{"id":256410,"date":"2026-09-10T11:55:14","date_gmt":"2026-09-10T09:55:14","guid":{"rendered":"https:\/\/highgate.sk\/mica-2-0-what-the-revision-of-the-mica-regulation-will-mean-for-crypto-asset-service-providers\/"},"modified":"2026-09-18T13:55:41","modified_gmt":"2026-09-18T11:55:41","slug":"mica-2-0-what-the-revision-of-the-mica-regulation-will-mean-for-crypto-asset-service-providers","status":"publish","type":"post","link":"https:\/\/highgate.sk\/en\/mica-2-0-what-the-revision-of-the-mica-regulation-will-mean-for-crypto-asset-service-providers\/","title":{"rendered":"MiCA 2.0: What the Revision of the MiCA Regulation Will Mean for Crypto-Asset Service Providers"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Regulation (EU) 2023\/1114 of the European Parliament and of the Council of May 31, 2023, on markets in crypto-assets (hereinafter referred to as \u201c<a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2023\/1114\/oj\/slk\" target=\"_blank\" rel=\"noopener\"><strong>MiCA Regulation<\/strong><\/a>\u201d or<strong>\u201cMiCA\u201d<\/strong>) will apply in full as of December 30, 2024, but the European Commission has already opened a discussion on its revision, which is commonly referred to as MiCA 2.0. The main reasons for this are the rapid development of the market and the fact that several significant services and business models, such as decentralized finance (hereinafter<strong>\u201cDeFi\u201d<\/strong>), staking, or lending in crypto-assets, were not included in the regulatory framework of the MiCA Regulation when it was adopted.  <\/p>\n\n<p class=\"wp-block-paragraph\">In May 2026, the European Commission therefore launched <a href=\"https:\/\/finance.ec.europa.eu\/regulation-and-supervision\/consultations-0\/targeted-consultation-review-mica-regulation_en\" target=\"_blank\" rel=\"noopener\">a targeted consultation<\/a> on the revision of the MiCA Regulation, which will run until September 30, 2026. In addition to amending existing rules, the consultation also addresses areas not currently covered directly by the MiCA Regulation, such as decentralized finance, staking, the granting and receiving of loans in cryptoassets, and non-fungible tokens (hereinafter<strong>\u201cNFTs\u201d<\/strong>). <\/p>\n\n<h2 class=\"wp-block-heading\"><strong>What Does MiCA 2.0 Mean, and What Stage Is the Revision At?  <\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">The term \u201cMiCA 2.0\u201d should be used with some caution. The European Commission has not yet presented a specific proposal to amend the MiCA Regulation. The consultation document is a working paper prepared by the European Commission\u2019s departments; it does not prejudge the Commission\u2019s final decision nor does it constitute a formal legislative initiative. However, the results of the consultation may be used in preparing a legislative proposal if the European Commission concludes that an amendment to the MiCA Regulation is necessary.   <\/p>\n\n<p class=\"wp-block-paragraph\">The consultation therefore provides a fairly good picture of the areas where the European Commission identifies regulatory uncertainty or a need for further discussion. Among other things, its goal is to assess whether the current list of crypto-asset services is sufficient and whether the regulation should be extended to services that currently fall outside the regulatory framework of the MiCA Regulation. <\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Crypto Lending Under MiCA<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">The MiCA Regulation does not explicitly address the granting or receiving of loans in crypto-assets. However, the European Securities and Markets Authority (hereinafter<strong>\u201cESMA\u201d<\/strong>) has confirmed that crypto-asset service providers may, under certain conditions, provide such services in addition to other crypto-asset services for which they are authorized. <\/p>\n\n<p class=\"wp-block-paragraph\">However, this does not in itself mean that loans in crypto-assets can be provided without any regulatory restrictions. Even when providing loans in crypto-assets, a crypto-asset service provider remains bound by the obligations under the MiCA Regulation, in particular the obligation to act honestly, fairly, and professionally in the best interests of clients and to ensure that all information, including marketing communications, is accurate, clear, and not misleading. At the same time, a crypto-asset service provider must clearly distinguish between regulated services and services not covered by the MiCA regime.  <\/p>\n\n<p class=\"wp-block-paragraph\">In this regard, ESMA sets out several fairly specific rules:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>The use of a client\u2019s cryptoassets for the purpose of providing loans requires the client\u2019s prior, express, and specific consent, which must relate to clearly defined terms and conditions\u2014ESMA states that consent incorporated into general terms and conditions is not sufficient;<\/li>\n\n\n\n<li>Revenues generated from the provision of crypto-assets in the form of a loan should belong to the client, since it is the client who bears the associated risks \u2013 a crypto-asset service provider may retain only a reasonable and proportionate fee corresponding to its operating costs;<\/li>\n\n\n\n<li>The client must be informed, in particular, of the counterparty credit risk, the risk of insufficient collateral, and the risk of losing access to cryptoassets in the event of the failure of a cryptoasset service provider; and<\/li>\n\n\n\n<li>The client must be informed that the MiCA Regulation\u2019s rules regarding the safekeeping of client assets do not apply to cryptoassets used in the provision of loans.