EU MiCA Regulation: EBA Calls for Stablecoin and Crypto Lending Rules

EU MiCA Regulation News: EBA Pushes New Stablecoin and DeFi Rules

The European Banking Authority (EBA) has shared its reply to a public review of the EU's crypto rules, known as the Markets in Crypto-Assets Regulation (MiCA). 

The authority released its reply on September 24, 2026. It points to three areas the EU should look at first. These are stablecoin schemes run by several issuers outside the EU, clearer ways to sort crypto-assets, and tighter checks on crypto lending. That includes some services linked to decentralized finance (DeFi). 

This EU MiCA Regulation News update matters because it shows where lawmakers may act next. But nothing here changes the current law yet.

At a Glance

• The Banking Authority shared its review reply on September 24, 2026.

• The current rules for asset-referenced tokens (ARTs) and electronic money tokens (EMTs) are mostly fine.

• Stablecoin schemes with many issuers outside the EU may need stronger safeguards.

• They want clearer definitions and sorting rules.

• Crypto lending, including some DeFi-linked services, could face rules in the future.

• By September 1, 2026, 39 EMTs had been issued. No ARTs had been approved.

EBA Calls for Stronger Rules for Multi-Issuer Stablecoins

The current rules for ART and EMT issuers work well. They do not need a big rewrite. Its worry is somewhere else: stablecoin schemes with many issuers based outside the EU. 

The authority sees these schemes as a significant to very significant risk. The reason is simple. It is hard for regulators in different countries to work together on oversight.

So the EBA asks the European Commission to think about changes aimed at these cross-border schemes. 

One part of the review would look again at reserve rules. It would focus on how much of an issuer's reserves must be kept as deposits. The goal is to keep the strong risk controls already built into MiCA.

Source: Banking Authority Europe

Crypto-Asset Classification Rules Need More Clarity

It is hard to place crypto-assets in the right category. This is tough for both firms and supervisors. 

When a token's category is unclear, firms wait longer and pay more before they can launch. This hurts new ideas and makes the EU less competitive around the world.

Much of the confusion comes from fuzzy lines between MiCA and other finance laws. These include the Markets in Financial Instruments Directive (MiFID) and the Capital Requirements Directive (CRD). 

The EBA urges the Commission to make the scope and definitions clear. That way, firms and regulators follow the same playbook.

EBA Wants Crypto Lending and Some DeFi Services Covered

One of the biggest ideas is about crypto lending. Right now, it sits outside the EU's crypto law completely. The EBA asks the Commission to bring it under crypto regulation oversight. This would include cases where crypto-asset service providers link users to decentralized lending protocols.

To be clear, this is a suggestion, not a rule change. Today, no rules cover DeFi-linked lending. The EBA's main reason is consumer safety. More people now reach lending through firms that send their money into DeFi protocols. Without oversight, the risks for everyday users grow.

Stablecoin Market Snapshot: 39 EMTs Issued, No ARTs Yet

These numbers use the EBA's own reference date. They are not a live count. Still, the gap tells a story. Many EMTs exist, but no ART has been approved. So far, the market seems to prefer simple tokens tied to a single currency.

Source: Wu Blockchain

MiCA Review Timeline: From Launch to EBA Advice

EBA Also Wants Better Reporting and Oversight

The EBA also wants a fresh look at the reporting rules for issuers and crypto-asset service providers. 

Better reports would give supervisors sharper tools to track risk as the market grows. The reply also briefly covers a few other topics. These include how to treat crypto groups that offer many services, how MiCA fits with the PSD2/PSD3/R payment rules, and how to handle tokenised deposits.

Conclusion

The EBA's reply gives the European Commission a clear list of priorities. It does not dictate the outcome. Multi-issuer stablecoins, asset classification, and crypto lending are now at the heart of the review. This is especially true for DeFi-linked lending. 

Whether these ideas become binding laws depends on the Commission's next steps. Still, the direction is clear. The EU's crypto framework is far from finished.

Disclaimer: This article is for information only. It is not financial, legal, or investment advice. The recommendations are not law and may change during the legislative process. Please check official EU sources or talk to a qualified professional before making financial, legal, or compliance decisions. Crypto markets are volatile and carry risk. Always do your own research.