Fireblocks Survey Highlights Regulatory Challenges Under MiCA Framework
A recent survey conducted by Fireblocks has shed light on the regulatory and operational challenges faced by firms licensed under the European Union's Markets in Crypto-Assets (MiCA) framework. The survey, which gathered responses from 17 licensed entities, highlights key concerns ranging from staking regulations to the boundary between crypto-assets and traditional financial instruments. These findings provide valuable insights as the European Commission reviews the relatively new regulatory regime introduced to standardize crypto-asset governance across the EU.
Evidence and context
The MiCA regulation, which fully came into effect in July 2026, was designed to replace fragmented national crypto regimes with a single EU framework. It covers a range of areas including authorization, consumer protection, stablecoin reserves, and market-abuse prohibitions. However, some areas such as decentralized finance (DeFi), crypto lending, and tokenized deposits remain outside its current scope, with ongoing reviews considering potential adjustments.
Fireblocks’ survey revealed that 71% of respondents found the regulatory framework for offering DeFi lending and borrowing unclear. Similarly, 65% reported ambiguity in staking rules, which have delayed or altered product decisions for many firms. In fact, 35% of respondents noted that unclear regulations materially restricted their firms' ability to structure products with confidence, often leading to delayed launches, product redesigns, or abandonment of planned offerings.
Another critical issue is the lack of clarity at the boundary between crypto-assets regulated by MiCA and financial instruments covered under the Markets in Financial Instruments Directive (MiFID). Only 24% of respondents felt confident in navigating this boundary, while 70% indicated it impacted their ability to launch new products in the EU effectively.
The survey also highlighted operational burdens tied to compliance requirements. For instance, 71% of respondents cited authorization timelines and national discrepancies as significant challenges, while 41% pointed to ongoing reporting obligations as a business strain. Additionally, overlaps between MiCA’s outsourcing provisions and the Digital Operational Resilience Act (DORA) have reportedly created compliance inefficiencies for firms relying on third-party providers.
Despite these challenges, there is optimism regarding the potential for regulatory adjustments to unlock growth. Over half of the respondents (53%) stated that a simplified "top-up" authorization allowing crypto-asset service providers (CASPs) to handle tokenized financial instruments under MiFID could incentivize greater investment in the EU. However, 24% expressed concerns that such measures might be unfair to firms with full MiFID licenses.
These findings align with priorities identified by other EU regulatory bodies. For example, the European Banking Authority and the European Central Bank have recently called for clearer rules on stablecoin yields, crypto lending, and staking arrangements, reflecting broader industry and supervisory concerns.
While the timeline for any formal amendments to MiCA remains uncertain, Fireblocks' survey underscores the importance of addressing regulatory grey areas to enhance legal certainty and foster industry growth. The European Commission’s ongoing consultation, which closed on September 30, 2026, serves as a critical platform for stakeholders to influence the next phase of crypto regulation in the EU.