regulation · MiCA · Crypto Lending · Stablecoins
The EBA Wants Crypto Lending Brought Inside MiCA
Europe's banking watchdog is asking the Commission to address crypto borrowing, DeFi access, asset classification and multi-issuer stablecoin risk in MiCA's review.
What happened
The European Banking Authority published its response to the European Commission's targeted consultation on the review of the Markets in Crypto-assets Regulation.
The EBA recommended regulating crypto-asset borrowing and lending, including cases where crypto-asset service providers facilitate access to decentralized lending protocols. It also called for stronger safeguards around third-country multi-issuer stablecoin schemes, a review of reserve requirements and clearer boundaries between MiCA and other European financial-services rules.
The authority said classification uncertainty creates avoidable cost and delays for firms. As of September 1, 2026, the EBA's reference date, 39 electronic-money tokens had been issued under MiCA and no asset-referenced token had been authorized.
Blue Rogues read
The review is moving toward the seams that the first MiCA framework left exposed. Lending, DeFi access, tokenized deposits and multi-issuer arrangements do not fit neatly inside a rulebook built around identifiable issuers and service providers.
The EBA is not arguing that MiCA failed. It is asking the Commission to clarify the perimeter and prevent similar economic activities from receiving different treatment because their technical structure differs.
What this confirms
The EU's banking supervisor wants the Commission to consider bringing crypto lending and certain DeFi-access activities into a more explicit regulatory framework. It also sees material risks in multi-issuer stablecoin structures and classification inconsistencies.
What it does not confirm
The recommendations are not enacted law, and the EBA cannot amend MiCA by publishing this response. The Commission and EU legislators would still have to decide which recommendations advance and in what form.
Sources and disclosures
Primary source: European Banking Authority press release and consultation response dated September 24, 2026. Blue Rogues treats the recommendations as a regulatory position, not as adopted legislation.
Update note
Observed September 24, 2026 during the 23:11–23:45 BRT editorial window. Check for Commission follow-up or changes to the MiCA review timetable before publication.