵ of the European Banking Authority (EBA) and European System of Central Banks (ESCB) responses.⁶ It focuses on the additional ESMA, ESRB, AMLA and SRB contributions,⁷ ESMA’s separate stablecoin opinion of 8 October and the Council’s political agreement of 9 October on the Market Integration and Supervision Package (MISP). MISP is covered in a separate series of Client Alerts. Consultation recommendations, supervisory opinions and legislative negotiating positions have different legal effects; they do not constitute an enacted “MiCAR 2.0” package.

Footnotes

^{1. Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets 82023) OJ L 150/40, as amended (MiCAR); ESMA, Response to the EC Consultation on the review of Regulation (EU) 2023/1114 (MiCA), ESMA75-113276571-1721 (30 September 2026) (ESMA Response); ESRB, Response to the European Commission’s targeted consultation on the review of Regulation on the Markets in Crypto-Assets (MiCA) (29 September 2026) (ESRB Response).}

^{2. AMLA, AMLA’s Response to the EC’s Targeted Consultation on the Review of Regulation on the Markets in Crypto-Assets (30 September 2026) (AMLA Response).}

^{3. SRB, SRB’s response to the European Commission’s Targeted Consultation on the review of Regulation on the Markets in Crypto-Assets (MiCA) (published 9 October 2026) (SRB Response). The SRB Response presents non-binding policy input and does not predetermine case-specific SRB action.}

^{4. ESMA, Opinion on the provision of crypto asset services in relation to non-MiCA-compliant asset-referenced tokens and e-money tokens, ESMA75-113276571-1742 (8 October 2026), paras 23–28. The three-month outer limit points to 8 January 2027 on a calendar-month basis, subject to earlier remediation and NCA instructions; it is not a general grace period.}

^{5. Available here.}

^{6. EBA, EBA Response to the EC Targeted Consultation on the Review of MiCA (24 September 2026) (EBA Response); ESCB, ESCB response to the European Commission’s targeted consultation on the Markets in Crypto-Assets Regulation (MiCAR) (September 2026) (ESCB Response).}

^{7. Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets, as amended (MiCAR); ESMA, Response to the EC Consultation on the review of Regulation (EU) 2023/1114, ESMA75-113276571-1721 (30 September 2026) (ESMA Response); ESRB, Response to the European Commission’s targeted consultation on the MiCA review (29 September 2026) (ESRB Response); AMLA, Response to the EC’s Targeted Consultation on the Review of MiCA (30 September 2026; published 7 October) (AMLA Response); SRB, Response to the European Commission’s Targeted Consultation on the MiCA review (published 9 October 2026) (SRB Response); EBA, Response to the EC Targeted Consultation on the Review of MiCA (24 September 2026) (EBA Response); ESCB, Response to the European Commission’s targeted consultation on MiCAR (September 2026) (ESCB Response).}

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.