The Swedish Securities Markets Association (SSMA) has responded to the targeted consultation on the review of regulation on the markets in crypto-assets (MICA)

The European Commission is reviewing Markets in Crypto-Assets Regulation to assess how the regulatory framework is functioning and whether it needs to be adapted to market developments. The consultation addresses, among other things, stablecoins, crypto services, DeFi, staking, crypto asset lending, NFTs, and tokenized assets. It also addresses potential regulatory simplifications and ways to reduce the administrative load.

The review could impact both the crypto market and the traditional financial market. A key issue is how to draw the line between crypto assets covered by MiCA and financial instruments covered by, for example, MiFID. The consultation also addresses, among other things, capital requirements, stablecoins, customer protection, reporting, and rules for crypto services.

The SSMA’s opinion is that the rules should be clear, proportionate, and based on the risks associated with the business. Financial instruments should continue to be subject to existing financial market regulations, regardless of the technology used. The association also highlights the need for regulatory simplification, reduced double reporting, and greater legal clarity regarding tokenized assets. At the same time, EU regulations should take global developments into account so that the competitiveness of the European market is not undermined.

Read the SSMA final draft response to MiCAR Review Consultation -September 2026