On 30 September, we sent the European Commission our response to its consultation on the MiCA review.

This is where the next chapter of Europe’s digital asset story is beginning to take shape.

In summary, our response highlighted:

• CASPs: Existing rules should be properly enforced before any new layers are added.
• Stablecoins: Keep the core protections, allow remuneration under clear conditions, and continue to permit multi-issuance so that euro stablecoins can compete globally.
• DeFi: Regulation should focus on who actually controls a service or holds users' assets, not on the code.
• Perpetuals and prediction markets: Both belong in MiFID II, with rules that reflect how they actually trade.