MiCA: Brussels plans to include DeFi, Pledge and NFT in regulatory scope

The current version of MiCA has prompted crypto participants of all sizes to withdraw from the market

For many practitioners, this regulatory rule is tantamount to an administrative and financial desert trek. However, European policymakers believe that this framework is not perfect enough and intend to further expand its coverage. DeFi, Pledge and NFT are now their focus. This ambition has caused many contradictions and raised questions about Brussels\'s actual strategy.

Brief overview

The European Parliament has requested that MiCA be extended to DeFi, pledge and NFT areas. The market value of stablecoins that meet EU standards has soared 128% in a year. Van Overtveldt, the report\'s drafter, who once took a tough stance, has now turned to defend the strategic value of crypto assets. Well-prepared players such as Coinbase and OKX are benefiting from the plight of their competitors.

Beyond MiCA: EU lawmakers intend to expand regulatory network

The MiCA transition period has just ended, and the European Parliament has begun to look further into the future. On July 7, 2026, MPs adopted a report asking the European Commission to evaluate the possibility of bringing DeFi, pledge, crypto lending and NFT into the scope of regulation. Although this official position has not changed the law at present, it has clearly pointed out the future direction.

The European Commission actually foresaw this trend and launched a public consultation on these issues in May 2026. The committee even reopened discussions on banning interest-bearing stablecoins.

At the same time, the euro stablecoin that meets MiCA standards showed astonishing growth, with a year-on-year increase of 128%. Its market value increased from $295.6 million to $673.9 million, an increase that reflects investors \'preference for regulatory clarity. This willingness to expand is in sharp contrast to the difficulties faced by some participants. Although Brussels wants to expand its regulatory network, not all trading platforms can meet compliance requirements.

Van Overtveldt\'s paradox: From opponent of encryption to unexpected supporter

Johan Van Overtveldt, a Belgian MP and drafter of the report, is a typical example of the shift in European positions. In 2023, he compared cryptocurrencies to drugs and called for strict restrictions after the Silicon Valley bank collapse. Today, the report he has drafted not only calls for the regulation of DeFi and NFT, but also encourages the development of euro stablecoins.

This dramatic shift has raised questions about the authenticity of Europe\'s strategic shift. The report now argues that euro stablecoins can supplement tokenized bank deposits and wholesale central bank digital currencies, while also enhancing the competitiveness of European financial markets-a view Van Overtveldt would never have dared raise three years ago.

However, this new position has not been unanimously agreed upon. Parliament has warned that decentralized regulatory rules across countries could divide the single market. Member states must unanimously implement MiCA, but the game between national interests and European ambitions is bound to be complex.

DeFi, Pledge, NFT: Trading Platforms Seize Opportunities

The public consultation launched by the European Commission in May 2026 covered very specific topics: DeFi, pledges, lending, NFT and tokenized financial assets. Companies have begun to adapt to this new regulatory environment and prepare for the upcoming changes.

BNB Chain has released guidance to help European users transfer assets to self-managed wallets. At the same time, euro stablecoins that meet MiCA standards continue to emerge in the market. EURC, EURCV and EURI lead the way, with a total market value of nearly US$674 million. This growth proves that regulatory clarity can attract capital, contrary to the predictions of the most pessimistic.

The current situation is mainly beneficial to those trading platforms that have laid out and completed compliance preparations in advance. Coinbase has been licensed by MiCA through Luxembourg since 2025, and OKX has also been pre-licensed, and they are benefiting from it. When some platforms have difficulty meeting compliance requirements, other platforms take the opportunity to encroach on market share and turn regulation into competitive advantages.

Key data summary:

MiCA euro stablecoin growth: +128% within one year; compliant stablecoin market value: US$673.9 million; European Commission public consultation start time: May 2026;MiCA transition period end time: July 1, 2026.

European regulation expelled some participants by setting binding rules, but attracted the strongest institutions. Binance is struggling to find a breakthrough in the market, while Coinbase and OKX enjoy their first-mover advantage.