MiCA in Review: Fireblocks Customer Survey

The European Commission concluded a public consultation on September 30th regarding the review of the Markets in Crypto-Assets Regulation (MiCA), which only took effect three months prior. The review reflects the rapid evolution of digital asset markets since MiCA’s drafting in 2019, prompting questions about whether adjustments are necessary. While the review does not commit to a MiCA 2.0 framework, it signals potential quick fixes informed by six to seven years of industry and supervisory experience. The Commission has yet to propose specific changes, which will later be negotiated with the European Parliament and member states.

Fireblocks conducted an anonymous survey of 17 customers holding a MiCA license to gather market data on regulatory challenges. The survey ranked activities by demand, with respondents identifying areas where regulatory clarity could unlock new product lines. Fireblocks aims to support European competitiveness by focusing regulatory resources on areas with the highest consumer exposure, rather than solely addressing the most complex issues.

The survey results highlight activities where regulatory grey areas have either delayed or fully discouraged client investment in new products. Fireblocks’ findings suggest that clarifying these areas could enable the launch of products aligned with market demand. The company emphasizes the importance of addressing practical barriers to investment to foster innovation within the EU’s digital asset ecosystem.

Fireblocks describes itself as a digital asset infrastructure provider trusted by institutions to manage blockchain-based operations securely. The company supports activities including stablecoin payments, custody, tokenization, and compliance reporting for clients such as Worldpay, BNY, Galaxy, and Revolut, which collectively secure $16 trillion in digital asset transactions across over 200 blockchains.