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">ESMA also notes that the legal classification of a specific business model depends on how it actually operates and on its contractual terms. Depending on the circumstances, certain business models may meet the criteria <a href=\"https:\/\/eur-lex.europa.eu\/eli\/dir\/2011\/61\/oj\/slk\" target=\"_blank\" rel=\"noopener\">for an alternative investment fund and thus be subject to the regime set forth in the Alternative Investment Fund Managers Directive<\/a> (hereinafter<strong>\u201cAIFMD\u201d<\/strong>). <\/p>\n\n<p class=\"wp-block-paragraph\">From a practical standpoint, therefore, it is not sufficient to label the product being offered as \u201ccrypto lending\u201d or \u201clending in cryptoassets\u201d and assume that it does not constitute a cryptoasset service under the MiCA Regulation. It is necessary to assess the entire mechanism of the product, the method of collecting and using client assets, the distribution of returns, the existence of collateral, the status of individual counterparties, and the possible application of other regulatory regimes. <\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Is staking regulated under MiCA?  <\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">A similar situation arises with staking, which is not currently classified as a standalone crypto-asset service under the MiCA Regulation. However, in <a href=\"https:\/\/finance.ec.europa.eu\/document\/download\/62be7015-f066-4fac-b74e-71bacdbcc9f5_en?filename=2026-mica-review-targeted-consultation-document_en.pdf\" target=\"_blank\" rel=\"noopener\">its consultation paper<\/a>, the European Commission assumes that the provision of staking is often linked to the holding of a client\u2019s crypto-assets or private keys and may therefore constitute a supplementary activity to the safekeeping and management of crypto-assets on behalf of clients. <\/p>\n\n<p class=\"wp-block-paragraph\">According to the consultation paper, a staking provider that holds a client\u2019s cryptoassets or access credentials should therefore be licensed to provide custody and management of cryptoassets on behalf of clients. At the same time, a cryptoasset service provider should obtain the client\u2019s explicit consent to stake their assets, as locking them up may limit the client\u2019s ability to dispose of them. <\/p>\n\n<p class=\"wp-block-paragraph\">The European Commission therefore wants to determine whether the current situation is sufficient or whether staking should be classified as a separately regulated service, and if so, what basic obligations should apply to crypto-asset service providers.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>DeFi and the Limits of Full Decentralization Under MiCA<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">The MiCA Regulation is based on the assumption that services provided in a fully decentralized manner without any intermediary should not fall within the scope of this Regulation. However, determining whether a specific protocol is truly fully decentralized can be complicated in practice, especially if there is an identifiable developer, user interface operator, holder of administrative keys, or person capable of influencing the protocol\u2019s operation. <\/p>\n\n<p class=\"wp-block-paragraph\">The European Commission is therefore examining whether and how the MiCA Regulation should be amended with regard to DeFi. The consultation even addresses the possibility of creating certification mechanisms for decentralized protocols or restricting crypto-asset service providers\u2019 access to protocols that are not certified. However, even in this case, this is not yet a specific legislative proposal, but rather one of the options put forward for discussion.  <\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Custody and Management of Cryptoassets Under the Supervision of ESMA and the NBS<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">Alongside the discussion on the expansion of the MiCA Regulation, supervision is gradually shifting from licensing procedures to monitoring the actual operations of crypto-asset service providers.<\/p>\n\n<p class=\"wp-block-paragraph\">In July 2026, ESMA launched a joint supervisory action focused on the digital operational resilience of crypto-asset service providers, with a particular emphasis on the custody and management of crypto-assets on behalf of clients. The inspections will be conducted by national supervisory authorities (including the National Bank of Slovakia) on a risk-based sample of crypto-asset service providers from the second half of 2026 through the first half of 2027. <\/p>\n\n<p class=\"wp-block-paragraph\">The audit should focus primarily on:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>management and control mechanisms;<\/li>\n\n\n\n<li>private key management and methods of storing cryptoassets;<\/li>\n\n\n\n<li>transaction checks;<\/li>\n\n\n\n<li>incident detection and resolution;<\/li>\n\n\n\n<li>risks associated with smart contracts; and<\/li>\n\n\n\n<li>dependence on external service providers.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">It is therefore important for cryptoasset service providers offering cryptoasset custody and management services on behalf of clients not only to have formally drafted documentation in the form of internal policies, but also to be able to demonstrate that these policies are actually being followed, the effectiveness of technical and organizational controls, and consistency between internal policies, contractual documentation, and the actual operation of the product.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Practical Conclusions for Cryptoasset Service Providers<\/strong><\/h2>\n\n<p class=\"wp-block-paragraph\">The key takeaway from current developments in the regulation of cryptoassets is that the line between regulated and \u201cunregulated\u201d cryptoasset services is gradually blurring.