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EBA Calls for MiCA Review to Address Stablecoin Risks

First seen 12 Nov 2026, 12:47 UTC •
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ThreatCluster •November 12, 2026 at 12:48 UTC
  • •EBA recommends strengthening MiCA to address stablecoin risks.
  • •Calls for regulatory clarity on crypto-asset classification and DeFi activities.
  • •Existing ART and EMT requirements considered appropriate, but reserve requirements need review.

The European Banking Authority (EBA) published its response to the European Commission's consultation on the Markets in Crypto-assets Regulation (MiCA) on November 12, 2026. The EBA emphasized the need to strengthen the regulatory framework, particularly regarding risks from multi-issuer stablecoin schemes. It recommended clarifications to MiCA's scope to ensure consistent classification of crypto-assets and to support innovation. The EBA also proposed regulating crypto-asset lending and activities related to decentralized finance (DeFi). While existing requirements for asset-referenced tokens (ARTs) and electronic money tokens (EMTs) were deemed broadly appropriate, the EBA urged the Commission to review reserve requirements for issuers to enhance risk management. The EBA's recommendations come as the crypto sector continues to evolve rapidly with new products and services emerging.

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Timeline

2023-06-01
MiCA regulation enters into force
The Markets in Crypto-assets Regulation (MiCA) officially came into effect, establishing a regulatory framework for crypto-assets in the EU.
ESMA
2026-11-12
EBA publishes MiCA review response
The EBA outlined priorities for the review of MiCA, focusing on stablecoin risks and DeFi regulation.
EBA

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Common questions

What are the main recommendations from the EBA?
The EBA recommends strengthening MiCA, clarifying crypto-asset classifications, and regulating DeFi activities.
How does this impact stablecoin issuers?
Issuers may face stricter regulatory requirements and need to enhance risk management practices.
What should organizations do in response?
Organizations should review their compliance with MiCA and prepare for potential regulatory changes regarding stablecoins and DeFi.