The European Banking Authority (EBA) and the European Central Bank (ECB) published their detailed responses on the European Commission’s targeted consultation on the review of the Markets in Crypto-Assets Regulation (MiCA). This post follows the consultation’s structure, highlighting the most important points from each authority before drawing a conclusion on overall direction.

1. Scope and Definitions

Both authorities agree that MiCA’s boundary with the rest of EU financial law needs sharper delineation, but not expansion.

The EBA recommends that tokenised financial instruments stay outside MiCA and remain governed by MiFID/MiFIR, applying „same risk, same rule” logic. Departing from this would complicate authorisation scope,…