EBA response to the MiCA review: stablecoins, lending and DeFi access
On 24 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 (MiCA). The consultation closes on 30 September 2026 at 23:59 CEST. The EBA's response is advice to the Commission. It does not change the law.
The response is 40 pages long and answers the consultation question by question. The points below are those most relevant to crypto-asset service providers (CASPs) and to stablecoin issuers.
Stablecoin issuers
The EBA assesses the existing MiCA requirements for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) as "broadly appropriate".
The EBA makes an exception for third-country multi-issuer schemes (TCMIS), in which an EU issuer and a non-EU entity issue tokens that are treated as fungible. The EBA lists six risks for these schemes, including run risk and reserve depletion in the EU and regulatory arbitrage arising from the fungibility of tokens. It rates each of them at 4, "significant", on a scale of 1 to 5. It adds that "should the number and/or scale of TCMIS change it is conceivable that risks could become 'very significant'". It recommends that the Commission consider regulatory changes for these schemes.
On reserves, the EBA says there may be benefit in a cost-benefit analysis of whether the minimum share of reserves held as bank deposits could be reduced. It refers to the current minimums of 30% and 60% set under Article 36(4) of MiCA and the related technical standards, and makes the comment in the context of EMTs.
On remuneration, its answer is that "interest and interest-equivalent remuneration should continue to be prohibited (for both ARTs and EMTs)."
Scope and classification
The EBA reports that classifying crypto-assets under MiCA is a challenge for firms and supervisors, and that it leads to avoidable costs and delays in bringing products to market. It recommends that the Commission consider clarifying the scope of MiCA and its definitions.
It "strongly recommends that tokenised financial instruments remain excluded from the scope of MiCA" and continue to be regulated under the EU's securities markets rules.
Crypto-asset lending and DeFi
MiCA does not currently regulate crypto-asset lending as a CASP service. The EBA encourages the Commission "to consider regulating crypto-asset lending, including where crypto-asset service providers facilitate access to decentralised lending protocols, in view of the risks posed to consumers."
”It recommends that the Commission carry out a cost-benefit analysis of two changes. The first would add the intermediation of borrowing and lending to MiCA's list of CASP services. The second would establish "requirements for CASPs where they facilitate client access to DeFi lending protocols", whether through interfaces or through products that give clients exposure to DeFi. The requirements it lists for consideration are suitability tests, leverage limits and disclosure.
Reporting
The EBA also recommends that the Commission review the reporting framework for issuers and CASPs, to support supervision and risk monitoring.
What this means for CASPs
The response feeds into the Commission's review, and any amendment to MiCA would require a legislative proposal. No proposal has been scheduled.
The response does not propose changes to the MiCA authorisation regime for CASPs. The areas it identifies for possible new requirements are lending and DeFi access. Firms that offer EU clients lending products or access to DeFi lending may wish to identify which products would fall within those areas. Firms that want to comment on the review can still respond to the Commission's consultation before it closes on 30 September.
Timeline
24 September 2026: EBA response published
30 September 2026, 23:59 CEST: Commission targeted consultation closes
Not yet scheduled: Commission legislative proposal
James Ross, Head of Advisory, denouement
Sources:
This note is not legal advice.
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