MiCAR gave Europe a common regulatory framework for crypto-assets but implementation has exposed continuing challenges around licensing, token classification, whitepapers, legacy assets and regulatory consistency. The European Commission’s 2026 review reflects this evolving landscape whilst gaps remain around DeFi, staking, lending, tokenised deposits and cross-border harmonisation. MiCAR’s significance may therefore lie less in being a finished rulebook than in providing a foundation that can evolve as digital-asset markets mature and scale.
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