On the 24th of September 2026, the European Banking Authority published its response to the European Commission’s targeted consultation on the review of the Markets in Crypto-Assets Regulation (2023/1114/EU, MiCAR). Whilst regarding the existing requirements for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) as broadly appropriate, the EBA recommended considering regulatory challenges to strengthen the framework to mitigate the (very) significant risks posed by such tokens, as well as reviewing reserve requirements for issuers whilst preserving effective risk management. Further, the EBA recommends considering steps to clarify the scope of MiCAR and encourages the European Commission to consider regulating crypto-asset lending in light of the risks posed to consumers, as well as to review the reporting framework for issuers and crypto-asset service providers to improve supervision and risk monitoring.