<\/p>\n\n<p class=\"wp-block-paragraph\">A cryptoasset service provider that offers staking, cryptoasset loans, or facilitates client access to DeFi protocols should already:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>clearly distinguish between regulated and unregulated services in its product and marketing communications;<\/li>\n\n\n\n<li>verify that it holds the necessary license to hold and manage cryptoassets on behalf of clients;<\/li>\n\n\n\n<li>introduce separate, sufficiently specific client consents regarding the use of their assets;<\/li>\n\n\n\n<li>review the method of distributing revenues and fees;<\/li>\n\n\n\n<li>assess the potential application of the AIFMD or another regulatory regime; and<\/li>\n\n\n\n<li>prepare for an audit of the actual operations related to the safekeeping and management of cryptoassets on behalf of clients, as well as outsourcing mechanisms and digital operational resilience mechanisms in accordance with <a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2022\/2554\/oj\/slk\" target=\"_blank\" rel=\"noopener\">the DORA Regulation<\/a>.<\/li>\n<\/ul>\n\n<p class=\"wp-block-paragraph\">A potential amendment to the MiCA Regulation may classify these services as separately regulated crypto-asset services in the future. However, ESMA is already enforcing basic requirements regarding client protection, transparency, consent, and the secure handling of client assets. Therefore, the fact that a particular product is not explicitly listed among the crypto-asset services under the MiCA Regulation does not necessarily mean that it can be provided outside the scope of financial regulation.  <\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Frequently Asked Questions About MiCA 2.0<\/strong><\/h2>\n\n<h3 class=\"wp-block-heading\"><strong>What is MiCA 2.0?<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">MiCA 2.0 is the informal name for the upcoming revision of the MiCA Regulation. The European Commission has not yet submitted a specific proposal for the amendment; in May 2026, it launched a targeted consultation that will run until September 30, 2026. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Is staking regulated under MiCA?<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">Staking is not currently a standalone cryptoasset service. However, if a provider holds a client\u2019s cryptoassets or private keys, according to the consultation document, it should hold a license to hold and manage cryptoassets on behalf of clients and obtain the client\u2019s express consent. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Can a crypto-asset service provider offer crypto lending?<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">ESMA has confirmed that lending in crypto-assets is possible under certain conditions alongside other authorized services. In particular, this requires the client\u2019s prior, explicit, and specific consent, the retention of proceeds by the client, and the provision of risk disclosures. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>When might MiCA 2.0 take effect?<\/strong><\/h3>\n\n<p class=\"wp-block-paragraph\">There is no timeline yet. The consultation closes on September 30, 2026, and its results may be used in the preparation of a legislative proposal if the European Commission concludes that a change is necessary. <\/p>\n\n<p class=\"wp-block-paragraph\">We are the Highgate Group, a modern one-stop shop for your legal, tax, and accounting needs. If you\u2019re interested in cryptoasset regulations, the MiCA Regulation, licensing procedures, or broader issues of financial regulation, subscribe to our <a href=\"https:\/\/highgate.sk\/en\/contact\/\">newsletter<\/a> for more news like this from the business world. <\/p>\n\n<p class=\"wp-block-paragraph\">If you&#8217;re preparing for the licensing process, be sure to check out our article <a href=\"https:\/\/highgate.sk\/en\/mica-licensing-in-slovakia-what-does-licensing-really-mean-today-from-a-to-z\/\">&#8220;MiCA Licensing in Slovakia: What the Licensing Process Really Means Today, from A to Z<\/a> &#8221; and our article <a href=\"https:\/\/highgate.sk\/en\/why-are-more-and-more-crypto-companies-choosing-slovakia\/\">on why more and more crypto companies are choosing Slovakia<\/a>.<\/p>\n\n<p class=\"wp-block-paragraph\">If you have any questions about MiCA licensing, please do not hesitate to contact us:<\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/highgate.sk\/en\/contacts\/peter-varga\/\">Peter Varga<\/a>, e-mail: <a href=\"mailto:peter.varga@highgate.sk\">peter.varga@highgate.sk<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/highgate.sk\/en\/contacts\/roman-baranec\/\">Roman Baranec<\/a>, e-mail: <a href=\"mailto:roman.baranec@highgate.sk\">roman.baranec@highgate.sk<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Regulation (EU) 2023\/1114 of the European Parliament and of the Council of May 31, 2023, on markets in crypto-assets (hereinafter referred to as \u201cMiCA Regulation\u201d or\u201cMiCA\u201d) will apply in full as of December 30, 2024, but the European Commission has already opened a discussion on its revision, which is commonly referred to as MiCA 2.0. [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":256297,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[134],"tags":[],"class_list":["post-256410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting-topics"],"acf":[],"_links":{"self":[{"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/posts\/256410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/comments?post=256410"}],"version-history":[{"count":1,"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/posts\/256410\/revisions"}],"predecessor-version":[{"id":256411,"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/posts\/256410\/revisions\/256411"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/media\/256297"}],"wp:attachment":[{"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/media?parent=256410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/categories?post=256410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/highgate.sk\/en\/wp-json\/wp\/v2\/tags?post=256410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}