The European Commission has a long-standing habit of checking its own homework and MiCA is next up on the docket. On Tuesday, Brussels launched a formal consultation to gather feedback on the functioning of the Regulation.

For the stakeholders involved, the exchanges, the issuers, and the industry associations, this is an invitation to revisit the battlefield.

As the grandfathering period for MiCA approaches its end on July 1, the preliminary results suggest that the compliance cull has been deep.

In the years preceding MiCA’s implementation, the European crypto sector was a fragmented but vast ecosystem. Industry estimates suggest that between 1,100 and 1,300 cryptoasset service providers (CASPs) were active across the union,…