This document is Blockchain for Europe's response to a joint paper by AMF, CONSOB, and FMA on adjustments to the EU’s MiCA supervisory framework, emphasizing the need for governance-driven reforms that maintain open, competitive digital asset markets without imposing restrictive geographic limits or unnecessary barriers. It advocates for consistent supervision, risk-based cybersecurity requirements, harmonized token offering processes, and a balanced approach to ESMA oversight, all aimed at supporting innovation and market integrity in the EU.